UPI-PayNow launched: know transaction limit, who can use, how it works, other details
UPI-PayNow launched: The two countries' payment systems are now linked, and residents of both countries will benefit from more convenient, safe, faster, and cost-effective cross-border remittances. People in both countries can send money in real-time using QR codes or by simply entering mobile phone numbers linked to their bank accounts.
FollowFor the first time, India and Singapore linked their respective online payment systems, Unified Payments Interface (UPI) and PayNow, on Tuesday, February 21, to allow seamless cross-border transactions between the two countries. Prime Minister Narendra Modi and his Singaporean counterpart, Lee Hsien Loong, attended the virtual launch event.
The facility was launched through token transactions by Reserve Bank of India Governor Shaktikanta Das and Managing Director of the Monetary Authority of Singapore Ravi Menon via the UPI-PayNow linkage.
UPI-PayNow launched: know how it works
Through the UPI-PayNow linkage, residents of both countries can now easily conduct transactions using their respective mobile apps. Transferring funds from bank accounts or e-wallets to or from India requires only the UPI-id, mobile number, or Virtual Payment Address (VPA).
The State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank will handle both inward and outward remittances, while Axis Bank and DBS India will handle inward remittances. The service will be available in Singapore through DBS-Singapore and Liquid Group (a non-bank financial institution). More banks will be added to the link moving forward. For now, the facility will only be available to customers of the banks mentioned above.
UPI-PayNow launched: know transaction limit
An Indian user can send up to Rs 60,000 daily (equivalent to around SGD 1,000). The system shall dynamically calculate and display the amount in both currencies at the transaction time for the user's convenience.
"This interlinkage aligns with the G20's financial inclusion priorities of driving faster, cheaper, and more transparent cross-border payments and will be a significant milestone in the development of infrastructure for cross-border payments between India and Singapore," said RBI.
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