In a move that significantly boosts cross-border remittance convenience, the UPI-PayNow real-time payment link between India and Singapore has been expanded to include 13 more Indian banks, taking the total to 19 banks, according to a statement released by NPCI International Payments Ltd (NIPL) — the international arm of National Payments Corporation of India (NPCI).
What This Means
Starting July 17, people in Singapore will now be able to send money directly to Indian bank accounts across a wider network of banks, including:
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Newly added banks: HDFC Bank, Kotak Mahindra Bank, Punjab National Bank, UCO Bank, and more.
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Previously integrated banks: ICICI Bank, State Bank of India (SBI), Indian Bank, and others.
How It Works
Recipients in India can receive funds via UPI-enabled apps like:
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BHIM
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Google Pay
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PhonePe
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Bank mobile apps
Money is credited within seconds using a mobile number or virtual payment address (VPA) — a feature made possible through this real-time payment system.
🌏 Outward Remittance and Access in Singapore
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Indian banks supporting outward payments to Singapore still include Canara Bank, HDFC Bank, SBI, Indian Bank, and three others.
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In Singapore, users can access the service through DBS Bank and Liquid Group.
The UPI-PayNow corridor was launched jointly by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) in early 2023. It is the world’s first cloud-based, real-time cross-border payment system, designed to offer secure, low-cost, and fast transfers, especially beneficial for migrant workers, students, and individuals making small and frequent payments.
“This expansion strengthens cross-border payment infrastructure and improves access for users in both countries,” said Ritesh Shukla, CEO of NIPL. “By enabling more banks to participate, we’re making remittances more seamless and inclusive.”
In addition to remittances, UPI is now accepted at select retail outlets in Singapore via QR code-based payments, further expanding its global presence and offering Indian travellers a familiar way to pay abroad.
