NPCI International expansion of UPI-PayNow linkage Network

Why in the news?

Recently the NPCI International Payments Ltd (NIPL) has further enhanced the UPI-PayNow by adding 13 more banks and eased cross-border remittances between India and Singapore.

• NPCI International Payments Ltd (NIPL) – It is the international arm of National Payments Corporation of India (NPCI).
• Purpose – NIPL is devoted for deployment of RuPay (domestic card scheme) and UPI (mobile payment solution) outside of India.
• Functioning – It will help Indian Travellers pay with these payment channels in destination country of travel.
• UPI-PayNow linkage - A joint initiative between Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS).
• This partnership allows users of Singapore's PayNow and India's Unified Payments Interface (UPI) to send money instantly and securely across the two countries.

• Expansion of UPI-PayNow Linkage – NIPL has added 13 more banks to the UPI-PayNow platform, enhancing real-time payment linkage between India and Singapore.
• The expanded network for remittances to India now includes 19 banks

• Remittance received through - Popular UPI apps such as BHIM, Google Pay, PhonePe, or respective bank apps.
• Outward Transfers to Singapore – From India are facilitated by Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
• Customers of DBS SG and Liquid Group can access these remittance services in Singapore.  Usage - Enabling real-time cross-border payments via UPI ID or Virtual Payment Address (VPA).
• Transactions are processed instantly, allowing quick fund transfers between India and Singapore.
• User benefits - This move significantly eases digital remittance transactions done on daily basis.
  • Greatly benefits the Indian diaspora, including migrant workers and students in Singapore
• Significance – It will boost financial connectivity and offers a seamless, trusted platform for remittances.

Reference

The Hindu| NPCI International expansion of UPI-PayNow Network