National Payments Corporation of India (NPCI) has announced that the International Remittance Service UPI-PayNow is now being launched in 13 new Indian banks. These include banks like Kotak Mahindra Bank, HDFC Bank, Bank of Baroda. With this, a total of 19 Indian banks have now become a part of this facility. Customers of these banks will be able to use UPI to send cross border or international remittances to Singapore through UPI-PayNow service.
What did NPCI say?
NPCI’s international branch NPCI International Payments Limited (NIPL) said in a press release that now more banks have joined the UPI-PayNow real time payment service, making cross border remittance between India and Singapore even easier and faster. This service will start from July 17, 2025.
What is UPI-Pay Now?
UPI-Pay Now service is a joint initiative of Reserve Bank of India (RBI) and MAS (Monetary Authority of Singapore) of Singapore. It is a real-time money transfer facility, through which people of India and Singapore can send money to each other through mobile number or UPI ID / Virtual Payment Address (VPA). This is the world’s first cloud-based real time cross border payment system, and it is being considered a big step towards strengthening global payment connectivity.
According to the press release:
- Now users of both countries can easily send money to each other.
- UPI-PayNow integration makes cross border money transactions easier and faster, with money reaching the receiver’s account within seconds.
- This service is completely safe and reliable.
- This is especially great for those who send small and frequent amounts of money.
Which banks are now connected with this facility?
Now a total of 19 banks are connected with this service which includes: 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, UCO Bank, Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India.
How to send money through UPI-PayNow?
The press release also explains how to use the UPI-PayNow linkage to send money cross border. Let’s know about it…
How to receive money in India? :
Recipients in India can receive the money sent from Singapore in their accounts in any of these 19 banks through any of their UPI enabled apps like BHIM, Google Pay and PhonePe, and bank apps. That is, the recipient must have an account in one of these 19 banks.
How to send money from India to Singapore?
Remittances from India to Singapore can be made through Canara Bank, HDFC Bank and Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India. In Singapore, customers of DBS SG and Liquid Group can avail this service.
This service is very good for the workers and students belonging to the expatriate community of India.
