Latest news with #NIPL
United News of India
25-07-2025
- Business
- United News of India
Dept of Posts and NIPL join hands to bring affordable remittance channels
New Delhi, July 25 (UNI) The Department of Posts (DoP) and NPCI International Payments Limited (NIPL) have signed a Non-Disclosure Agreement (NDA) to work on an initiative aimed at transforming inward remittances in India. The collaboration aims to harness the potential of both the Unified Payments Interface (UPI) and the Unified Postal Union (UPU) Interconnection Platform (IP) to establish a seamless, secure, and affordable remittance channel. LK Dash, DDG International Relations and Global Business, Department of Posts, said this collaboration is the next step in providing accessible and affordable financial services to citizens. By successfully leveraging the UPU Interconnection Platform and UPI networks we can bring affordable remittance solutions . On the other hand, Ritesh Shukla (CEO, NPCI International Payments Limited) said, 'NIPL is working rigorously to expand the reach of UPI (Unified Payments Interface) globally for promoting seamless cross-border payments. We believe that the partnership will unlock a plethora of opportunities for financial inclusion.' The collaboration will act as a catalyst for promoting financial inclusion across India. It will bring affordable remittances, secure easy transactions, promote accessibility, and seamless real-time transfers. UNI SAS PRS
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Business Standard
23-07-2025
- Business
- Business Standard
PayPal to integrate UPI for cross-border payments with global partners
PayPal is partnering with NPCI International and global wallets to enable Indian users to make cross-border payments using UPI, starting with US-based merchants Mumbai Unified Payments Interface (UPI) is being integrated with global payments major PayPal, enabling seamless cross-border transactions between UPI users and merchants abroad. This development follows PayPal's collaboration with multiple global partners to connect digital payment systems and wallets worldwide. Among these partnerships is its tie-up with NPCI International Payments Limited (NIPL), the body tasked with the internationalisation of the UPI and RuPay card networks. Indian UPI users transacting with merchants in the United States will soon be able to select UPI as a payment option by clicking the PayPal button at checkout. PayPal is also partnering with other global payment systems such as Latin America's Mercado Pago, China's TenPay Global, and US-based Venmo, in addition to India's NIPL. 'The integration of UPI on PayPal World's platform will mark a significant step in expanding UPI's global footprint. This collaboration will enhance convenience for Indian users making payments abroad and enable global businesses and merchants to tap into a growing base of UPI users,' said Ritesh Shukla, managing director and chief executive officer, NIPL. These partnerships enable interoperability between different global payment systems, easing cross-border transactions. Users onboarded with partners connected to PayPal and Venmo will be able to execute payments through this interoperable framework. The platform is expected to expand access to nearly two billion users, according to the fintech firm. PayPal World is also compatible with features such as dynamic payment buttons and even stablecoins.
Yahoo
17-07-2025
- Business
- Yahoo
NPCI International Expands UPI-PayNow Linkage to Drive Cross-Border Remittances
13 Indian banks added to the UPI-PayNow linkage, taking the overall count of participating banks to 19 MUMBAI, India, July 17, 2025 /PRNewswire/ -- NPCI International Payments Limited (NIPL) the international arm of National Payments Corporation of India (NPCI) has further enhanced the UPI-PayNow real-time payment linkage by adding 13 more banks on the platform, extending its reach and simplifying cross-border remittances between India and Singapore. 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. 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). As the world's first cloud-based, real-time cross-border payment system, the initiative is a pioneering step in global payment connectivity. 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 utility. 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." 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. For more details about NPCI International, click here For Queries: View original content: SOURCE NIPL Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Business Standard
16-07-2025
- Business
- Business Standard
NPCI adds 13 Indian banks to India-Singapore UPI-PayNow platform
NPCI International Payments Limited (NIPL), the global arm of the National Payments Corporation of India (NPCI), has announced the inclusion of 13 additional Indian banks into the UPI–PayNow payment linkage between India and Singapore. '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,' NIPL said in an official release. This addition takes the total number of participating Indian banks to 19, further broadening the cross-border payment corridor that was launched jointly by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). The expanded list of Indian banks 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. People in India can now receive money from Singapore in accounts held with any of these banks using UPI-enabled apps such as BHIM, Google Pay, PhonePe, or their respective banking apps. Sending, receiving funds made easier Currently, users in India can send money to Singapore only through Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India. In Singapore, this service is available to customers of DBS SG and Liquid Group. Ritesh Shukla, chief executive officer and managing director of 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.' The UPI–PayNow platform enables users in India to receive funds via UPI ID, while users in Singapore can be sent money using their mobile numbers or Virtual Payment Addresses (VPAs). Transactions are processed in real time, reaching the recipient's bank account within seconds. Ideal for everyday remittances NIPL said the service is particularly beneficial for the Indian diaspora in Singapore, especially migrant workers and students, making digital payments simpler for regular transactions. UPI is already accepted at select retail outlets in Singapore through QR code-based payments, extending its usage beyond remittances. Highlighting the innovative nature of the system, NPCI added that this is the world's first cloud-based, real-time cross-border payment solution. The system ensures high-level security and is best suited for small, frequent transfers. NIPL noted that it offers a 'convenient and cost-effective way to send and receive money anytime.'
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Business Standard
16-07-2025
- Business
- Business Standard
UPI-PayNow: Step-by-step guide to instant India-Singapore remittances
The Unified Payments Interface (UPI)-PayNow linkage has been expanded, enabling faster and more convenient cross-border money transfers between India and Singapore. Announced by NPCI International Payments Limited (NIPL), a wholly-owned subsidiary of the National Payments Corporation of India (NPCI) on July 16, this service now covers 19 Indian banks, simplifying remittances for millions, particularly the Indian diaspora in Singapore. Here's a simple guide on how to use the service. How to send money from India to Singapore? Sending funds abroad no longer requires lengthy bank codes or waiting days for settlement. With UPI-PayNow, transfers are completed in seconds. -Log in to your banking app: Use a participating bank's net or mobile banking platform, such as HDFC Bank, ICICI Bank, or State Bank of India. -Navigate to foreign remittance: Locate the 'Foreign Outward Remittance' section and accept the terms (a one-time process). -Enter beneficiary details: Provide the recipient's Singapore mobile number or Virtual Payment Address (VPA), e.g. +65XXXXXXXX#XXXX. -Confirm and send: Review the transaction summary, check the exchange rate, and authorise payment. The funds are credited in real-time. Participating banks for outward transfers include Canara Bank, Karur Vysya Bank, and Indian Overseas Bank, among others. In Singapore, customers of DBS SG and Liquid Group can avail this service. How to receive money in India from Singapore? Receiving funds is just as straightforward. The sender in Singapore initiates the transfer using PayNow, while you provide your UPI ID. What you need to do: -Register your UPI ID: Ensure it's linked to an account with one of the 19 participating banks, including Axis Bank, Kotak Mahindra Bank, or Punjab National Bank. -Share your UPI ID: Give this to the sender in Singapore. -Receive funds: The money appears in your bank account instantly via UPI-enabled apps like PhonePe, Google Pay, or your bank's app. Key details to keep in mind -Transaction limits: Up to Rs 60,000 per day from India; SGD 1,000 per day from Singapore. -Availability: Operates 24x7, 365 days a year. -Security: Backed by strong encryption and safety protocols. Ritesh Shukla, managing director & chief executive officer of NIPL, says, 'This expansion strengthens cross-border payments infrastructure and offers seamless access for users in both countries.' Why it matters According to the official statement, this service reduces costs and delays often associated with traditional bank wires. It's particularly useful for migrant workers, students, and families making small, frequent transfers. As India remains the world's largest recipient of remittances, according to the RBI remittance survey 2025 $118.7 billion inflows in 2023-24, initiatives like UPI-PayNow deepen financial connectivity and support economic growth.
