Thanks to the interoperability enabled by the joint efforts of the Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS), cross-border linkage is active for the major UPI apps such as BHIM, PhonePe and Paytm.
The new functionality is set to enable Indians to receive remittances from Singapore-based Indian diaspora directly into their bank accounts.
This facility can be accessed by users of BHIM, PhonePe, and Paytm apps. Additionally, banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India provide this functionality through their respective apps.
In the near future, several third-party application providers (TPAPs) as well as bank apps are expected to be added to the linkage soon. These include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, HDFC Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank.
Once this happens, it will broaden the range of choices offered to customers.
Key benefits of receiving funds via UPI-PayNow:
Immediate transfer: Funds are transferred in real-time, reaching the recipient’s bank account within moments.
Safe and secure: The linkage makes use of robust security protocols to ensure safe and reliable transactions.
Cost effective: Transaction fees are competitive, making the service ideal for small and frequent remittances.
Seamless and convenient: The facility is available round-the-clock, on all 365 days a year, so undoubtedly, it gives seamless and convenient experience to users.
The growing adoption of UPI in cross-border transactions not only amplifies financial inclusion and convenience but also plays a pivotal role in fostering the overall growth of India’s dynamic digital payment ecosystem.
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Published: 11 Jan 2024, 01:32 PM IST