NPCI adds 13 Indian banks to India-Singapore UPI-PayNow platform
New Delhi, Jul 16, 2025
NPCI International has added 13 more Indian banks to the India-Singapore UPI-PayNow platform, expanding the remittance network to 19 banks and enabling faster, secure cross-border fund transfers
NPCI International Payments Limited (NIPL), the global arm of the National Payments Corporation of India (NPCI), has announced the inclusion of 13 additional Indian banks into the UPI–PayNow payment linkage between India and Singapore.
“With this development, which will go live on July 17, 2025, users in both countries can remit funds to a wider base, making the service more accessible and convenient,” NIPL said in an official release.
This addition takes the total number of participating Indian banks to 19, further broadening the cross-border payment corridor that was launched jointly by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS).
The expanded list of Indian banks includes 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, UCO Bank, Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
People in India can now receive money from Singapore in accounts held with any of these banks using UPI-enabled apps such as BHIM, Google Pay, PhonePe, or their respective banking apps.
Currently, users in India can send money to Singapore only through Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India. In Singapore, this service is available to customers of DBS SG and Liquid Group.
Ritesh Shukla, chief executive officer and managing director of NPCI International, said: “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.”
The UPI–PayNow platform enables users in India to receive funds via UPI ID, while users in Singapore can be sent money using their mobile numbers or Virtual Payment Addresses (VPAs). Transactions are processed in real time, reaching the recipient’s bank account within seconds.
Ideal for everyday remittances
NIPL said the service is particularly beneficial for the Indian diaspora in Singapore, especially migrant workers and students, making digital payments simpler for regular transactions.
UPI is already accepted at select retail outlets in Singapore through QR code-based payments, extending its usage beyond remittances. Highlighting the innovative nature of the system, NPCI added that this is the world’s first cloud-based, real-time cross-border payment solution.
The system ensures high-level security and is best suited for small, frequent transfers. NIPL noted that it offers a “convenient and cost-effective way to send and receive money anytime.”
[The Business Standard]
