Latest news with #UPI-enabled
Time Business News
5 days ago
- Business
- Time Business News
One Year On, Indians Pay Freely in Nepal While Nepalese Are Still Denied QR Access in India
New Delhi– Despite India and Nepal signing a memorandum of understanding over a year ago to enable cross-border digital payments, a one-sided implementation has persisted. Indian visitors in Nepal have been using UPI-enabled apps to pay via QR codes since mid-2023, but Nepali citizens are still unable to use the same facility while in India. Nepali officials attribute the delay to reluctance on the Indian side, despite Nepal's technical readiness and successful test runs. Nepal Rastra Bank has already approved the initiative, and trials like the one conducted by Nabil Bank in Mumbai last year have proven functional. Yet, the official rollout for Nepalis in India—initially scheduled for early 2025—remains stalled with no clear timeline. According to Nepali officials privacy to the matter, the official launch of QR-code-based payments in India has been delayed due to reluctance on the Indian side. One key challenge lies in the difference in transaction models between the two countries. In India, QR-based payments are typically free for users, whereas in Nepal, Indian users are charged a minimal 1.95% merchant fee per transaction. To make the system viable in India for Nepalis, commissions would need to be paid to Nepali banks, which currently lacks a sustainable framework. In March 2025, officials announced that a pilot phase allowing Nepalis to scan and pay in India would begin within two months. However, there has been no visible progress, raising concerns about commitment to cross-border digital inclusivity. The original agreement, signed on June 1, 2023, between Nepal Clearing House Limited (NCHL) and India's NPCI International Payments Limited, was intended to ease transactions for tourists, businesses, and students. But while the vision was bilateral, the execution so far remains largely one-directional. As bilateral tourism and trade grow, the inability of Nepalis to make seamless payments in India—while Indians enjoy full access in Nepal—raises questions about parity and reciprocity in digital finance cooperation between the two neighbours. TIME BUSINESS NEWS
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Business Standard
6 days ago
- 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
6 days ago
- 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.
News18
6 days ago
- Business
- News18
Need Cash But Forgot Your Debit Card? SBI's UPI ATM Feature Has You Covered
State Bank of India has introduced a smart, card-free solution for such moments — the UPI QR Cash withdrawal feature. See how you can avail the cardless cash withdrawal facility In a world dominated by mobile payments and UPI transactions, withdrawing cash from ATMs has become rare for many of us. But sometimes, cash is exactly what you need. And when your debit card is lost, left at home, or simply not working, it can turn into a mini crisis. The State Bank of India's (SBI)'s latest offering — the UPI QR Cash withdrawal facility. It's a cardless, hassle-free way to get cash using just your smartphone and any UPI-enabled app. Here's How It Works: Head to any SBI ATM that supports 'UPI QR Cash." On the ATM screen, choose the 'UPI QR Cash" option. Enter the amount you want to withdraw. A QR code appears on the screen. Open your UPI app (Google Pay, PhonePe, Paytm, etc.) and scan the QR code. Enter your UPI PIN to complete the transaction. Tap 'Continue' on the ATM screen once the app confirms success. Collect your cash. Done! Why This Feature Is A Big Deal: No need to carry or remember your debit card. Great for emergencies when your card is lost, damaged or forgotten. Minimises risk of card fraud, cloning, or skimming. Works with any UPI app — no need to stick to a specific platform. You still receive an SMS and printed receipt for each transaction. advetisement This innovative solution brings extra convenience and safety to users who rely heavily on digital banking but occasionally need cash. Plus, it makes ATMs smarter and more accessible to users who may not want to carry plastic around. If you run into any trouble or need help with this feature, SBI provides customer support through their toll-free numbers: 1800 1234 or 1800 2100. You can also check their website at for more details. So next time you're short on cash but don't have your card, don't panic — just scan and go! About the Author News Desk Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! First Published: July 16, 2025, 12:57 IST Latest News 8 Quick Breakfast Ideas For Busy Mornings Lifestyle Markets Paytm Shares Cross Rs 1,000 For First Time In Six Months MSCI Buzz, Q1 Profit Hopes Auto Ford Recalls Over 850,000 Cars In US Due To Potential Fuel Pump Failure, Check Details Agency feeds Festive hiring 2025 expected to generate 2.16 lakh seasonal jobs: Report Agency feeds Technical experts from Prada visit Kolhapur, interact with artisans latest news
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.
