India-Singapore Fintech Ties Deepen as UPI-PayNow Linkage Widens
- NPCI International has added 13 more Indian banks to the UPI-PayNow real-time payment system, now enabling remittances via 19 banks between India and Singapore.
- Users in both countries can send and receive money instantly using UPI-enabled apps like BHIM, Google Pay, and PhonePe, with wider coverage and convenience.
- The UPI-PayNow linkage, a world-first cloud-based, real-time cross-border payment infrastructure, strengthens India-Singapore fintech collaboration.
In a significant boost to cross-border financial connectivity, NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has expanded the UPI-PayNow real-time payment linkage by onboarding 13 additional Indian banks. The facility, aimed at facilitating seamless remittances between India and Singapore, will be effective from July 17, 2025.
This expansion brings the total number of Indian banks participating in the linkage to 19. The newly added banks include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Kotak Mahindra Bank, Federal Bank, HDFC Bank, IndusInd Bank, South Indian Bank, Karur Vysya Bank, IDFC FIRST Bank, Punjab National Bank, and UCO Bank. These join existing participants such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
Customers of these banks in India can now receive real-time remittances from Singapore through UPI-enabled applications such as BHIM, Google Pay, PhonePe, or any supported bank app. For senders in Singapore, the service is currently accessible to customers of DBS Singapore and Liquid Group.
In addition to receiving capabilities, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India along with newly enabled Canara Bank, HDFC Bank, and Karur Vysya Bank also support outbound remittances from India to Singapore, enhancing bilateral financial flows.
The UPI-PayNow integration is a result of close collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). This world-first cloud-based, real-time cross-border payment infrastructure enables users in India and Singapore to send and receive funds using simple identifiers such as UPI IDs, Virtual Payment Addresses (VPAs), or mobile numbers.
Ritesh Shukla, Managing Director and CEO of NIPL, emphasized the importance of the development, stating, “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 move is expected to streamline personal remittances and enhance user convenience, marking another leap toward global payment interoperability.
