In a major development, Indians can now receive money from Singapore instantly and securely using major UPI apps as well as those of popular banks.
Made possible by a cross-border linkage between the Unified Payments Interface (UPI) & PayNow, Indian diaspora in Singapore can now send remittances directly into the bank accounts of Indians, a statement by National Payments Corporation of India (NPCI) said on Thursday.
The facility will be available for users of the BHIM, Paytm and PhonePe apps as well those using apps of Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
The statement said apps of HDFC Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank are expected to be added to the linkage soon.
Explaining the benefits of money sent using this route, the NPCI said that the transfer will be instant, safe, available 24X7 and that the transaction fees will also be competitive, enabling even small and frequent remittances.
The statement said the interoperability is the result of close collaboration between the Reserve Bank of India (RBI) and Monetary Authority of Singapore and that the increasing adoption of UPI in cross-border transactions amplifies financial inclusion and "also plays a pivotal role in fostering the overall growth of India's dynamic digital payment ecosystem".
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