Instant and Secure Money Transfers from Singapore to India
In a significant development, the National Payments Corporation of India (NPCI) announced that Indians in Singapore can now receive money instantly and securely using major Unified Payments Interface (UPI) apps and popular banks. This new cross-border linkage between UPI and PayNow allows for seamless remittances into Indian bank accounts for the Indian diaspora residing in Singapore.
UPI and PayNow Linkage Enables Direct Remittances to Indian Bank Accounts
With the UPI and PayNow linkage, Indians in Singapore now have the convenience of directly sending remittances into their bank accounts back home. This new facility, made possible through the collaboration between RBI and Monetary Authority of Singapore, further strengthens the ties between the two countries and provides a much-needed service for the Indian community in Singapore.
Wide Range of Apps and Banks Supported in the Cross-border Linkage
Users in Singapore will be able to utilize various UPI apps, such as BHIM, Paytm, and PhonePe, to facilitate the remittance process. Additionally, the linkage also supports popular banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India. More banks, including HDFC Bank, Bank of Baroda, and IndusInd Bank, are expected to join the linkage soon, further expanding the options for users.
Competitive Transaction Fees for Small and Frequent Remittances
One of the notable advantages of using this new UPI and PayNow linkage is the competitive transaction fees. The NPCI emphasized that the fees for these remittances will be reasonable, promoting the inclusion of smaller and more frequent transfers. This makes it a cost-effective solution for those looking to send money to their loved ones in India regularly.
Collaborative Efforts by RBI and MAS, Boosting India’s Digital Payment Ecosystem
The successful implementation of the UPI and PayNow linkage is the result of close collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). Both regulatory bodies have recognized the importance of expanding digital payment systems and fostering financial inclusion. The increasing adoption of UPI in cross-border transactions not only amplifies financial inclusion but also plays a pivotal role in fostering the overall growth of India’s dynamic digital payment ecosystem.
Overall, this cross-border linkage between UPI and PayNow is a game-changer for Indians in Singapore and their families back in India. With instant, secure, and competitive remittances, individuals can now transfer money conveniently and efficiently, strengthening the ties between the two countries and providing financial support to loved ones.
Analyst comment
Positive
As an analyst, this news suggests that the market for instant and secure money transfers from Singapore to India will experience growth. The cross-border linkage between UPI and PayNow provides convenience and efficiency for Indians in Singapore to send remittances to their bank accounts in India. More banks joining the linkage and competitive transaction fees will further attract users. This collaborative effort by RBI and MAS also demonstrates the commitment to expanding digital payment systems and fostering financial inclusion. Overall, this development strengthens the market for international money transfers and supports the growth of India’s digital payment ecosystem.
