NPCI International adds 13 more banks to India-Singapore UPI-PayNow platform

New Delhi: NPCI International Payments on Wednesday said it has enhanced the UPI-PayNow real-time payment linkage between India and Singapore by adding 13 more Indian banks.

The expanded network for remittances to India now includes 19 banks.

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NIPL is the international arm of National Payments Corporation of India (NPCI).

NIPL is the international arm of National Payments Corporation of India (NPCI).

The 19 banks are 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, 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 of this service.

"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," Ritesh Shukla, Managing Director & Chief Executive Officer of NPCI International, said.

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, NPCI said.

NPCI said the latest 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.

It is ideal for small and frequent remittances, providing users with a convenient and cost-effective way to send and receive money anytime, it added.

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