NPCI International Payments Ltd (NIPL), the global arm of the National Payments Corporation of India (NPCI), has expanded the UPI-PayNow cross-border real-time remittance network by onboarding 13 more Indian banks. This enhancement went live on July 17, 2025, and aims to boost the ease, reach, and speed of remittances between India and Singapore.
Key Highlights
Purpose of the Expansion:
- To widen access to real-time, low-cost cross-border payments.
- To benefit migrant workers, students, and individuals with families in both countries.
New Total Coverage (India to Singapore):
- 19 Indian Banks can now receive inward remittances from Singapore through UPI-enabled apps like BHIM, PhonePe, Google Pay, or bank apps.
Indian Banks Now Enabled for Inward Remittances (Total: 19):
- Axis Bank
- Bank of Baroda
- Bank of India
- Canara Bank
- Central Bank of India
- DBS Bank India
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDFC FIRST Bank
- Indian Bank
- Indian Overseas Bank
- IndusInd Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Punjab National Bank
- South Indian Bank
- State Bank of India (SBI)
- UCO Bank
Indian Banks Enabled for Outward Remittances (to Singapore):
- HDFC Bank
- ICICI Bank
- Indian Bank
- Indian Overseas Bank
- State Bank of India
- Canara Bank
- Karur Vysya Bank
Singapore Side Participants:
- DBS Bank Singapore (DBS SG)
- Liquid Group
About UPI-PayNow Real-Time Payment Linkage
| Parameter | Description |
| Launch | Joint initiative by RBI and Monetary Authority of Singapore (MAS) (Singapore’s central bank) |
| Technology | Cloud-based real-time cross-border payment system |
| Use Cases | Real-time person-to-person fund transfers, small-value transactions |
| User Features | Enables real-time cross-border fund, Send via mobile number/Virtual Payment Address (VPA) (Singapore), receive via UPI ID (India). |
| Speed | Transactions settled within seconds |
| Security | End-to-end secure architecture with robust encryption protocols |
| Other Benefits | Accepted at select merchant outlets in Singapore via QR code |
| User Base | Primarily benefits migrant workers, students, and frequent remitters |
| Transaction Type | Primarily retail remittances, low-cost and fast |
| Key Features | Real-time settlementPerson-to-person & merchant payments (QR code-based)Ideal for students, migrant workers, and low-value remittancesCost-effective and cloud-basedHigh-speed and secure transactions |
Significance of UPI-PayNow Linkage:
- World’s first cloud-based real-time cross-border payment system
- Boosts financial connectivity between India and Singapore
- Promotes digital financial inclusion for the Indian diaspora
- Supports economic integration and digital infrastructure development
Significance for India-Singapore Relations
- Deepens financial connectivity between two nations.
- Promotes the “Digital India” and “Fintech for Inclusion” agenda globally.
- Strengthens India’s leadership in global fintech innovations.
- Enables seamless, secure, and cost-effective international fund transfers for the Indian diaspora.
Key Facts
- NPCI (National Payments Corporation of India): Apex retail payment body launched in 2008 under the RBI and IBA.
- NIPL (NPCI International Payments Ltd): NPCI’s global arm to promote Indian digital payment platforms abroad.
- PayNow: Singapore’s peer-to-peer fund transfer service developed by Association of Banks in Singapore (ABS).
- UPI (Unified Payments Interface): Developed by NPCI in 2016;NPCI’s flagship digital payment system; one of the world’s most successful real-time payment platforms.