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What is UPI-PayNow linkage?

India and Singapore have launched UPI-PayNow linkage – a real-time payment systems linkage between the two countries.

What is UPI-PayNow linkage?

UPI-PayNow linkage is a cross-border linkage between India and Singapore using their respective Fast Payment Systems, viz. Unified Payments Interface (UPI) and PayNow.

The UPI-PayNow linkage is the product of extensive collaboration between Reserve Bank of India (RBI), Monetary Authority of Singapore (MAS), and Payment System Operators of both countries viz. NPCI International Payments Limited (NIPL) and Banking Computer Services Pte Ltd. (BCS), and participating banks / non-bank financial institution.

What are the benefits of UPI-PayNow linkage?

  • UPI-PayNow linkage will enable users of the two fast payment systems in either country to make convenient, safe, instant, and cost-effective cross-border funds transfers using their respective mobile apps. 
  • Funds held in bank accounts or e-wallets can be transferred to / from India using just the UPI-id, mobile number, or Virtual Payment Address (VPA).

Which banks are offering UPI-PayNow linkage?

In India, the banks enabled for sending / receiving remittances through the UPI-PayNow linkage are as follows –

  • Both inward and outward remittances –
    • State Bank of India 
    • Indian Overseas Bank
    • Indian Bank
    • ICICI Bank
  • Only inward remittances –
    • Axis Bank 
    • DBS India

The entities from Singapore enabled for the UPI-PayNow linkage are as follows –

  • DBS-Singapore 
  • Liquid Group (a non-bank financial institution)

More number of banks may be included in the linkage over time.

Implementation of UPI-PayNow linkage in India

  • Customers of the participating banks in India can undertake cross-border remittances to Singapore using the bank’s mobile banking app / internet banking.
  • An Indian user can remit up to ₹60,000 in a day (equivalent to around SGD 1,000). 
  • Only person to person (P2P) remittances towards the purpose of “Maintenance of Relatives Abroad” & “Gift” under the Liberalised Remittance Scheme (LRS) are allowed, and the prescribed LRS limits are applicable.


References

Reserve Bank of India. (2022, May 27). 'RBI Annual Report 2021-22 - IX. Payment and Settlement Systems and Information Technology'. Retrieved from https://www.rbi.org.in/Scripts/AnnualReportPublications.aspx?Id=1351

Reserve Bank of India. (2023, February 21). 'Honorable Prime Ministers of India and Singapore Launch Real-time Payment Systems Linkage between the Two Countries'. Retrieved from https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=55260

Reserve Bank of India. (2023, February 21). 'UPI-PayNow Linkage'. Retrieved from https://www.rbi.org.in/Scripts/FAQView.aspx?Id=156


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