UPI-PayNow expands cross-border remittance access with 13 more Indian banks

The National Payments Corporation of India (NPCI) International has announced a significant expansion of its UPI-PayNow linkage, a move set to enhance cross-border remittances between India and Singapore. Scheduled to go live on July 17, 2025, this expansion will include 19 Indian banks, broadening access and convenience for users in both countries. The initiative, a collaborative effort between the Reserve Bank of India and the Monetary Authority of Singapore, aims to facilitate real-time, secure transactions.

The integration of 13 additional Indian banks into the UPI-PayNow service is central to this development. "The expansion of the UPI-PayNow linkage marks a step forward in strengthening cross-border payment infrastructure. By enabling access to more banks in India, we are deepening the reach of real-time remittances and supporting greater financial connectivity between the two countries. This brings added convenience to users through a seamless and trusted platform," stated Ritesh Shukla, Managing Director and CEO of NPCI International.

UPI-PayNow service

The UPI-PayNow service allows users to send or receive money efficiently via a mobile number or Virtual Payment Address. With the inclusion of banks such as HDFC Bank, ICICI Bank, and State Bank of India, the network now boasts enhanced capabilities to support small and frequent remittances. The service leverages robust security protocols to ensure the safety and reliability of transactions. "With this development, which will go live on July 17, 2025, users in both countries can remit funds to a wider base, making the service more accessible and convenient," the press release mentioned.

Specifically benefiting the Indian diaspora in Singapore, particularly migrant workers and students, this development simplifies the process of digital payments for everyday remittances. The service is already operational via QR codes at select merchant outlets in Singapore, further enhancing its utility. In the press release, it was highlighted that this development is particularly beneficial for the Indian diaspora in Singapore, including migrant workers and students, bringing the ease of digital payments to everyday remittances.

The project's expansion involves 19 banks, including Bank of Baroda, Canara Bank, and Kotak Mahindra Bank, among others. According to the press release, the expanded network for remittances to India now includes 19 banks – 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 alongside Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.

UPI-PayNow linkage

The UPI-PayNow linkage offers a cost-effective and convenient mode for users to engage in cross-border remittances. Outward remittances from India can be conducted through banks such as HDFC Bank and ICICI Bank, while in Singapore, DBS SG and Liquid Group customers can avail of the service. "According to the press release here are the details of how to use UPI-PayNow linkage for cross-border remittances:"

This initiative represents a pioneering step in global payment connectivity, being the world's first cloud-based real-time cross-border payment system. It not only provides a seamless transaction experience but also strengthens the financial ties between India and Singapore, fostering greater economic integration. The system's ability to process transactions within seconds highlights its efficiency and reliability.

Overall, the expansion of the UPI-PayNow service underscores a commitment to enhancing the ease of doing business and personal transactions across borders. With continuous improvements and partnerships, the landscape of international remittances is poised for significant transformation, offering users enhanced accessibility and security.