UPI App Users Can Now Receive Remittances From Singapore Instantly
The facility can be accessed by users of BHIM, PhonePe and Paytm apps.
Users of the major Unified Payments Interface apps can receive remittances from Singapore by linking UPI and Singapore's instant payments network PayNow.
The facility can be accessed by users of BHIM, PhonePe and Paytm apps, the National Payments Corp. said on Thursday.
Users can also conduct cross-border transactions through apps of Axis Bank Ltd., DBS Bank India Ltd., ICICI Bank Ltd., Indian Bank, Indian Overseas Bank, and the State Bank of India.
"The cross-border linkage between Unified Payments Interface and PayNow is enabling Indians to receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts," according to the NPCI press release.
India and Singapore had integrated their respective payment networks on Feb. 21, 2023 to facilitate faster and more cost-efficient cross-border remittances.
However, users could send or receive money only through bank apps.
This service would make it ideal for small and frequent remittances as transaction fees are competitive. The facility is available round-the-clock for 365 days a year.
The increasing adoption of UPI in cross-border transactions plays a pivotal role in boosting growth of India's digital payment ecosystem, the NPCI said.
More third-party application providers as well as apps from Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank Ltd., HDFC Bank Ltd., IDFC First Bank Ltd., IndusInd Bank Ltd., Karur Vysya Bank, Kotak Mahindra Bank Ltd., Punjab National Bank, South Indian Bank, and UCO Bank are likely to get on board soon, the NPCI said.
