The National Payments Corporation of India (NPCI) has informed that Indians will now be able to receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts through major UPI Apps.
Informing about the same, NPCI said in a release, “The cross-border linkage between Unified Payments Interface (UPI) & PayNow is enabling Indians to receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts.”
This facility can be accessed by users of BHIM, PhonePe, and Paytm apps. Additionally, banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India provide this functionality through their respective apps.
More Third-Party Application Providers (TPAPs) and bank apps 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 released added.
This expansion will broaden the range of choices offered to customers. Here are some of the key benefits of receiving funds via UPI-PayNow:
Instant: Funds are transferred in real-time, reaching the recipient’s bank account within seconds.
Secure: The linkage utilizes robust security protocols to ensure safe and reliable transactions.
Cost-effective: Transaction fees are competitive, making the service ideal for small and frequent remittances.
Convenient: The facility is available 24/7, 365 days a year.
“This interoperability milestone is the result of close collaboration between the Reserve Bank of India (RBI) and 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 stated.