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In a landmark development, the Hon’ble Prime Ministers of India and Singapore, Shri Narendra Modi and Mr. Lee Hsien Loong, today inaugurated a real-time cross-border payment linkage between the two countries using their respective fast payment systems—India’s Unified Payments Interface (UPI) and Singapore’s PayNow. The launch was symbolically carried out through token transactions by RBI Governor Shri Shaktikanta Das and Managing Director of the Monetary Authority of Singapore (MAS), Mr. Ravi Menon.
The new UPI-PayNow linkage enables users in both countries to execute convenient, safe, instant, and cost-effective cross-border fund transfers directly via their mobile applications. Indian users can transfer funds from bank accounts or e-wallets using only a UPI ID, mobile number, or Virtual Payment Address (VPA).
Initially, the service will be facilitated by State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank for both inward and outward remittances. Axis Bank and DBS India will provide inward remittance services. On the Singapore side, DBS Singapore and the non-bank financial institution Liquid Group will provide the service. More banks are expected to be added to the linkage over time.
Customers can remit up to ₹60,000 per day (approximately SGD 1,000). The system dynamically calculates and displays the amount in both currencies at the time of the transaction for user convenience.
The UPI-PayNow linkage is the result of extensive collaboration among RBI, MAS, payment system operators including NPCI International Payments Limited (NIPL) and Banking Computer Services Pte Ltd. (BCS), and the participating banks and financial institutions. This interlinkage aligns with the G20’s financial inclusion priorities by promoting faster, cheaper, and more transparent cross-border payments and represents a significant step in the development of cross-border payment infrastructure between India and Singapore.
[RBI]