A nexus has been established between India’s amalgamated remittance interface and Singapore’s PayNow, as announced by the National Payments Corporation of India (NPCI) in a recent communique. This innovation is now operational on BHIM (Bharat Interface for Money), PhonePe, and Paytm platforms, facilitating direct remittance of funds into Indian bank accounts for the Indian community in Singapore, courtesy of the unified payments interface (UPI). The service is also extended through the proprietary banking applications of Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India, NPCI revealed.
A multitude of additional third-party applications and financial institutions 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 poised to join this interlinkage imminently, as confirmed by the Mumbai-headquartered payment network.
This cross-border interoperability is the culmination of collaborative efforts between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), fostering a seamless, secure, economical, and user-friendly remittance mechanism between the two nations. NPCI emphasized that the escalating adoption of UPI in transnational transactions not only enhances financial inclusivity and ease but also serves as a catalyst for the holistic advancement of India’s vibrant digital payment landscape.
