UPI–PayNow Cross-Border Remittance Network Expanded: 13 More Indian Banks Added for Seamless India–Singapore Transfers.
Banking & Finance
On July 16, 2025, NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), announced that 13 additional Indian banks have been integrated into the UPI‑PayNow cross-border remittance network—bringing the total to 19 participating banks—as the service goes live on July 17, 2025.
- The move enables customers of now-included banks such as Kotak Mahindra Bank, HDFC Bank, and Bank of Baroda to use UPI for real-time fund transfers between India and Singapore. Users can send money from India to Singapore and receive remittances back into any of the 19 Indian participating banks using UPI apps like BHIM, Google Pay, PhonePe, or respective banking apps.
- This expansion builds on an interoperability initiative launched jointly by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) in September 2021. As Asia’s first cloud-based real-time cross-border payment system, UPI–PayNow has streamlined remittances for migrant workers, students, and families with negligible cost and instantaneous settlement.
Main Point :- (i) NIPL Managing Director & CEO Ritesh Shukla stated that the network expansion strengthens bilateral financial connectivity, making the platform more inclusive and widely accessible. He emphasized that this expansion enhances security via robust encryption and supports small, frequent remittances that benefit the Indian diaspora in Singapore.
(ii) Outbound remittances from India are supported by seven banks — including Canara Bank, ICICI Bank, HDFC Bank and State Bank of India — while Singaporean users banking with DBS SG and Liquid Group can initiate transfers to UPI IDs in any of the 19 Indian banks. Recipients in India receive funds instantly through their UPI-linked bank accounts.
(iii) The UPI–PayNow linkage represents a significant milestone in digital financial inclusion. It not only eases cross-border money movement but may serve as a template for extending UPI interoperability to additional countries, potentially under India’s ambitious vision of 'Viksit Bharat 2047'.
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