Axis Bank enables real-time cross border transactions through UPI

Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong virtually launched this cross-border connectivity on Tuesday.

Axis Bank will act as the settlement bank for peer-to-peer foreign inward remittance transactions initiated by Liquid Group in Singapore through PayNow. A sender in Singapore using Liquid Group’s mobile application can initiate a remittance by entering the UPI ID of the intended recipient in India.

The partnership will allow users from both the countries to make seamless money transfers. Transactions settled through the UPI PayNow network are available 24X7 on a real time basis. Currently, Axis Bank will settle these transactions for beneficiaries who have accounts or are registered on the UPI app of six banks – SBI, IOB, Indian Bank, ICICI, DBS and Axis Bank, according to the press release.

“We are delighted to collaborate with Axis Bank to provide a robust and simplified cross-border remittance experience using UPI. At NIPL, we aim to facilitate the establishment of new payment infrastructure around the world while enhancing the consumer experience. We are confident that this partnership will be instrumental in furthering our vision of scaling globally, thereby taking India’s digital payment solutions to the world,” said Reena Penkar, Head – Product Development, NIPL. Said.

Sanjeev Moghe, President & Head Cards & Payments, Axis Bank said, “There is no doubt that this is a milestone for cross border transfers. We all know how UPI revolutionized domestic payments and now We are going to see a similar revolution in cross border payments as well.”