India’s Unified Payments Interface (UPI) has integrated with PayNow to allow the India diaspora in Singapore to send remittances to recipients in India.
This service is accessible through BHIM, PhonePe, and Paytm apps, as well as through specific banking applications such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
According to the official press release, further expansion is anticipated, with additional Third-Party Application Providers (TPAPs) and bank apps, including 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, expected to join the linkage. In essence, this extension aims to offer more options for customers.
Some of the main advantages of receiving funds through UPI-PayNow include instant transfers in real-time, secure transactions with robust security protocols, competitive transaction fees suitable for small and frequent remittances, and 24/7 availability throughout the year.
This achievement in interoperability is the outcome of a collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). The growing adoption of UPI in cross-border transactions aims to promote financial inclusion and convenience while contributing to the overall development of India's dynamic digital payment ecosystem.
The National Payments Corporation of India (NPCI) was established in 2008 to oversee retail payments and settlement systems in India. NPCI has built a payment and settlement infrastructure, supporting payments in India through various retail payment products, including RuPay card, Immediate Payment Service (IMPS), Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), Aadhaar Enabled Payment System (AePS), National Electronic Toll Collection (NETC), and Bharat BillPay.
NPCI focuses on innovation in retail payment systems through technology with the aim of helping India to transition into a digital economy. Its efforts aim to provide secure payment solutions with nationwide accessibility at minimal cost, aligning with India's vision of becoming a fully digital society.
In September 2023, the Reserve Bank of India (RBI) governor has revealed the introduction of a new UPI digital payments suite developed by the National Payments Corporation of India.
Unveiled during the Global Fintech Fest 2023, the new suite included products such as Credit Line on UPI, UPI LITE X and Tap & Pay, Hello! UPI – Conversational Payments on UPI, and BillPay Connect – Conversational Bill Payments. The primary objective behind these offerings was to establish an inclusive, resilient, and sustainable digital payments ecosystem.
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