The National Payments Corporation of India said transaction fees will be competitive.
New Delhi:
In a major development, Indians can now receive money instantly and securely from Singapore using major UPI apps and apps from popular banks.
Cross-border collaboration between Unified Payments Interface (UPI) and PayNow will enable Indian diaspora in Singapore to send money directly to their Indian bank accounts, according to a statement by the National Payments Corporation of India (NPCI) on Thursday. It was announced that it had become.
This feature is available not only to users of BHIM, Paytm, and PhonePe apps, but also to users of Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Outsiders Bank, and State Bank of India apps.
HDFC Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Union Bank, IDFC First Bank, IndusInd Bank, Karur Visya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank and UCO Bank will also be added to the integration soon.
Explaining the benefits of remittances using this route, NPCI said that remittances are instant, secure and available 24/7, transaction fees are competitive, and small and frequent remittances are possible.
The statement said that this interoperability is the result of close collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore, and that the increased adoption of UPI in cross-border transactions will expand financial inclusion and “also It plays a vital role in promoting financial services.” Holistic Growth of India’s Dynamic Digital Payments Ecosystem”.