Sending money from India to Singapore? Look no further than the UPI-PayNow link for fast, safe, and affordable transfers.
The cross-border linkage between the Unified Payments Interface (UPI) and PayNow enables Indians to receive instant, secure, and cost-effective remittances from the Singapore-based Indian diaspora directly into their bank accounts. Users of BHIM, PhonePe, and Paytm apps can access this facility. Additionally, banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India provide this functionality through their respective apps.
More third-party application providers (TPAPs) and bank apps such as 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 are expected to be added to the linkage soon. This expansion will broaden the range of choices offered to customers.
Key benefits of receiving funds via UPI-PayNow:
- Instant: Funds are transferred in real-time, reaching the recipient’s bank account within seconds.
- Secure: The linkage utilises robust security protocols to ensure safe and reliable transactions.
- Cost-effective: Transaction fees are competitive, making the service ideal for small and frequent remittances.
- Convenient: The facility is available 24/7, 365 days a year.
This interoperability milestone results from close collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). The increasing adoption of UPI in cross-border transactions amplifies financial inclusion and convenience and plays a pivotal role in fostering the overall growth of India’s dynamic digital payment ecosystem.
What is the UPI-PayNow linkage?
The UPI-PayNow linkage provides a convenient (24/7), real-time, secure, and convenient means for customers of participating banks and non-banking financial institutions (NFIs) to transfer funds across borders. Singapore’s PayNow and India’s UPI users will be able to send money instantly and securely across the two countries.
A PayNow user of a participating bank/NFI in Singapore can send money to a UPI user of a participating bank in India and vice versa.
A Singapore PayNow user sending money to India will need to key in the recipient’s registered UPI identity.
An India UPI user sending money to Singapore will need to key in the recipient’s registered PayNow mobile number or Virtual Payment Address (VPA).
How can you transfer money from India to Singapore via mobile or VPA?
Step 1: Log in to your bank’s net banking or mobile banking account.
Step 2: Go to Foreign Outward Remittance and agree with the terms (one-time activity).
Step 3: Enter the beneficiary’s Singapore mobile number or VPA proxy (virtual payment address). E.g., +6512345678#XXXX
Step 4: Follow the instructions, check the summary and submit the transaction.
You will need the recipient’s registered PayNow mobile number or the beneficiary’s Virtual Payment Address (VPA) to transfer money to Singapore.
Can I cancel my payment after initiating the transaction? As the payment happens in real-time, there is no scope for cancelling once submitted.
How will the exchange rate be determined for sending funds? The participating banks will determine the exchange rate used for initiating the transfer. You can see the applicable rate upfront before submitting the remittance.