NPCI International Expands UPI-PayNow Linkage to 13 More Banks, Simplifying Remittances

In a significant move to simplify international money transfers, NPCI International Payments Ltd (NIPL), the global subsidiary of the National Payments Corporation of India, has extended the UPI-PayNow platform by onboarding 13 additional Indian banks. This expansion, set to go live on 17 July 2025, aims to enhance the accessibility of real-time digital remittances between India and Singapore.

Wider Reach for Inbound and Outbound Transfers 

With the latest additions, the UPI-PayNow platform now supports remittance receipts in India via 19 banks, such as Axis Bank, Kotak Mahindra Bank, HDFC Bank, State Bank of India, ICICI Bank, and several others. Indian users can receive funds directly into their accounts through any UPI-enabled app, including BHIM, Google Pay, PhonePe, or their respective bank’s app.

For sending money from India to Singapore, services are available via 7 Indian banks: Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and SBI. In Singapore, users banking with DBS SG or Liquid Group will be able to send funds to India using a recipient's UPI ID, mobile number or VPA.

UPI-PayNow Upgrade Enables Smoother Transfers for Overseas Indians

The UPI-PayNow system was jointly introduced by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) to facilitate seamless, near-instantaneous fund transfers between individuals in both countries. This latest development significantly benefits Indian migrant workers and students in Singapore, making daily remittances smoother and more efficient.

Ritesh Shukla, MD & CEO of NIPL, remarked: “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.” He also highlighted the added ease for users through a trusted and streamlined interface.

Also Read: RBI Considers Revising Bank Ownership Rules to Permit 26% Foreign Strategic Stake!

Conclusion

By broadening the reach of its UPI-PayNow platform, NPCI International is reinforcing India’s digital payments leadership on the global stage. With the inclusion of more banks and enhanced ease of use, the initiative offers greater freedom and speed to individuals transferring money between India and Singapore.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.