UPI PayNow remittance expansion: 13 Indian banks join cross-border payments with Singapore. Know how NPCI, RBI, and MAS are enabling instant, low-cost remittances via UPI-PayNow.
📝 Expanded UPI‑PayNow Linkage: 13 More Indian Banks Join Cross‑Border Remittance Network
Overview of the Expansion
On July 17, 2025, NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), announced a key enhancement to the UPI‑PayNow linkage with Singapore. This expansion adds 13 new Indian banks, bringing the total to 19 banks that can receive inbound remittances from Singapore
Banks Included
The newly added Indian banks are:
- 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
They join the six banks previously live in this linkage: Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and SBI
How It Works
- Inbound remittances: Customers in Singapore can instantly transfer funds to Indian beneficiaries through any of the 19 participating Indian banks, using UPI apps like BHIM, Google Pay, or PhonePe
- Outbound remittances: Indians can send money to Singapore via selected banks in India—Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and SBI. On the Singapore side, senders use DBS SG or Liquid Group
Rooted in Strategic Collaboration
This UPI‑PayNow corridor was launched jointly by the RBI and MAS, marking the world’s first cloud-based, real-time cross-border person-to-person payment system
- Users can send money using a mobile number or Virtual Payment Address (VPA).
- Transfers are instantaneous, secure, and low-cost—ideal for small, frequent remittances
Benefits for Diaspora and Economy
This expansion is a boon for Indian migrant workers and students in Singapore, streamlining the process of sending money home.
Additionally, Singaporean merchants accepting UPI QR codes further strengthens digital connectivity
Ritesh Shukla, MD & CEO of NIPL, emphasized the expansion as a pivotal step toward deeper financial connectivity between the two nations
Future Implications
The move underscores India’s drive to globalize UPI and emerge as a leader in digital payment innovation.
With NPCI International planning further international corridors and deeper partnerships, UPI’s global reach is set to expand rapidly
Why This News Matters
Boost to Exam-relevant Topics
For aspirants preparing for Banking, Railways, Defence, Civil Services, and other competitive exams, this development is crucial in sections like Economy and Finance, Digital India, International Relations, and Current Affairs.
Economic Dynamics & Remittance Flows
Singapore remains one of India’s top remittance sources. Expanding UPI‑PayNow across 19 banks facilitates low-cost, real-time transfers, enhancing financial inclusion and benefiting millions of expatriates and their families.
Digital Payments Infrastructure
This bidirectional, real-time corridor exemplifies India’s pioneering spirit in digital public infrastructure, bolstering global talks and initiatives like Project Nexus (RBI‑BIS‑ASEAN)
Foreign Policy & Soft Power
The partnership with Singapore’s MAS, and support from the RBI, marks a strategic use of digital diplomacy. UPI emerges as a flagship of India’s soft power and Stand as a model for other economies.
Policy Insight & Emerging Plans
Understanding this expansion reflects:
- India’s ambitious steps to spread UPI globally
- Collaboration under Project Nexus (ASEAN cross-border collaboration with MAS & RBI)
- The RBI and NPCI’s approach to cloud-based real-time systems
Historical Context: UPI Goes Global 🌏
Birth of UPI
Launched in April 2016 by NPCI under RBI’s watch, UPI revolutionized domestic payments, enabling instant bank-to-bank transfers via mobile. By 2020, it clocked billions of transactions annually
International Foray
- In 2021–22, NPCI International was formed to expand UPI beyond India.
- Collaborations included PPRO (UK), Transact365 (USA), and Liquid Group (Singapore)
- Cross-border remittance via Western Union and Thailand’s PromptPay followed, supporting countries like Nepal, Malaysia, Singapore, UAE, and UK
Milestones Achieved
- Sept 2022: UPI global acceptance mandate from NPCI
- April 2023: Launch of India–Singapore corridor via 6 banks
- July 2025: Expansion to 19 banks, reinforcing India as a global payments innovator
Key Takeaways from UPI‑PayNow Expansion
| No. | Key Takeaway |
|---|---|
| 1. | Total 19 banks live for inbound UPI‑PayNow remittances from Singapore (13 newly added) |
| 2. | Inbound transfers via any participating Indian bank using UPI apps; Outbound via select banks in India |
| 3. | Powered by RBI–MAS partnership, it’s the first cloud-based real-time cross-border P2P payment system |
| 4. | Delivers instant, low-cost, secure money transfers, ideal for migrants and students |
| 5. | A step toward internationalizing UPI, complementing RBI initiatives like Project Nexus |
Frequently Asked Questions (FAQs)
1. What is the UPI-PayNow linkage?
UPI-PayNow is a real-time cross-border remittance service that connects India’s UPI system with Singapore’s PayNow. It enables seamless and instant money transfers between individuals in both countries.
2. How many Indian banks are now part of this linkage?
As of July 2025, a total of 19 Indian banks are live on the UPI-PayNow platform for receiving remittances from Singapore.
3. Who can use the UPI-PayNow remittance service?
Both residents of Singapore and India can use the service. Singapore-based individuals can send remittances using mobile numbers or VPAs to Indian bank accounts linked to UPI.
4. Which banks support outbound transfers from India to Singapore?
Banks including Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and SBI support outbound remittances to Singapore.
5. Why is this news important for competitive exam aspirants?
This topic is relevant to subjects like Indian Economy, Digital Initiatives, International Relations, and Banking Awareness, which frequently appear in exams like IAS, UPSC, SSC, Banking, Railways, and Defence Services.
6. Which institutions are behind this cross-border payments initiative?
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) collaborated to launch the UPI-PayNow system.
7. What is the benefit of UPI-PayNow to Indian citizens?
It offers faster, cheaper, and more transparent remittance options for Indian migrants, students, and families residing or working in Singapore.
8. What is Project Nexus?
Project Nexus is a global initiative led by the Bank for International Settlements (BIS) to connect national fast payment systems across countries, including UPI and PayNow.
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