NPCI International Expands UPI-PayNow Linkage to Drive Cross-Border Remittances

UPI PayNow Linkage is expanding with the addition of 13 more Indian banks, streamlining India-Singapore real-time remittance options. This update for real-time cross-border payments makes it easier for people, especially migrant workers and students, to send and receive money between the two countries safely and easily.

The expanded network for remittances to India now includes 19 banks—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 alongside Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.

Recipients in India can receive remittances from Singapore in their accounts held with any of these 19 banks through their preferred UPI enabled apps such as BHIM, Google Pay and PhonePe, as well as bank apps. Outward remittances from India to Singapore are available through Canara Bank, HDFC Bank and Karur Vysya Bank along with ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India. In Singapore, customers of DBS SG and Liquid Group can avail this service.

This UPI PayNow linkage enhancement increases the range of digital transfers, making India-Singapore remittance services even more useful.

The UPI-PayNow service was launched as a joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). It facilitates real-time cross-border fund transfers between individuals, where Indian users can receive funds via UPI ID and send funds to users in Singapore via their mobile number or Virtual Payment Address (VPAs). As the world’s first cloud-based, real-time cross-border payment system, the initiative is a pioneering step in global payment connectivity.

This development is particularly beneficial for the Indian diaspora in Singapore, including migrant workers and students, bringing the ease of digital payments to everyday remittances. UPI is already accepted via QR codes at select merchant outlets in Singapore, further extending its utility.

Ritesh Shukla, MD & CEO, NPCI International said, “The expansion of the UPI-PayNow linkage marks a step forward in strengthening cross-border payment infrastructure. By enabling access to more banks in India, we are deepening the reach of real-time remittances and supporting greater financial connectivity between the two countries. This brings added convenience to users through a seamless and trusted platform.”

UPI-PayNow integration enables real-time cross-border remittance transactions, with funds reaching the recipient’s bank account within seconds. The service leverages strong security protocols to ensure safe and reliable transfers. It is ideal for small and frequent remittances, providing users with a convenient and cost-effective way to send and receive money anytime.

For more details about NPCI International, click here

With the expanded UPI PayNow Linkage, people in India and Singapore can now get digital remittances more easily, which strengthens real-time financial connectivity.