 "NPCI expands UPI's linkage with Singapore's PayNow: Check details here")
The National Payments Corporation of India (NPCI) on Thursday announced the launch of the UPI-PayNow linkage that will enable Indians to receive remittances directly into their bank accounts from Singapore and vice-versa.
Currently, users of mobile-based applications such as Bharat Interface for Money (BHIM), PhonePe, and Paytm can access the service.
Banks including Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India (SBI) provide this functionality through their respective apps.
Meanwhile, other third-party applications (TPAP) and bank applications such as Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank are expected to be added to the linkage soon.
The UPI-PayNow facility will be available to users throughout the year.
“This interoperability milestone is the result of close collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). The increasing adoption of UPI in cross-border transactions not only amplifies financial inclusion and convenience but also plays a pivotal role in fostering the overall growth of India's dynamic digital payment ecosystem,” NPCI said in a statement.
More From This Section
An Indian Unified Payments Interface (UPI) user on the aforementioned linkage will be able to send money to a user of Singapore’s PayNow member using the latter’s mobile number or a virtual payment address, and vice-versa.
The increasing adoption of UPI in cross-border transactions not only amplifies financial inclusion and convenience but also plays a pivotal role in fostering the overall growth of India's dynamic digital payment ecosystem, NPCI said.