Cross-border remittances to receive a significant boost with NPCI International's expansion, which includes the addition of 13 more banks to their service.
The much-anticipated UPI-PayNow real-time payment linkage between India and Singapore is set to launch on July 17, 2025. This expanded service, which now includes a total of 19 Indian banks, aims to provide seamless, inclusive, and convenient cross-border remittance capabilities for users in both countries[1][2][3].
The service, a joint initiative by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), is described as the world’s first cloud-based, real-time cross-border payment system, designed for low-cost, small, and frequent transactions. It operates 24/7 throughout the year, ensuring uninterrupted service for its users[1][3][4].
The 19 Indian banks participating in the service include major names such as HDFC Bank, ICICI Bank, State Bank of India, Kotak Mahindra Bank, Punjab National Bank, Axis Bank, and others. This broadens access and convenience for users in both countries, allowing them to send and receive funds in real-time[2][3].
Users in Singapore can send money directly to UPI accounts held by recipients in India at these 19 banks, with funds typically credited within seconds. Recipients can receive money using popular UPI-enabled apps like BHIM, Google Pay, PhonePe, or bank-specific apps. The service is available to DBS SG and Liquid Group customers in Singapore[1][2][3].
The enhanced linkage is expected to make cross-border remittances more seamless, inclusive, and convenient, reinforcing the financial connectivity between India and Singapore[1][3][4]. The transaction limits are set at ₹60,000/day from India and SGD 1,000/day from Singapore.
Ritesh Shukla, MD and CEO of NPCI International, stated that the initiative deepens the reach of real-time remittances and supports greater financial connectivity between India and Singapore[1].
### Summary of key points:
* Launch date: July 17, 2025 * Number of Indian banks involved: 19 * Major banks included: HDFC Bank, ICICI Bank, State Bank of India, Kotak Mahindra Bank, Punjab National Bank, Axis Bank, and more * Service features: Real-time transactions, 24x7 availability, secure payments via UPI-enabled apps * Joint initiative by: Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS) * Target users: Individuals in India and Singapore, including migrant workers and students * Transaction limits: ₹60,000/day from India; SGD 1,000/day from Singapore
This expansion of the UPI-PayNow linkage marks a significant step forward in strengthening cross-border payment infrastructure between India and Singapore.
The expansion of UPI-PayNow real-time payment linkage, spearheaded by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), marks a significant step forward in combining finance and technology to strengthen cross-border payment infrastructure. This cloud-based system, designed for low-cost, small, and frequent transactions, will enable real-time transactions, ensuring uninterrupted service for its users from July 17, 2025.
