UPI-PayNow Linkage: Major UPI apps enabled to receive remittances from Singapore; who can use

The (UPI) and PayNow cross-border connection makes it possible for Indians to receive instantaneous, safe, and affordable remittances from the Indian diaspora residing in Singapore straight into their bank accounts. This facility can be accessed by users of BHIM, PhonePe, and Paytm apps. 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, stated a press release issued by .

According to the National Payments Corporation of India ( ) press release, “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. ” In addition to enhancing financial inclusion and convenience, the growing use of UPI in cross-border transactions is essential to the expansion of India’s vibrant digital payment ecosystem.

Who can undertake remittance transactions between India and Singapore through the UPI-PayNow linkage? Account-holders of the participating banks and financial institutions in India and Singapore can do the cross-border remittance transactions through the UPI-PayNow linkage. 2. Which are the participating banks in India for receiving remittances through the UPI-PayNow linkage? Currently, participating banks in India for receiving remittances through the are: Axis Bank DBS Bank India ICICI Bank Indian Bank Indian Overseas Bank State Bank of India 3 Which are the banks in India presently enabled for sending remittances through the UPI-PayNow linkage? Banks in India presently enabled for sending remittances through the UPI-PayNow linkage are: ICICI Bank Indian Bank Indian Overseas Bank State Bank of India 4.

Is there any transaction limit for doing cross-border remittance transactions through the UPI-PayNow linkage? There is a daily transaction limit of ?60,000 in a day (equivalent to around SGD 1,000) for undertaking cross-border remittance transactions through the UPI-PayNow linkage. 5. For what purposes can the remittances be sent or received from the either side? Presently, only Person to Person (P2P) remittances for the purposes of “Maintenance of Relatives Abroad” & “Gift” are allowed.

6. Is there a provision of consent for receiving inward transactions through the linkage? Yes, there is an opt in / opt out feature in the apps of the participating banks in India for receiving the remittances from Singapore. 7.

How much time will it take to perform a transaction using this linkage? The transactions through UPI-PayNow linkage can be carried out with ease similar to how the domestic transactions through UPI or PayNow take place, and the transaction can be completed within a minute. .