PayNow Integration Simplifies Payment Process With Singapore, Check Details

The cross-border linkage between India and Singapore was launched by Prime Minister Narendra Modi, Reserve Bank of India Governor Shaktikanta Das, and the prime minister of Singapore using their respective Rapid Payment Systems, Unified Payments Interfaces (UPI), and PayNow.

Users of the two rapid payment systems in either country will be able to transmit money across borders using their respective mobile apps swiftly, securely, and affordably thanks to the UPI-PayNow Linkage.

The Reserve Bank of India, the Monetary Authority of Singapore, the Payment System Operators of both countries, NPCI International Payments Limited and Banking Computer Services Pte Ltd as well as the non-bank financial institutions and participating banks worked closely together to create the UPI-PayNow linkage.

This interlinkage will mark a critical turning point in the development of the infrastructure for cross-border payments between India and Singapore and is in line with the G20's financial inclusion priorities of promoting faster, less expensive, and more transparent cross-border payments.

What is UPI PayNow?

Users of the two fast payment systems in Singapore and India will be able to send money across borders using their mobile apps thanks to the UPI-PayNow integration. As a result, money transactions between the two countries are possible in real time.

List of Participating banks in India for receiving remittances using UPI-PayNow linkage

• Axis Bank
• DBS Bank India
• ICICI Bank
• Indian Bank
• Indian Overseas Bank
• State Bank of India

Who are Eligible-

Account-holders of the participating banks and financial institutions in India and Singaporecan send money across international borders using the UPI-PayNow linkage.

List of Banks enabled for sending remittances using the UPI-PayNow linkage

• ICICI Bank
• Indian Bank
• Indian Overseas Bank
• State Bank of India

What is the transaction limit for cross-border transactions using the UPI-PayNow.

The daily transaction cap for UPI-PayNow-linked cross-border remittance transactions is 60,000 rupees (about 1,000 Singapore dollars) per day

What is the time taken to perform a transaction?

Similar to how domestic transactions using UPI or PayNow are carried out, the UPI-PayNow linkage transactions may be carried out easily and finished in under a minute.