13 Indian Banks Join UPI-PayNow Linkage Initiative

Rapid Summary:

• Expansion of UPI-PayNow Service: NPCI announced on July 16,2025,the inclusion of 13 more Indian banks in its UPI-PayNow international remittance service. A total of 19 banks now support this India-Singapore payment linkage.
• Live on July 17, 2025: the expanded service goes live from July 17 and facilitates real-time cross-border remittances with funds transferred within seconds.
• Participating banks for Remittances: Notable additions include kotak Mahindra Bank,HDFC Bank,and bank of Baroda. Banks like SBI and ICICI were already part of the initiative. Outward remittance options are available through seven Indian banks to Singapore.
• Security & Convenience: The platform is ideal for small, frequent transactions with strong security measures in place. It supports users via popular apps like BHIM and Google Pay as well as bank-associated apps.
• Significance for Indian Diaspora in Singapore: Beneficial for migrant workers and students by easing everyday remittances.UPI acceptance at merchant outlets via QR codes further enhances utility.
• UPI-paynow Overview: A joint effort between RBI (India) and MAS (Singapore), this initiative is a global milestone enabling real-time fund transfer using mobile numbers or virtual payment addresses.

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Indian Opinion Analysis:

The expansion of the UPI-PayNow international remittance service marks a meaningful advancement in India’s digital payment infrastructure while strengthening its financial connectivity with Singapore. Adding major banking institutions makes this initiative accessible to millions more customers across both nations, bringing convenience especially to smaller transactions favored by migrant workers and students.

This development furthers India’s high-level commitment to leveraging UPI’s widespread domestic success into global adoption-positioning itself as a leader in innovative cross-border payments technology. Enhanced ease-of-access could possibly encourage deeper economic engagement between the two countries over time while providing immediate benefits to individuals relying on faster, secure monetary exchanges.

From an institutional outlook, NPCI continues driving transformative changes that reinforce trust in India’s digital ecosystem globally-offering seamless integration without compromising reliability or security standards essential for cross-border dealings.

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