NPCI Revolutionizes Cross-Border Remittances: Unveils UPI-PayNow Linkage for Seamless Transactions between India and Singapore
NPCI Facilitates Direct Remittances: Launches UPI-PayNow Linkage for India-Singapore Transactions
In a groundbreaking development, the National Payments Corporation of India (NPCI) has introduced the UPI-PayNow linkage, revolutionizing cross-border remittances between India and Singapore. This strategic collaboration, fostered by close coordination between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), is poised to elevate financial inclusion and enhance the ease of cross-border transactions.
Key Highlights:
Participating Platforms: This innovative service is currently available to users of popular mobile applications such as BHIM, PhonePe, and Paytm. Additionally, select banks, including Axis Bank, DBS Bank India, ICICI Bank, and SBI, have integrated the UPI-PayNow linkage, offering their customers direct access to cross-border remittances.
Future Expansion: The UPI-PayNow linkage is set to expand further, with plans to integrate third-party applications and additional banks into the system. Bank of Baroda, HDFC Bank, Kotak Mahindra Bank, among others, are expected to join the UPI-PayNow network in the near future.
User Experience: UPI users in India can seamlessly send remittances to PayNow users in Singapore using their mobile numbers or virtual payment addresses. This streamlined process aims to enhance user convenience and foster efficient cross-border financial transactions.
Continuous Availability: The UPI-PayNow facility is designed to be available to users year-round, contributing to the ongoing growth and dynamism of India’s digital payment ecosystem.
This strategic move by NPCI aligns with the broader vision of leveraging technology to simplify and expedite financial transactions. The UPI-PayNow linkage not only provides users with a convenient and secure channel for cross-border remittances but also strengthens the collaborative efforts between India and Singapore in the fintech space.
Important Information for Exams:
Purpose of UPI-PayNow Linkage: The UPI-PayNow linkage introduced by NPCI aims to facilitate direct remittances between India and Singapore, enhancing financial inclusion and cross-border transaction convenience.
Mobile Applications for UPI-PayNow Service: Users can access the UPI-PayNow service through popular mobile applications such as BHIM, PhonePe, and Paytm.
Banks Currently Providing UPI-PayNow Functionality: Axis Bank, DBS Bank India, ICICI Bank, and SBI are among the banks currently offering the UPI-PayNow functionality. Bank of Baroda, HDFC Bank, Kotak Mahindra Bank, and more are expected to join soon.
Sending Remittances: UPI users in India can send remittances to PayNow users in Singapore using their mobile numbers or virtual payment addresses through the newly launched UPI-PayNow linkage.