UPI-PayNow Linkage: Major UPI apps enabled to receive remittances from Singapore; who can use
Unified Payments Interface (UPI) and PayNow cross-border connection makes it possible for Indians to receive instantaneous, safe, and affordable remittances from the Indian diaspora residing in Singapore straight 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, stated a press release issued by National Payments Corporation of India.
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Which banks app are supporting the linkage
According to the National Payments Corporation of India (NPCI) press release, “More Third-Party Application Providers (TPAPs) and bank apps such as 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 are expected to be added to the linkage soon. This expansion will broaden the range of choices offered to customers.”
Key benefits of receiving funds via UPI-PayNow:
- Instant: Funds are transferred in real-time, reaching the recipient's bank account within seconds.
- Secure: The linkage utilizes robust security protocols to ensure safe and reliable transactions.
- Cost-effective: Transaction fees are competitive, making the service ideal for small and frequent remittances.
- Convenient: The facility is available 24/7, 365 days a year.
In addition to enhancing financial inclusion and convenience, the growing use of UPI in cross-border transactions is essential to the expansion of India's vibrant digital payment ecosystem.
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