UPI Apps to allow Indians to receive remittances from Singapore
By Gloria Methri
Indians 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.
IBSi Daily News Analysis
February 22, 2024
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