NPCI International Adds 13 More Banks to UPI-PayNow Linkage, Transforming India-Singapore Remittances

On July 17, 2025, a major boost is coming to the landscape of cross-border money transfers between India and Singapore: NPCI International Payments Limited (NIPL), the global arm of the National Payments Corporation of India, is expanding the UPI-PayNow remittance network, adding 13 more Indian banks to the platform. This move lifts the total number of participating banks to 19, significantly widening the reach and convenience for millions of users.

What is the UPI-PayNow Linkage?

The UPI-PayNow linkage is a pioneering digital payments corridor connecting India’s Unified Payments Interface (UPI) with Singapore’s PayNow system. Jointly launched by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), this system allows users to send and receive funds in real time using a simple mobile number or Virtual Payment Address (VPA), mirroring the ease of domestic transactions for international remittances.

What’s New in the 2025 Expansion?

• 13 new Indian banks will be added, bringing total participants in India to 19.

• The linkage will go live for customers of the newly-added banks from July 17, 2025.

• Users can now transfer funds seamlessly between Singapore and a much wider network of Indian banks.

Here’s the full updated list of participating Indian banks:

• Axis Bank

• Bank of Baroda

• Bank of India

• Canara Bank

• Central Bank of India

• Federal Bank

• HDFC Bank

• IDFC FIRST Bank

• ICICI Bank

• Indian Bank

• Indian Overseas Bank

• IndusInd Bank

• Karur Vysya Bank

• Kotak Mahindra Bank

• Punjab National Bank

• South Indian Bank

• State Bank of India

• UCO Bank

• DBS Bank India

Why Is This Important?

1. Wider and Faster Access:
Remittance recipients in India can now receive funds directly into accounts held at any of these 19 banks, simplifying access for hundreds of thousands of families and businesses. For the Indian diaspora in Singapore—one of India’s largest inward remittance corridors—this enables instant, secure, and low-cost cross-border money transfers.

2. Seamless User Experience:
Users in both countries can send money instantly, anytime, through their preferred UPI-enabled apps such as BHIM, Google Pay, PhonePe, and various banking apps. This brings international payments into the same digital ecosystem Indians use daily for domestic transactions.

3. Enhanced Security and Compliance:
The linkage ensures compliance with local financial regulations, robust user authentication, and the highest level of transaction security, building trust for businesses and individuals alike.

NPCI International Adds 13 Indian Banks to UPI-PayNow Linkage

4. Driving Digital Adoption:
Integrating more banks fosters digital payments adoption, expands financial inclusion, and signals continuing growth in India’s fintech ecosystem—an outcome supported by both governments.

The Technology Behind Real-Time, Low-Cost Transfers

The UPI-PayNow linkage leverages the strengths of India’s UPI—celebrated globally for its speed, security and scalability—and PayNow’s robust real-time infrastructure in Singapore. This unique partnership eliminates the delays, high costs, and multiple intermediaries commonly associated with traditional remittance corridors.

• Cross-border transactions settle in seconds, not days.

• Funds can be sent 24×7, including weekends and holidays.

• Senders need only the recipient’s mobile number or VPA.

The Broader Impact: A Blueprint for Global Digital Remittances

With this expansion, NPCI International is not just meeting the needs of India-Singapore users. It is setting a benchmark for cross-border digital payments that other nations can emulate. The vision is to make remittances as easy as sending a message, supporting economic ties, and enabling families and investors across borders.

“By enabling access to more banks in India, we are deepening the reach of real-time remittances and supporting greater financial connectivity between the two countries,” an NPCI spokesperson said.

Who Stands to Benefit?

• Indian expatriates, migrant workers, students, and businesses in Singapore can send money home to a broader range of banks.

• Families in India receive funds instantly, reducing dependence on cash and costly agents.

• Small businesses and freelancers operating across both markets benefit from frictionless, predictable international payments.

Looking Forward: Expanding UPI’s Global Footprint

NPCI International has announced ambitions to extend the reach of UPI-powered remittances to more countries beyond Singapore. The current success and robust adoption of the India-Singapore UPI-PayNow corridor position India as a leader in digital payment innovations globally.

Conclusion

The addition of 13 new Indian banks to the UPI-PayNow remittance network is a landmark achievement for digital payments, promising greater access, faster transactions, and lower remittance costs. As financial and personal lives become ever more global, the seamless flow of money enabled by UPI-PayNow stands out as a vital force driving economic inclusion, trust, and prosperity between India and Singapore.