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With 13 more Indian banks joining, the UPI-PayNow network has grown, making real-time and low-cost money transfers between India and Singapore easier.
The total number of Indian banks live on UPI-PayNow is now 19. (Representative Image)
The National Payments Corporation of India (NPCI) on July 16 announced the onboarding of 13 more Indian banks to the UPI-PayNow cross-border payments linkage between India and Singapore. With this expansion, a total of 19 Indian banks are now part of the real-time remittance system, aimed at further simplifying international money transfers for individuals and small businesses.
What Did NPCI Announce?
In a press release dated July 16, 2025, NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), announced the expansion of the UPI-PayNow real-time payment linkage, with 13 additional Indian banks joining the platform. The move aims to further streamline and improve the accessibility of cross-border remittances between India and Singapore.
The press release said, “With this development, which will go live on July 17, 2025, users in both countries can remit funds to a wider base, making the service more accessible and convenient. UPI-PayNow integration enables real-time cross-border remittance transactions, with funds reaching the recipient’s bank account within seconds.
The service leverages strong security protocols to ensure safe and reliable transfers.
It is ideal for small and frequent remittances, providing users with a convenient and cost-effective way to send and receive money anytime.”
According to Economic Times, Ritesh Shukla, MD & CEO, NPCI International, said, “The expansion of the UPI-PayNow linkage marks a step forward in strengthening cross-border payment infrastructure. By enabling access to more banks in India, we are deepening the reach of real-time remittances and supporting greater financial connectivity between the two countries. This brings added convenience to users through a seamless and trusted platform”.
List Of 13 New Banks Recently Added To UPI-PayNow Linkage:
1. Bank of Baroda
2. Bank of India
3. Canara Bank
4. Central Bank of India
5. Federal Bank
6. HDFC Bank
7. IDFC FIRST Bank
8. IndusInd Bank
9. Karur Vysya Bank
10. Kotak Mahindra Bank
11. Punjab National Bank
12. South Indian Bank
13. UCO Bank
Banks Previously Live On The UPI-PayNow Linkage:
1. Axis Bank
2. DBS Bank India
3. ICICI Bank
4. Indian Bank
5. Indian Overseas Bank
6. State Bank of India (SBI)
What Is The UPI-PayNow Cross-Border Remittance Service?
The UPI-PayNow linkage is a real-time cross-border remittance service launched as a joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS). Designed to simplify and accelerate international money transfers, the system enables people in India and Singapore to send and receive funds using just their UPI ID, mobile number or Virtual Payment Address (VPA).
Indian users can receive remittances directly through UPI, while payments to Singapore can be initiated using PayNow credentials. The service removes the need for traditional remittance channels, offering a cost-effective and instantaneous alternative for everyday users.
As the world’s first cloud-based, real-time cross-border payment system, UPI-PayNow marks a major milestone in global financial integration and digital payment infrastructure.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
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Delhi, India, India
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