In a significant development, Indians can now securely receive instant money from Singapore through major UPI apps and popular banks. The National Payments Corporation of India (NPCI) announced a cross-border linkage between the Unified Payments Interface (UPI) and PayNow, allowing the Indian diaspora in Singapore to send remittances directly into Indian bank accounts.
This service is accessible for users of BHIM, Paytm, and PhonePe, as well as those using apps from Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India. HDFC Bank, Bank of Baroda, Bank of India, and others are expected to join soon.
NPCI highlighted the benefits of this transfer, emphasizing its instant, secure, and 24/7 availability, with competitive transaction fees. The collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore enabled this interoperability, promoting financial inclusion and contributing to the growth of India’s digital payment ecosystem.
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