New Delhi: The National Payments Corporation of India (NCPI) announced on Thursday that Indians can now admit momentary, secure, and cost-effective remittances from the Indian diaspora in Singapore directly into their bank accounts via major UPI apps.
“The cross-border relationship between the Unified Payments Interface (UPI) and PayNow allows Indians to admit momentary, secure, and cost-effective remittances from Singapore’s Indian diaspora directly into their bank accounts. This point is available to users of the BHIM, PhonePe, and Paytm apps. Also, banks analogous to Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India offer this functionality through their separate apps,” the NCPI said in a statement.
NCPI has stated that further third-party operation providers (TPAPs) and bank apps, including 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 anticipated to join the relationship in the near future.
This expansion will broaden the range of options available to guests, according to NCPI.
“This interoperability corner was achieved through close collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore. The growing use of UPI in cross-border deals not only improves financial addition and convenience, but it also plays an important part in fostering the overall growth of India’s dynamic digital payment ecosystem, according to the NCPI.
The UPI-PayNow relationship (Singapore’s PayNow and India’s Unified Payments Interface) enables guests of participating banks and non-banking financial institutions (NFIs) to transfer finances across borders in real time, 24 hours a day, seven days a week.