NPCI International Expands UPI-PayNow Linkage to Drive Cross-Border Remittances Between India and Singapore

#UPIPayNow #NPCI #CrossBorderPayments #DigitalPayments #UPI #Fintech #GlobalPayments #Remittances #IndiaSingapore #DigitalBanking #FinancialConnectivity

Chandigarh: NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has announced a significant expansion of the UPI-PayNow real-time payment linkage, a move that is set to deepen financial connectivity between India and Singapore. Effective July 17, 2025, the platform will include 13 additional Indian banks, taking the total count of participating banks to 19.

This expansion marks a major milestone for cross-border remittances, making the service more accessible, seamless, and convenient for millions of users in both countries. The enhancement is expected to cater especially to the Indian diaspora in Singapore, including migrant workers, professionals, and students, who frequently send money back home.

✅ Expanded Network of Participating Banks

With the latest additions, the Indian banks now part of the UPI-PayNow linkage for inward remittances are:

Existing Banks: Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India
New Additions: 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

In total, 19 banks in India now support receiving funds from Singapore through this real-time payment platform.

For outward remittances from India to Singapore, the service is available via Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.

On the Singapore side, DBS Bank and Liquid Group customers can avail of this facility to send and receive funds seamlessly.

📱 How It Works

The UPI-PayNow linkage was launched as a collaborative initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). It enables real-time, low-cost cross-border fund transfers between individuals using a secure and cloud-based infrastructure—the first of its kind globally.

For Indian users:
- Receiving money: Funds can be credited directly to bank accounts via UPI-enabled apps such as BHIM, Google Pay, PhonePe, or respective bank applications.
- Sending money to Singapore: Transactions can be initiated using participating bank apps.
For Singapore users:
- Transfers can be made using a mobile number or Virtual Payment Address (VPA) of the recipient in India.

Funds reach the beneficiary’s account within seconds, supported by robust security protocols to ensure safe and reliable transfers.

💡 A Game-Changer for Cross-Border Payments

The expanded UPI-PayNow linkage brings significant benefits for users:

Instant Transfers: Real-time credit to bank accounts without intermediary delays.
Low Cost: A more affordable alternative to traditional remittance channels.
Convenience: Accessible via widely used UPI and banking apps, reducing dependency on cash-based systems.
Security: Advanced encryption and fraud monitoring for safe transactions.

This development is expected to particularly benefit the Indian community in Singapore, which includes a large base of migrant workers, professionals, and students who frequently send small-value remittances home. Additionally, UPI is already accepted at select merchant outlets in Singapore via QR codes, enhancing the ecosystem of interoperable digital payments.

📣 Official Statement

Mr. Ritesh Shukla, MD & CEO of NPCI International, commented on the development:
“The expansion of the UPI-PayNow linkage marks a significant 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.”

🌍 Strategic Impact and Future Roadmap

The UPI-PayNow linkage represents a pioneering step in global payment connectivity, being the world’s first cloud-based, real-time cross-border payment system. Industry experts view this as a model for future collaborations between countries seeking to integrate their payment ecosystems for greater financial inclusion and economic efficiency.

India’s Unified Payments Interface (UPI) has revolutionized domestic payments, processing over 14 billion transactions monthly, while Singapore’s PayNow is widely used for instant domestic transfers. Linking these two systems addresses the critical need for affordable, fast, and secure remittance solutions, particularly for corridors with high transaction volumes.

Going forward, NPCI International plans to replicate similar linkages with other countries, leveraging its technology leadership and interoperability standards to position UPI as a global payments brand.

✅ Bottom Line

The expansion of the UPI-PayNow platform to 19 Indian banks significantly strengthens the India-Singapore remittance corridor, offering users a faster, cheaper, and more convenient alternative to traditional channels. With this enhancement, NPCI International has reaffirmed its commitment to financial innovation, cross-border collaboration, and digital inclusivity.