UPI‑PayNow Links 19 Banks for SG Transfers
The National Payments Corporation of India (NPCI) has expanded the UPI‑PayNow facility by adding 13 more Indian banks to its international remittance network. With this update, a total of 19 Indian banks can now facilitate real-time cross-border fund transfers between India and Singapore.
Real-Time Transfers Made Easier
The UPI‑PayNow integration allows Indian residents to receive money instantly from individuals in Singapore. The process is enabled through commonly used UPI applications such as BHIM, PhonePe, Google Pay, and partner bank apps. Singapore-based customers using DBS Bank and Liquid Group platforms can now transfer money seamlessly to Indian bank accounts using the recipient’s UPI ID or registered mobile number.
The funds are settled in real time, typically within seconds, offering a convenient, low-cost alternative to traditional remittance services.
Major Banks Now Connected
Among the newly added banks are Kotak Mahindra Bank, HDFC Bank, Bank of Baroda, and ICICI Bank, along with earlier participants such as State Bank of India and Union Bank of India. The service is now active across public and private sector banks, covering a majority of India’s banking network.
Strengthening India–Singapore Financial Ties
The development reinforces growing financial and digital cooperation between India and Singapore. NPCI has worked closely with the Reserve Bank of India and the Monetary Authority of Singapore (MAS) to enable this interoperable, cross-border payment system.
Global Expansion Expected
UPI’s success in enabling seamless domestic and now cross-border payments is seen as a model for other international collaborations. Similar initiatives with the UAE, Mauritius, and other countries are currently under discussion as India continues its digital payments diplomacy.
