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The Hindu
4 days ago
- Business
- The Hindu
NPCI International adds 13 more banks in UPI-PayNow linkage to ease remittances
NPCI International Payments Ltd (NIPL), the international arm of National Payments Corporation of India (NPCI), said it has further enhanced the UPI-PayNow real-time payment linkage by adding 13 more banks on the platform, thus extending its reach and simplifying cross-border remittances between India and Singapore. This will go live on July 17, 2025, and users in both countries can remit funds to a wider base, making the service more accessible and convenient. The expanded network for remittances to India now includes 19 banks – 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 alongside Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India. Recipients in India can receive remittances from Singapore in their accounts held with any of these 19 banks through their preferred UPI enabled apps such as BHIM, Google Pay and PhonePe, as well as bank apps. Outward remittances from India to Singapore are available through Canara Bank, HDFC Bank and Karur Vysya Bank, along with 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. The UPI-PayNow service was launched as a joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). It facilitates real-time cross-border fund transfers between individuals, where Indian users can receive funds via UPI ID and send funds to users in Singapore via their mobile number or Virtual Payment Address (VPAs). This development is particularly beneficial for the Indian diaspora in Singapore, including migrant workers and students, bringing the ease of digital payments to everyday remittances. Ritesh Shukla, MD & CEO, NPCI International, said, 'The expansion of the UPI-PayNow linkage marks a step forward in strengthening cross-border payment infrastructure. By enabling access to more banks in India, we are deepening the reach of real-time remittances and supporting greater financial connectivity between the two countries.' 'This brings added convenience to users through a seamless and trusted platform,' he said. UPI-PayNow integration enables real-time cross-border remittance transactions, with funds reaching the recipient's bank account within seconds.
Time of India
4 days ago
- Business
- Time of India
UPI-PayNow: International remittance enabled for these 13 new banks by NPCI; Know the details
What did NPCI say about UPI-PayNow? Academy Empower your mind, elevate your skills 'With this development, which will go live on July 17, 2025, users in both countries can remit funds to a wider base, making the service more accessible and convenient. UPI-PayNow integration enables real-time cross-border remittance transactions, with funds reaching the recipient's bank account within seconds. The service leverages strong security protocols to ensure safe and reliable transfers. It is ideal for small and frequent remittances, providing users with a convenient and cost-effective way to send and receive money anytime.' List of 19 banks currently live on UPI-PayNow linkage How to use UPI-PayNow linkage for cross-border remittances? Recipients in India can receive remittances from Singapore in their accounts held with any of these 19 banks through their preferred UPI enabled apps such as BHIM, Google Pay and PhonePe, as well as bank apps. Outward remittances from India to Singapore are available through Canara Bank, HDFC Bank and Karur Vysya Bank along with 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. What is UPI-PayNow cross border remittance service? On July 16, 2025 the National Payments Corporation of India ( NPCI ) announced the expansion of the UPI-PayNow international remittance to now include 13 additional Indian banks like Kotak Mahindra Bank Bank of Baroda and others. The overall count of participating banks is now 19 and this means customers of these 19 Indian banks can use UPI to send cross-border or international remittances to Singapore via the UPI-PayNow below to know more about this latest development in international usage of a press release dated July 16, 2025, NPCI International Payments Limited (NIPL) the international arm of National Payments Corporation of India (NPCI) said that the UPI-PayNow real-time payment linkage has been further enhanced by adding 13 more banks on the platform, extending its reach and simplifying cross-border remittances between India and press release said:According to the press release, the expanded network for remittances to India now includes 19 banks – Bank of Baroda, Bank of India, Canara Bank South Indian Bank , and UCO Bank alongside Axis Bank , DBS Bank India, ICICI Bank Indian Bank , Indian Overseas Bank, and State Bank of Shukla, MD & CEO, NPCI International said, 'The expansion of the UPI-PayNow linkage marks a step forward in strengthening cross-border payment infrastructure. By enabling access to more banks in India, we are deepening the reach of real-time remittances and supporting greater financial connectivity between the two countries. This brings added convenience to users through a seamless and trusted platform'.According to the press release here are the details of how to use UPI-PayNow linkage for cross-border remittances:In the press release it was said that this development is particularly beneficial for the Indian diaspora in Singapore, including migrant workers and students, bringing the ease of digital payments to everyday remittances. UPI is already accepted via QR codes at select merchant outlets in Singapore, further extending its UPI-PayNow service was launched as a joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). It facilitates real-time cross-border fund transfers between individuals, where Indian users can receive funds via UPI ID and send funds to users in Singapore via their mobile number or Virtual Payment Address (VPAs). As the world's first cloud-based, real-time cross-border payment system, the initiative is a pioneering step in global payment connectivity.
Hans India
11-07-2025
- Business
- Hans India
UPI impact: India now makes faster payments than any other country, says IMF
Thanks to the massive adoption of unified payments interface (UPI) based digital transactions, India now makes faster payments than any other country in the world, an International Monetary Fund (IMF) note has emphasised. Since its launch in 2016, UPI has grown quickly, while some proxies for cash usage have begun to decline. UPI now processes more than 18 billion transactions per month and dominates other electronic retail payments in India, according to the note titled 'Growing Retail Digital Payments: The Value of Interoperability.' UPI is an instant payments platform built over the Immediate Payment Service (IMPS) infrastructure. UPI has transformed the digital payments landscape in India. Evidence from the platform suggests that interoperability can improve users' experience of digital payments and expand overall adoption. 'Interoperability directly increases users' freedom to choose their favourite app, enabling them to take full advantage of the variety and quality of apps available. Interoperability can also facilitate entry by new providers and incentivise existing providers to upgrade their apps, offering indirect benefits to users,' said the IMF note. As a result, interoperability can make adopting digital payments more attractive for users and hence increase overall adoption relative to a world with only closed-loop alternatives. Providing infrastructure for interoperable systems, or otherwise supporting interoperability through regulation, could be a promising avenue for countries seeking to transition from cash to digital payments, read the note. The National Payments Corporation of India (NPCI) launched the Bharat Interface for Money (BHIM) app in late 2016, when total UPI usage was small and there were fewer other providers. 'Indeed, BHIM initially accounted for more than half of payer-side total transaction value, prior to the take-off of apps produced by major fintech firms. This highlights the potential catalytic role of direct public provision of payment apps,' according to the IMF note. The public sector can help overcome coordination failures — for example, low user adoption because of a lack of high-quality apps, alongside a lack of high-quality apps as a result of low user adoption — and so kick-start an ecosystem, it added. UPI volumes in June grew 32 per cent year-on-year. Transaction value rose 20 per cent compared to June last year. The number of daily UPI transactions rose to 613 million in June from 602 million in May.
News18
11-07-2025
- Business
- News18
What Is Mobile Banking And How To Use It Safely And Efficiently
Last Updated: Manage your money on the go with just a few taps on your phone. Here's everything you should know about mobile banking. Mobile banking is revolutionising the way we manage our finances, giving users 24/7 access to their bank accounts through smartphones. With the help of dedicated banking apps or mobile-optimised websites, customers can check account balances, transfer funds, pay bills, and even deposit cheques, all without the need to visit a physical branch. Benefits of Mobile Banking Convenience & Speed Gone are the days of standing in long queues. With just a few taps, users can check balances, transfer funds, or pay utility bills anytime, anywhere, perfectly suited for India's fast-paced lifestyle. Lower Costs for Banks Mobile banking significantly reduces operational expenses and branch footfall. This allows banks to reallocate resources toward high-value services and improve overall customer experience. Enhanced Security Modern mobile banking apps come equipped with advanced security features such as biometric authentication, device binding, and one-time passwords (OTPs). These tools ensure robust protection and build greater trust among users. Key Features and Services of Mobile Banking Apps Most mobile banking apps offer a wide range of convenient features, including: Account Overview Instantly view your account balance, recent transactions, and mini-statements. Fund Transfers Transfer money between your own accounts or to others via IMPS, NEFT, RTGS, or UPI. Bill Payments Easily pay utility bills, credit card dues, and mobile phone bills, all in one place. Cheque Deposits Where supported, deposit cheques remotely by uploading a photo through the app. Real-Time Alerts Get instant notifications for transactions, low balances, and upcoming bill payments. Loans & Investments Apply for personal loans, explore fixed deposits, or invest in mutual funds directly from the app. UPI and Instant Payments In India, UPI-enabled apps such as BHIM and SBI's YONO offer real‑time fund transfers using UPI IDs or QR codes. UPI handles instant payments 24/7, with updated transaction limits ensuring flexibility. Ensuring Security and Trust Mobile banking apps emphasise security through SSL/TLS encryption, device authentication, biometric logins, and one‑time passwords (OTPs) to protect users. Mobile banking has evolved far beyond simple balance checks; it now offers a complete suite of financial management tools. With secure apps, users can effortlessly handle everything from fund transfers and bill payments to investments and loan applications, all in a few taps. If you haven't explored your bank's mobile app yet, now is the perfect time. You might find it's all you need for convenient, on-the-go financial control. view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
10-07-2025
- Business
- Time of India
Are you making digital payments? NPCI shares 5 key tips for safe UPI use; here's how to avoid getting scammed!
NEW DELHI: As digital payments become a part of everyday life, the National Payments Corporation of India (NPCI) has issued key safety tips to protect users from financial frauds and scams. These guidelines are aimed at ensuring secure UPI and online payments safe for everyone. Following these simple steps can protect users from fraud and make digital transactions more secure. Here are the 5 key tips for safe digital payments that NPCI recommends: Always verify before paying: Double-check the name and details that appear on the screen before making any payment. Confirm you are sending money to the right person or merchant. A quick crosscheck can prevent costly mistakes. Use only trusted apps and websites: Make payments through official apps like BHIM, Google Pay, PhonePe, or Paytm, and avoid downloading apps from unknown sources or clicking on suspicious links sent via SMS, email, or social media. Never share your UPI PIN or OTP: Your UPI PIN, OTP, and bank credentials are private. Do not share them with anyone—even if the person claims to be from the bank, police, or any government body. Don't rush any transaction: Scammers often pressure people to act urgently. Take your time, and if unsure, say you'll call back. Stay alert and calm before making any payments. Turn on alerts and monitor them: Enable SMS and app notifications for all transactions. Read them carefully, and if you spot anything unusual, contact your bank or payment app support immediately. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
