The Unified Payments Interface (UPI)–PayNow payment linkage between India and Singapore is set to expand with the addition of 13 more Indian banks, starting Thursday, July 17.
This development was announced by NPCI International Payments Limited (NIPL), the global arm of the National Payments Corporation of India. With this expansion, the total number of Indian banks participating in the cross-border payment system will rise to 19, making the service more accessible for users in both countries.
The UPI–PayNow payment corridor was launched by the Reserve Bank of India and the Monetary Authority of Singapore to enable instant, real-time money transfers between the two countries. The platform allows users in India to receive funds from Singapore through UPI IDs, while users in Singapore can be identified using their mobile numbers or Virtual Payment Addresses.
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Transactions are processed instantly and are reflected in the recipient’s bank account within seconds.
With the new update, users in India can receive money in their accounts using any UPI-enabled app such as BHIM, Google Pay, PhonePe, or their respective banking apps.
The expanded list includes 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, UCO Bank, Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
While receiving money is now possible through all 19 participating banks, sending money from India to Singapore remains limited to accounts with Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India. In Singapore, customers of DBS SG and Liquid Group can use the service.
The UPI–PayNow linkage is especially useful for the Indian diaspora in Singapore, including migrant workers and students, allowing them to send money home easily and securely. The service supports small and frequent transfers and is designed to be user-friendly and cost-effective.
UPI is also being accepted at select retail stores in Singapore through QR code-based payments, broadening its use beyond remittances. According to NIPL, the system is the world’s first cloud-based, real-time cross-border payment solution, offering a secure and efficient way to send and receive money between India and Singapore.
