Indians can now smoothly receive remittances from Singapore directly into their bank accounts in real-time, thanks to a significant UPI-PayNow connection announced by the National Payments Corporation of India (NPCI).
This milestone enables users of popular UPI and banking applications, including SBI, Axis Bank, and ICICI Bank, as well as BHIM, Paytm, and PhonePe apps, to utilize this service.
UPI-PayNow in Singapore
Significantly, State Bank of India, Axis Bank, ICICI Bank, Indian Overseas Bank, Indian Bank, and DBS Bank India are already offering this feature through their respective applications.
The NPCI foresees the incorporation of more Third-Party Application Providers (TPAPs) and bank applications like Bank of India, Bank of Baroda, Canara Bank, HDFC Bank, and others in the coming months, providing an expanded array of choices for customers.
This cross-border connection between the Unified Payments Interface (UPI) and Singapore’s PayNow marks a transformative development, facilitating instantaneous, secure, and cost-effective remittances from the Indian diaspora directly into bank accounts.
The UPI-PayNow link ensures swift fund transfers, reaching recipients within seconds, employing robust security measures for secure and dependable transactions.
Furthermore, the NPCI highlights the competitive transaction fees, making this service particularly well-suited for small and frequent remittances. Operating 24/7, 365 days a year, the facility offers accessibility and convenience to users.
The growing utilization of UPI in international transactions not only improves financial accessibility and convenience but also significantly contributes to India’s expanding digital payment landscape, as underscored by the NPCI.
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