Instant and Secure Money Transfer: Indians in Singapore Can Now Use UPI Apps

Instant and Secure Money Transfer: Indians in Singapore Can Now Use UPI Apps

VoM News Desk | January 11, 2024 | 05:38 PM IST | India, Singapore, Technology, World | Follow on Google News

Instant and Secure Money Transfer: Indians in Singapore Can Now Use UPI Apps

Instant and Secure Money Transfer: Indians in Singapore Can Now Use UPI Apps

In a significant development, Indians in Singapore can now receive money instantly and securely through major UPI apps and popular banks. The cross-border linkage between the Unified Payments Interface (UPI) and PayNow enables the Indian diaspora in Singapore to send remittances directly to Indian bank accounts. This initiative, announced by the National Payments Corporation of India (NPCI), covers apps like BHIM, Paytm, and PhonePe, along with Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.

The statement highlighted that 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, South Indian Bank, and UCO Bank are expected to join this cross-border linkage soon.

The NPCI emphasized the benefits of this transfer method, noting that it is instant, safe, available 24/7, and features competitive transaction fees. The interoperability achieved through collaboration between the Reserve Bank of India (RBI) and Monetary Authority of Singapore enhances financial inclusion and contributes to the growth of India’s dynamic digital payment ecosystem, especially with the increasing adoption of UPI in cross-border transactions.

VoM News Desk

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