UPI Users Can Now Receive Money From Singapore Using Major Apps; Details Inside

UPI payment from Singapore:  In a major development, Indians can now instantly and securely receive money from Singapore using leading UPI apps and popular banks.

National Payments Corporation of India in a statement said that the instant settlement became possible by cross-border connectivity between India's Unified Payments Interface (UPI) and Singaore's PayNow.

Expatriate Indians living in Singapore can now send money directly to Indian bank accounts, and the money will be settled instantly.

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Who can avail of the service?

The facility is available to users using BHIM, Paytm and PhonePe apps. Users of Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India can avail of the facility.

Other banks to join soon

As per the statement apps of HDFC Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank and South Indian Bank, UCO Bank are expected to join the service soon.

Explaining the advantages of remittance using this route, NPCI said that transfers are instant, secure, and available 24/7, transaction fees are competitive and facilitate small and frequent remittances.

The report said the close collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore will result in operability and increasing UPI in cross-border transactions will support financial inclusion. In promoting the overall growth of India's dynamic digital payments ecosystem.

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