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New Delhi: Indians can now receive remittances from Singapore directly into their bank accounts on real-time basis through major UPI and bank apps, like SBI, Axis Bank, and ICICI Bank, the National Payments Corporation of India (NPCI) said on Thursday.
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 NPCI said in a statement.
This expansion will broaden the range of choices offered to customers, it added.
The cross-border linkage between Unified Payments Interface (UPI) and Singapore's PayNow is enabling Indians to receive instant, secure, and cost-effective remittances from the Indian diaspora directly into their bank accounts, the NPCI said.
With the UPI-PayNow linkage, funds are transferred in real-time, reaching the recipient's bank account within seconds. The linkage utilizes robust security protocols to ensure safe and reliable transactions.
The transaction fees are competitive, making the service ideal for small and frequent remittances, NPCI said, adding 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, the NPCI said.