How UPI- PayNow will Benefit Customers in India and Singapore, Check Eligibility and Daily Limit

To enable faster remittances between India and Singapore, India's retail payment system Unified Payments Interface (UPI) and its equivalent network in Singapore, PayNow, were integrated on February 21, 2023. Users in both countries will benefit from faster and more cost-effective cross-border remittances as a result of this connection.

Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong both attended the launch event. Because of the UPI-PayNow integration, users of the two quick payment systems in either country will be able to send money across borders quickly, securely, and affordably via their respective mobile apps. It is possible to send or receive money from India using only a UPI-id, cell phone number, or Virtual Payment Address for money held in bank accounts or e-wallets (VPA).

To begin, State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank will handle both inward and outward remittances, while Axis Bank and DBS India will handle both. DBS-Singapore and Liquid Group will offer the service in Singapore (a non-bank financial institution). As time passes, more banks will be added to the link.

The UPI-PayNow connection is the result of extensive collaboration between the Reserve Bank of India (RBI), the Monetary Authority of Singapore (MAS), and both countries' Payment System Operators,Banking Computer Services Pte Ltd. (BCS), NPCI International Payments Limited as well as participating banks and non-bank financial institutions. This interconnection aligns with the G20's financial inclusion priorities of promoting faster, cheaper, and more transparent cross-border payments and will be a significant milestone in the development of cross-border payment infrastructure between India and Singapore.

Through the UPI-PayNow interlinkage, account holders of participating banks and financial institutions in India and Singapore can conduct cross-border remittance transactions. There is a daily transaction limit of 60,000 (equivalent to approximately SGD 1,000) for cross-border remittance transactions via the UPI-PayNow interlinkage.