back Back

UPI Apps to allow Indians to receive remittances from Singapore

By Gloria Methri

January 12, 2024

  • BHIM UPI App
  • Cross Border Digital Payments
  • Cross Border Remittances

UPI, NPCI, Cross Border Remittances, Instant Bank Transfer, SingaporeIndians can now receive instant and secure remittances from Singapore directly into their bank accounts, owing to the cross-border linkage between the Unified Payments Interface (UPI) and PayNow.

According to an announcement by the National Payments Corporation of India (NPCI), this transaction 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 SBI also provide this functionality through their respective mobile 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.

NPCI said the expansion of cross-border remittance service will broaden the range of choices offered to customers in the country.

Key benefits of receiving funds via UPI-PayNow include:

  • Funds are transferred in real time, reaching the recipient’s bank account within seconds.
  • Robust security protocols ensure safe and reliable transactions.
  • Competitive fees make the service ideal for small and frequent remittances
  • 24/7 availability

This interoperability milestone is the result of a close collaboration between the Reserve Bank of India (RBI) and the 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, said NPCI.

Previous Article

January 12, 2024

PortX & Plaid team to boost FinTech innovation and data connectivity

Read More
Next Article

January 12, 2024

Finfra & CareNow partner to streamline healthcare payments in Indonesia

Read More

IBSi Daily News Analysis

bahrain, islamic finance

February 22, 2024


What makes Bahraini Islamic Finance industry so robust

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News


UNIPaaS unveils AI payment assistant solution for SaaS platforms

Read More


Nium expands Middle East presence with Enjaz Banking Services partnership

Read More


TerraPay & Diamond Trust Bank to simplify global money transfers in Uganda

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023