The UPI-PayNow linkage provides a convenient (24/7), real-time, secure, and convenient means for customers of participating banks and non-banking financial institutions (NFIs) to transfer funds across borders.
In essence, Singapore's PayNow and India's *Unified Payments Interface (UPI) users will be able to send money instantly and securely across the two countries.
Beneficiary should have registered UPI ID for receiving inward remittance. Inward Remittance can be received by account holders of six Indian Participating Banks are in this program:
Two PayNow Singapore members are participating in this program:
Four Indian Banks are participating in this program for Outward Remittance:
Two PayNow Singapore members are participating in this program:
Further participants (banks/ NFIs) may be onboarded to offer services in this linkage.
To transfer money to Singapore, you will need the recipient’s registered PayNow mobile number or Virtual Payment Address (VPA) of the beneficiary.
Customer name associated with the mobile number / VPA will be displayed in masked format to verify.
The transaction can be processed 24x7, 365 days a year.
In such a case, if the credit confirmation is not received due to technical reasons, the sender must approach the sender’s bank to raise the dispute. The amount will be refunded after verification.
The option varies from bank to bank. Every transaction history can be viewed in the respective bank’s net-banking or mobile banking app.
Indian customers must have a bank account that is active and eligible for accepting and sending cross-border payments.
It is not required for the user in India to register with PayNow Singapore; however, they should have an active and eligible account with the participating Indian banks.
It is not required for the user in Singapore to register with UPI in India; however, they should have an active PayNow-registered account with PayNow Singapore participating banks and NFIs.
As the payment happens in real time, there is no scope for cancelling once submitted.
There is no limit on the number of transactions that a user can make per day.
However, there is a daily limit of SGD 1,000 or its equivalent in Indian rupees ("INR") for funds transfers made between users in Singapore and India, respectively. The limit is subject to change in the future.
The user can send and receive cross-border payments in real time using their mobile number, VPA proxy, or UPI ID.
The receiver need not share his or her bank account details with the sender.
With this new PayNow-UPI linkage, customers from India and Singapore are able to send and receive cross-border funds easily and quickly, with just their mobile numbers / VPA proxies / UPI identities, in under 5 minutes and at competitive rates. There is no need to remember or note down the recipient’s bank name, account number and other banking details or wait for 1 to 2 days for the cross-border transfer to be completed.
Please check the banks net banking/ mobile app.
The exchange rate will be determined by the participating banks used for initiating the transfer.
You will be able to see the applicable rate upfront before submitting the remittance.