UPI-PayNow Expanded To 13 More Indian Banks Join Cross-Border Remittance Network

National Payments Corporation of India (NPCI) International will launch the expanded UPI-PayNow linkage, enhancing cross-border remittance services between India and Singapore. With the addition of 13 new Indian banks, the service will now include 19 participating banks, offering greater convenience and reach for users. This move is part of a broader initiative supported by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) to promote secure, real-time, and cost-effective international payments.

Background and Objective

The UPI-PayNow linkage was originally launched as a pathbreaking initiative to simplify cross-border money transfers between India and Singapore. The goal was to allow users in both countries to send and receive funds using just a mobile number or Virtual Payment Address (VPA). The service builds on India’s homegrown success with Unified Payments Interface (UPI) and aims to make international transactions as seamless as domestic ones.

Recent Developments and Expansion

In a major step forward, 13 additional Indian banks have joined the UPI-PayNow network, taking the total to 19. Banks like HDFC Bank, ICICI Bank, State Bank of India, Bank of Baroda, Punjab National Bank, and Kotak Mahindra Bank are now part of this ecosystem. This expansion allows users from India and Singapore to conduct real-time remittances more broadly and securely.

The service will go live on July 17, 2025, with NPCI highlighting its potential to boost financial connectivity between the two countries. It will especially benefit the Indian diaspora in Singapore, including migrant workers and students, by making everyday remittances easier and faster.

Key Features and Technology

The UPI-PayNow platform uses cloud-based technology, making it the world’s first cloud-native, real-time international payment system. The system supports transactions within seconds and ensures data security through robust encryption and compliance protocols. It allows for direct bank transfers without needing intermediary payment platforms, keeping costs low and the process efficient.

The remittance services can now be accessed using mobile banking apps, and even through QR code-based merchant payments in select outlets in Singapore. In India, remittances can be initiated via banks like HDFC and ICICI, while in Singapore, users from DBS SG and Liquid Group can access the platform.

Impact and Significance

This expansion of the UPI-PayNow linkage is a significant development in the global financial ecosystem. It strengthens the India-Singapore economic relationship and provides a model for similar linkages with other countries in the future. The system helps reduce remittance costs, encourages formal banking practices, and enhances the ease of conducting personal and business payments across borders. The focus on real-time transactions and broader bank participation ensures that millions of users now have better access to international financial services.