India, Singapore working to broaden digital cost hyperlink

New Delhi: India and Singapore are set to broaden the scope of their digital cost hyperlink after they introduced the landmark linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow, in line with individuals conscious of the matter.

The nations need to add extra banks to the digital funds hyperlink, increasing the variety of banks to 14 from the current six that may obtain remittances from Singapore.

One of the 2 folks conscious of the event stated a minimum of eight Indian banks can be added to obtain remittances from Singapore, which might be a step up from the bilateral tie-up earlier this 12 months. In February, each nations introduced the funds platform linkage to ease the circulate of remittances.

According to the National Payments Corporation of India (NPCI), the six Indian banks collaborating within the scheme are Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India.

All six can obtain remittances from Singapore via the linkage. With the exception of Axis Bank and DBS Bank, the opposite 4 may also ship remittances via the linkage.

Queries to the ministry of finance and NPCI didn’t elicit a response.

“The linkage gives a handy (24/7), real-time, safe, and cost-effective means for purchasers of collaborating banks and non-bank monetary establishments (NFIs) to switch funds throughout borders. An Indian UPI person (who’s a participant within the linkage) will have the ability to ship cash to a person of Singapore’s PayNow member (who’s a participant within the UPI-PayNow linkage) utilizing the Singapore person’s cellular quantity or Virtual Payment Address (VPA),” reads the website of NPCI.

“Conversely, a user of Singapore’s PayNow will be able to send money to an Indian UPI user using the Indian User UPI ID,” the web site stated.

These strikes come within the backdrop of India’s bigger UPI export technique.

Ritesh Shukla, the chief government officer of NPCI International Payments, instructed Mint that the variety of nations the place UPI is dwell is predicted to double inside the subsequent 12-18 months.

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Updated: 18 Oct 2023, 09:52 PM IST