UPI Apps Enabled For Remittances from Singapore

Users can receive funds from Singapore via UPI-PayNow Linkage; More Third-Party Application Providers (TPAPs) and bank apps are expected to be added to the linkage soon

FinTech BizNews Service

Mumbai, January 11, 2024: The cross-border linkage between Unified Payments Interface (UPI) & PayNow is enabling Indians to receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts. 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. This expansion will broaden the range of choices offered to customers.

Key benefits of receiving funds via UPI-PayNow:

• Instant: Funds are transferred in real-time, reaching the recipient's bank account within seconds.
• Secure: The linkage utilizes robust security protocols to ensure safe and reliable transactions.
• Cost-effective: Transaction fees are competitive, making the service ideal for small and frequent remittances.
• Convenient: 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 UPI-PayNow linkage provides a convenient (24/7), real-time, secure, and convenient means for customers of participating banks and non-banking financial institutions (NFIs) to transfer funds across borders.

In essence, Singapore's PayNow and India's *Unified Payments Interface (UPI) users will be able to send money instantly and securely across the two countries.

• A PayNow user of a participating bank/NFI in Singapore will be able to send money to a UPI user of a participating bank in India, and vice versa.
• A Singapore PayNow user sending money to India will need to key in the recipient’s registered UPI identity.
• An India UPI user sending money to Singapore will need to key in the recipient’s registered PayNow mobile number or Virtual Payment Address (VPA).

How can I transfer money from India to Singapore via mobile number or VPA?

• First, log in to your bank’s net-banking or mobile banking account.
• Go to Foreign Outward Remittance and agree with the terms (one-time activity).
• Enter the beneficiary’s Singapore mobile number or VPA proxy (virtual payment address). E.g., +6512345678#XXXX
• Follow the instructions, check the summary and submit the transaction.

Inward Remittance can be received by account holders of six Indian Participating Banks are in this program:

• Axis Bank
• DBS Bank Ind
• ICICI Bank
• Indian Bank
• Indian Overseas Bank
• State Bank of India

Two PayNow Singapore members are participating in this program:

• DBS Bank
• Liquid Group

Four Indian Banks are participating in this program for Outward Remittance:

• ICICI Bank
• Indian Bank
• Indian Overseas bank
• State Bank of India

Two PayNow Singapore members are participating in this program:

• DBS Singapore
• Liquid group