The cross-border linkage between India’s unified payments interface and Singapore’s PayNow is live on BHIM (Bharat Interface for Money), PhonePe and Paytm, National Payments Corporation of India (NPCI) said in a press release on Thursday.
The feature will help the Indian diaspora in Singapore to send funds into Indian bank accounts directly through UPI (unified payments interface). Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India are offering this service through their respective banking applications too, NPCI said.
Other third-party applications and banks like 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 are set to join the linkage soon, the Mumbai-based payment network added.
The interoperability between these countries is the result of the collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). The facility provides an instantaneous, secure, cost-effective, and convenient fund transfer mechanism between these two entities.
“The increasing adoption of UPI in cross-border transactions not only amplifies financial inclusion and convenience but also plays a pivotal role in fostering the overall growth of India’s dynamic digital payment ecosystem,” NPCI added.