In a significant move, the National Payments Corporation of India (NPCI) has introduced the UPI-PayNow linkage, facilitating direct remittances between India and Singapore. This collaboration, a result of close coordination between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), aims to enhance financial inclusion and convenience in cross-border transactions.
1. Participating Platforms: Users of mobile applications such as BHIM, PhonePe, and Paytm, along with select banks including Axis Bank, DBS Bank India, ICICI Bank, and SBI, currently have access to this service.
2. Future Expansion: Third-party applications and additional banks, including Bank of Baroda, HDFC Bank, Kotak Mahindra Bank, and more, are expected to be integrated into the UPI-PayNow linkage soon.
3. User Experience: UPI users in India can send remittances to PayNow users in Singapore using their mobile numbers or virtual payment addresses, fostering seamless cross-border transactions.
4. Continuous Availability: The UPI-PayNow facility will be accessible to users throughout the year, contributing to the ongoing growth of India’s dynamic digital payment ecosystem.
Important Questions Related to Exams
- What is the purpose of the UPI-PayNow linkage introduced by NPCI?
- Name two mobile applications through which users can access the UPI-PayNow service.
- Which banks are currently providing the UPI-PayNow functionality, and which ones are expected to be added soon?
- How can UPI users in India send remittances to PayNow users in Singapore using the newly launched linkage?
Kindly share your responses in the comment section.