{"id":35936,"date":"2025-07-22T09:47:38","date_gmt":"2025-07-22T04:17:38","guid":{"rendered":"https:\/\/edunovations.com\/currentaffairs\/?p=35936"},"modified":"2025-07-22T09:47:41","modified_gmt":"2025-07-22T04:17:41","slug":"upi-paynow-remittance-expansion","status":"publish","type":"post","link":"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/","title":{"rendered":"UPI PayNow Remittance Expansion: 13 More Indian Banks Join Singapore Payments Network"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#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\" >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.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#%F0%9F%93%9D_Expanded_UPI%E2%80%91PayNow_Linkage_13_More_Indian_Banks_Join_Cross%E2%80%91Border_Remittance_Network\" >\ud83d\udcdd Expanded UPI\u2011PayNow Linkage: 13 More Indian Banks Join Cross\u2011Border Remittance Network<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Overview_of_the_Expansion\" >Overview of the Expansion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Banks_Included\" >Banks Included<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#How_It_Works\" >How It Works<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Rooted_in_Strategic_Collaboration\" >Rooted in Strategic Collaboration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Benefits_for_Diaspora_and_Economy\" >Benefits for Diaspora and Economy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Future_Implications\" >Future Implications<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Why_This_News_Matters\" >Why This News Matters<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Boost_to_Exam-relevant_Topics\" >Boost to Exam-relevant Topics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Economic_Dynamics_Remittance_Flows\" >Economic Dynamics &amp; Remittance Flows<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Digital_Payments_Infrastructure\" >Digital Payments Infrastructure<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Foreign_Policy_Soft_Power\" >Foreign Policy &amp; Soft Power<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Policy_Insight_Emerging_Plans\" >Policy Insight &amp; Emerging Plans<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Historical_Context_UPI_Goes_Global_%F0%9F%8C%8F\" >Historical Context: UPI Goes Global \ud83c\udf0f<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Birth_of_UPI\" >Birth of UPI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#International_Foray\" >International Foray<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Milestones_Achieved\" >Milestones Achieved<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Key_Takeaways_from_UPI%E2%80%91PayNow_Expansion\" >Key Takeaways from UPI\u2011PayNow Expansion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Frequently_Asked_Questions_FAQs\" >Frequently Asked Questions (FAQs)<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#1_What_is_the_UPI-PayNow_linkage\" >1. What is the UPI-PayNow linkage?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#2_How_many_Indian_banks_are_now_part_of_this_linkage\" >2. How many Indian banks are now part of this linkage?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-23\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#3_Who_can_use_the_UPI-PayNow_remittance_service\" >3. Who can use the UPI-PayNow remittance service?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-24\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#4_Which_banks_support_outbound_transfers_from_India_to_Singapore\" >4. Which banks support outbound transfers from India to Singapore?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-25\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#5_Why_is_this_news_important_for_competitive_exam_aspirants\" >5. Why is this news important for competitive exam aspirants?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-26\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#6_Which_institutions_are_behind_this_cross-border_payments_initiative\" >6. Which institutions are behind this cross-border payments initiative?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-27\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#7_What_is_the_benefit_of_UPI-PayNow_to_Indian_citizens\" >7. What is the benefit of UPI-PayNow to Indian citizens?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-28\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#8_What_is_Project_Nexus\" >8. What is Project Nexus?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-29\" href=\"https:\/\/edunovations.com\/currentaffairs\/banking\/upi-paynow-remittance-expansion\/#Some_Important_Current_Affairs_Links\" >Some Important Current Affairs Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"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\"><\/span><strong>UPI PayNow remittance expansion:<\/strong> 13 Indian banks join cross-border payments with Singapore. Know how NPCI, RBI, and MAS are enabling instant, low-cost remittances via UPI-PayNow.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%F0%9F%93%9D_Expanded_UPI%E2%80%91PayNow_Linkage_13_More_Indian_Banks_Join_Cross%E2%80%91Border_Remittance_Network\"><\/span>\ud83d\udcdd Expanded UPI\u2011PayNow Linkage: 13 More Indian Banks Join Cross\u2011Border Remittance Network<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Overview_of_the_Expansion\"><\/span>Overview of the Expansion<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">On <strong>July 17, 2025<\/strong>, NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), announced a key enhancement to the <strong>UPI\u2011PayNow linkage with Singapore<\/strong>. This expansion adds <strong>13 new Indian banks<\/strong>, bringing the total to <strong>19 banks<\/strong> that can receive <strong>inbound remittances from Singapore<\/strong> <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Banks_Included\"><\/span>Banks Included<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The newly added Indian banks are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>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<br>They join the six banks previously live in this linkage: Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and SBI <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_It_Works\"><\/span>How It Works<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Inbound remittances<\/strong>: Customers in <strong>Singapore<\/strong> can instantly transfer funds to Indian beneficiaries through any of the 19 participating Indian banks, using UPI apps like BHIM, Google Pay, or PhonePe <\/li>\n\n\n\n<li><strong>Outbound remittances<\/strong>: Indians can send money to Singapore via selected banks in India\u2014<strong>Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and SBI<\/strong>. On the Singapore side, senders use <strong>DBS SG<\/strong> or <strong>Liquid Group<\/strong> <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Rooted_in_Strategic_Collaboration\"><\/span>Rooted in Strategic Collaboration<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This UPI\u2011PayNow corridor was launched jointly by the <strong>RBI and MAS<\/strong>, marking the <strong>world\u2019s first cloud-based, real-time cross-border person-to-person payment system<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Users can send money using a <strong>mobile number or Virtual Payment Address (VPA)<\/strong>.<\/li>\n\n\n\n<li>Transfers are <strong>instantaneous<\/strong>, secure, and low-cost\u2014ideal for <strong>small, frequent remittances<\/strong> <\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Benefits_for_Diaspora_and_Economy\"><\/span>Benefits for Diaspora and Economy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This expansion is a boon for <strong>Indian migrant workers and students in Singapore<\/strong>, streamlining the process of sending money home.<br>Additionally, <strong>Singaporean merchants accepting UPI QR codes<\/strong> further strengthens digital connectivity <br>Ritesh Shukla, MD &amp; CEO of NIPL, emphasized the expansion as a pivotal step toward <strong>deeper financial connectivity<\/strong> between the two nations <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Future_Implications\"><\/span>Future Implications<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The move underscores India\u2019s drive to <strong>globalize UPI<\/strong> and emerge as a leader in <strong>digital payment innovation<\/strong>.<br>With NPCI International planning further international corridors and deeper partnerships, <strong>UPI\u2019s global reach is set to expand rapidly<\/strong> <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\" id=\"UPI-PayNow-remittance-expansion\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTrTeLjtwY1Nrw3DnlSmOsVuH80QqeWTvQsQg&amp;s\" alt=\"UPI PayNow remittance expansion\" style=\"width:531px;height:auto\" title=\"UPI PayNow remittance expansion\"\/><figcaption class=\"wp-element-caption\">UPI PayNow remittance expansion<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_This_News_Matters\"><\/span>Why This News Matters<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Boost_to_Exam-relevant_Topics\"><\/span>Boost to Exam-relevant Topics<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">For aspirants preparing for <strong>Banking, Railways, Defence, Civil Services, and other competitive exams<\/strong>, this development is crucial in sections like <strong>Economy and Finance<\/strong>, <strong>Digital India<\/strong>, <strong>International Relations<\/strong>, and <strong>Current Affairs<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Economic_Dynamics_Remittance_Flows\"><\/span>Economic Dynamics &amp; Remittance Flows<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Singapore remains one of India\u2019s top remittance sources. Expanding UPI\u2011PayNow across 19 banks facilitates <strong>low-cost, real-time transfers<\/strong>, enhancing <strong>financial inclusion<\/strong> and benefiting millions of expatriates and their families.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Digital_Payments_Infrastructure\"><\/span>Digital Payments Infrastructure<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This bidirectional, real-time corridor exemplifies India\u2019s pioneering spirit in <strong>digital public infrastructure<\/strong>, bolstering global talks and initiatives like <strong>Project Nexus<\/strong> (RBI\u2011BIS\u2011ASEAN) <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Foreign_Policy_Soft_Power\"><\/span>Foreign Policy &amp; Soft Power<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The partnership with Singapore\u2019s <strong>MAS<\/strong>, and support from the <strong>RBI<\/strong>, marks a strategic use of digital diplomacy. UPI emerges as a flagship of India\u2019s <strong>soft power<\/strong> and Stand as a model for other economies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Policy_Insight_Emerging_Plans\"><\/span>Policy Insight &amp; Emerging Plans<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Understanding this expansion reflects:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>India\u2019s ambitious steps to spread <strong>UPI globally<\/strong><\/li>\n\n\n\n<li>Collaboration under <strong>Project Nexus<\/strong> (ASEAN cross-border collaboration with MAS &amp; RBI) <\/li>\n\n\n\n<li>The RBI and NPCI\u2019s approach to <strong>cloud-based real-time systems<\/strong><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Historical_Context_UPI_Goes_Global_%F0%9F%8C%8F\"><\/span>Historical Context: UPI Goes Global \ud83c\udf0f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Birth_of_UPI\"><\/span>Birth of UPI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Launched in <strong>April 2016<\/strong> by NPCI under RBI\u2019s watch, UPI revolutionized domestic payments, enabling instant bank-to-bank transfers via mobile. By <strong>2020<\/strong>, it clocked billions of transactions annually <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"International_Foray\"><\/span>International Foray<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In 2021\u201322, <strong>NPCI International<\/strong> was formed to expand UPI beyond India.<\/li>\n\n\n\n<li>Collaborations included <strong>PPRO<\/strong> (UK), <strong>Transact365<\/strong> (USA), and <strong>Liquid Group<\/strong> (Singapore) <\/li>\n\n\n\n<li>Cross-border remittance via <strong>Western Union<\/strong> and <strong>Thailand\u2019s PromptPay<\/strong> followed, supporting countries like <strong>Nepal, Malaysia, Singapore, UAE, and UK<\/strong><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Milestones_Achieved\"><\/span>Milestones Achieved<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Sept 2022<\/strong>: UPI global acceptance mandate from NPCI<\/li>\n\n\n\n<li><strong>April 2023<\/strong>: Launch of India\u2013Singapore corridor via 6 banks<\/li>\n\n\n\n<li><strong>July 2025<\/strong>: Expansion to <strong>19 banks<\/strong>, reinforcing India as a global payments innovator<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways_from_UPI%E2%80%91PayNow_Expansion\"><\/span>Key Takeaways from UPI\u2011PayNow Expansion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>No.<\/th><th>Key Takeaway<\/th><\/tr><\/thead><tbody><tr><td><strong>1.<\/strong><\/td><td><strong>Total 19 banks live<\/strong> for inbound UPI\u2011PayNow remittances from Singapore (13 newly added)<\/td><\/tr><tr><td><strong>2.<\/strong><\/td><td><strong>Inbound transfers<\/strong> via any participating Indian bank using UPI apps; <strong>Outbound<\/strong> via select banks in India<\/td><\/tr><tr><td><strong>3.<\/strong><\/td><td>Powered by <strong>RBI\u2013MAS partnership<\/strong>, it\u2019s the first <strong>cloud-based real-time cross-border P2P payment system<\/strong><\/td><\/tr><tr><td><strong>4.<\/strong><\/td><td>Delivers <strong>instant, low-cost, secure<\/strong> money transfers, ideal for migrants and students<\/td><\/tr><tr><td><strong>5.<\/strong><\/td><td>A step toward <strong>internationalizing UPI<\/strong>, complementing RBI initiatives like <strong>Project Nexus<\/strong><\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">UPI PayNow remittance expansion<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs\"><\/span>Frequently Asked Questions (FAQs)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_is_the_UPI-PayNow_linkage\"><\/span>1. <strong>What is the UPI-PayNow linkage?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">UPI-PayNow is a real-time cross-border remittance service that connects India&#8217;s UPI system with Singapore\u2019s PayNow. It enables seamless and instant money transfers between individuals in both countries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_How_many_Indian_banks_are_now_part_of_this_linkage\"><\/span>2. <strong>How many Indian banks are now part of this linkage?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">As of July 2025, a total of <strong>19 Indian banks<\/strong> are live on the UPI-PayNow platform for receiving remittances from Singapore.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Who_can_use_the_UPI-PayNow_remittance_service\"><\/span>3. <strong>Who can use the UPI-PayNow remittance service?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Which_banks_support_outbound_transfers_from_India_to_Singapore\"><\/span>4. <strong>Which banks support outbound transfers from India to Singapore?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Banks including <strong>Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and SBI<\/strong> support outbound remittances to Singapore.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Why_is_this_news_important_for_competitive_exam_aspirants\"><\/span>5. <strong>Why is this news important for competitive exam aspirants?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">This topic is relevant to subjects like <strong>Indian Economy, Digital Initiatives, International Relations, and Banking Awareness<\/strong>, which frequently appear in exams like <strong>IAS, UPSC, SSC, Banking, Railways, and Defence Services<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Which_institutions_are_behind_this_cross-border_payments_initiative\"><\/span>6. <strong>Which institutions are behind this cross-border payments initiative?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>Reserve Bank of India (RBI)<\/strong> and the <strong>Monetary Authority of Singapore (MAS)<\/strong> collaborated to launch the UPI-PayNow system.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_What_is_the_benefit_of_UPI-PayNow_to_Indian_citizens\"><\/span>7. <strong>What is the benefit of UPI-PayNow to Indian citizens?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It offers <strong>faster, cheaper, and more transparent<\/strong> remittance options for Indian migrants, students, and families residing or working in Singapore.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_What_is_Project_Nexus\"><\/span>8. <strong>What is Project Nexus?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Project Nexus is a global initiative led by the <strong>Bank for International Settlements (BIS)<\/strong> to connect national fast payment systems across countries, including UPI and PayNow.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_Important_Current_Affairs_Links\"><\/span>Some Important Current Affairs Links<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link 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Know how NPCI, RBI, and MAS are enabling instant, low-cost remittances via UPI-PayNow. \ud83d\udcdd Expanded UPI\u2011PayNow Linkage: 13 More Indian Banks Join Cross\u2011Border Remittance Network Overview of the Expansion On July 17, 2025, NPCI International Payments Limited (NIPL), the international arm of the&#8230;<\/p>\n","protected":false},"author":6,"featured_media":35967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,10],"tags":[4006,1016,25282,25278,25281,25280,25279,25277],"class_list":["post-35936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-national","tag-banking-awareness","tag-digital-india","tag-global-upi","tag-international-remittance","tag-npci-news","tag-rbi-mas-partnership","tag-singapore-payments","tag-upi-expansion"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/35936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/comments?post=35936"}],"version-history":[{"count":2,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/35936\/revisions"}],"predecessor-version":[{"id":35968,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/35936\/revisions\/35968"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media\/35967"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media?parent=35936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/categories?post=35936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/tags?post=35936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}