NPCI Expands UPI-PayNow Network With 13 More Banks for India-Singapore Remittances

National Payments Corporation of India's (NPCI) international wing, NPCI International Payments Limited (NIPL), has onboarded 13 more Indian banks onto the Singapore cross-border payment platform of UPI-PayNow. The enhanced service will be available starting today, July 17, 2025.

The following banks have been newly included: 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. These are added to previous list which includes: Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.

Real-Time Remittances

UPI-PayNow is a collaborative effort of Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS), enabling person-to-person cross-border fund transfers within seconds. 

Money sent from Singapore can be received by recipients in India in accounts maintained with any of the 19 participating banks through UPI-enabled mobile apps like BHIM, Google Pay, PhonePe, and bank-specific apps.

For outward transactions from India to Singapore, the service is available at present via HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, Canara Bank, and State Bank of India. In Singapore, DBS SG and Liquid Group customers are able to send remittances to India through the linkage.

How The Service Works

Indian senders can send funds via their UPI ID and pay Singapore contacts using the recipient's mobile number or Virtual Payment Address (VPA). Payments are routed over a cloud-based infrastructure created for continuous processing, and settlement occurs near real time. The platform leverages layered security protocols set up to facilitate secure and reliable transfers. It is designed to be appropriate for small and regular remittances and is available at any hour of the day. 

Cloud-Based Cross-Border System

The UPI-PayNow connection has been referred to as the world's first real-time cross-border payment system that is cloud-based. The user model connects India's Unified Payments Interface to Singapore's PayNow network to facilitate transfers to the recipient's bank account within a few seconds and that are aimed at being low-cost and convenient for people sending low-value amounts.

Wider Access for Users

The increased coverage is likely to facilitate remittances from Singapore to a larger group of recipients in India, such as students and migrant labour who make use of frequent low-value transfers. Acceptance of UPI at certain merchant outlets in Singapore using QR codes offers a further outlet for daily usage in addition to person-to-person transfers. 

Ritesh Shukla, MD and CEO of NIPL, said in the official release that the expansion "marks a step forward in strengthening cross-border payment infrastructure" by creating additional access through a wider group of Indian banks and creating a "seamless and trusted platform" for users of both nations.