In a big boost for the already popular mode of payment,?UPI, Indians can now instantly receive money from Singapore using major UPI apps as well as those of popular banks.
In its press release today,?the National Payments Corporation of India (NPCI) said that the?Indian diaspora in Singapore can now send remittances directly into the bank accounts of Indians. This has been made possible by a cross-border linkage between the?Unified Payments Interface (UPI) and PayNow.
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For now, the facility will be available for users of the Paytm, BHIM and PhonePe apps as well those using apps of banks including Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.
From Singapore's side,?DBS Bank Singapore and Liquid Group are participants in the UPI linkage.??
The statement said apps of HDFC Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Federal Bank, IDFC First Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, and UCO Bank are expected to be added to the linkage soon.?
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Explaining the benefits of money sent using this UPI route, the NPCI said that the transfer will be instant, safe, available 24X7 and that the transaction fees will also be competitive, enabling even small and frequent remittances.?
The statement also mentioned that the interoperability is the result of close collaboration between the RBI and Monetary Authority of Singapore and that the increasing adoption of UPI in cross-border transactions amplifies financial inclusion and "also plays a pivotal role in fostering the overall growth of India's dynamic digital payment ecosystem".?
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Just like many other months of 2023, UPI payments again soared to new all time highs in December.?The total monthly UPI transaction amount touched??18.23 lakh crore in December 2023. As far as?the number of transactions?are concerned, that figure hit an all time high of 12.02 billion in the same month.
Comparing that to the previous month,?the transaction amount stood at ?17.40 lakh crore in November 2023 and?the number of UPI transactions were 11.24 billion in November.
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