Indians can now receive remittances from Singapore directly through unified payments interface (UPI) and bank apps, the National Payments Corporation of India (NPCI) said in a statement.
The facility is available to users of BHIM, PhonePe, and Paytm, as well as various banks.
Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India currently provide the facility through their respective apps, NPCI said in the statement.
More third-party application providers and apps of 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 network soon, it added.
With the cross-border UPI-PayNow linkage now active, Indian users can receive instant, secure, and cost-effective remittances from Singapore-based Indian diaspora directly into their bank accounts.
PayNow SG, available to customers of banks and non-bank financial institutions in Singapore, allows users to instantly send and receive Singapore dollars using just a mobile number or virtual payment address.
The linkage utilizes robust security protocols to ensure safe and reliable transactions. Transaction fees are competitive, making the service ideal for small and frequent remittances, the NPCI statement said, adding that the “interoperability milestone is the result of close collaboration between the Reserve Bank of India and Monetary Authority of Singapore.”
NPCI, incorporated in 2008, is an umbrella organization for operating retail payments and settlement systems in India.
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