Major UPI apps can now accept direct remittances from Singapore.Click here for details

The new feature will allow Indians to receive remittances directly into their bank accounts from diaspora Indians based in Singapore.

This feature can be accessed by users of BHIM, PhonePe, and Paytm apps. Additionally, banks like Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Outside Bank, State Bank of India offer this facility through their respective apps.

In the near future, not only banking apps, but also some third-party application providers (TPAP) will be added to the integration soon. These include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Union Bank, HDFC Bank, IDFC First Bank, IndusInd Bank, Karur Visya Bank, Kotak Mahindra Bank, Punjab National Bank, Bank of South India and UCO Bank. It is included. .

This will widen the range of choices available to customers.

Key benefits of receiving funds via UPI-PayNow:

Instant transfer: Funds are transferred in real-time and reach the recipient’s bank account instantly.

Safety and security: This collaboration utilizes robust security protocols to ensure safe and reliable transactions.

Cost-effectiveness: Transaction fees are competitive, making the service ideal for small and frequent transfers.

seamless and convenient: This facility is available 24 hours a day, 365 days a year, which definitely provides a seamless and convenient experience to the users.

The growing adoption of UPI in cross-border transactions will play a pivotal role in not only increasing financial inclusion and convenience, but also fostering the overall growth of India’s dynamic digital payments ecosystem.

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Published: January 11, 2024, 1:32 PM IST