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13 Indian Banks Added By NPCI To UPI-PayNow: Here's What You Should Know
13 Indian Banks Added By NPCI To UPI-PayNow: Here's What You Should Know

News18

time17-07-2025

  • Business
  • News18

13 Indian Banks Added By NPCI To UPI-PayNow: Here's What You Should Know

Last Updated: With 13 more Indian banks joining, the UPI-PayNow network has grown, making real-time and low-cost money transfers between India and Singapore easier. The National Payments Corporation of India (NPCI) on July 16 announced the onboarding of 13 more Indian banks to the UPI-PayNow cross-border payments linkage between India and Singapore. With this expansion, a total of 19 Indian banks are now part of the real-time remittance system, aimed at further simplifying international money transfers for individuals and small businesses. What Did NPCI Announce? In a press release dated July 16, 2025, NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), announced the expansion of the UPI-PayNow real-time payment linkage, with 13 additional Indian banks joining the platform. The move aims to further streamline and improve the accessibility of cross-border remittances between India and Singapore. The press release said, '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." According to Economic Times, 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". List Of 13 New Banks Recently Added To UPI-PayNow Linkage: 1. Bank of Baroda 2. Bank of India 3. Canara Bank 4. Central Bank of India 5. Federal Bank 6. HDFC Bank 7. IDFC FIRST Bank 8. IndusInd Bank 9. Karur Vysya Bank 10. Kotak Mahindra Bank 11. Punjab National Bank 12. South Indian Bank 13. UCO Bank Banks Previously Live On The UPI-PayNow Linkage: 1. Axis Bank 2. DBS Bank India 3. ICICI Bank 4. Indian Bank 5. Indian Overseas Bank 6. State Bank of India (SBI) What Is The UPI-PayNow Cross-Border Remittance Service? The UPI-PayNow linkage is a real-time cross-border remittance service launched as a joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). Designed to simplify and accelerate international money transfers, the system enables people in India and Singapore to send and receive funds using just their UPI ID, mobile number or Virtual Payment Address (VPA). Indian users can receive remittances directly through UPI, while payments to Singapore can be initiated using PayNow credentials. The service removes the need for traditional remittance channels, offering a cost-effective and instantaneous alternative for everyday users. As the world's first cloud-based, real-time cross-border payment system, UPI-PayNow marks a major milestone in global financial integration and digital payment infrastructure. About the Author Business Desk A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover More First Published: 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.

UPI-PayNow: Step-by-step guide to instant India-Singapore remittances
UPI-PayNow: Step-by-step guide to instant India-Singapore remittances

Business Standard

time16-07-2025

  • 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.

NPCI International adds 13 more banks in UPI-PayNow linkage to ease remittances
NPCI International adds 13 more banks in UPI-PayNow linkage to ease remittances

The Hindu

time16-07-2025

  • 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.

UPI-PayNow: International remittance enabled for these 13 new banks by NPCI; Know the details
UPI-PayNow: International remittance enabled for these 13 new banks by NPCI; Know the details

Time of India

time16-07-2025

  • 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.

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