PhonePe, Paytm, SBI and others go live on India-Singapore cross-border UPI-based payments

The cross-border linkage between India’s Unified Payments Interface (UPI) and Singapore’s PayNow is live on BHIM (Bharat Interface for Money), PhonePe and Paytm, NPCI said in a release on Thursday.

This feature helps the Indian diaspora in Singapore to send funds into their Indian bank accounts directly via UPI.

Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India are offering this service through their respective banking applications too, NPCI said.


Other third-party applications and banks like Bank of Baroda, Federal Bank, HDFC Bank, IDFC First Bank, IndusInd Bank and others are set to join the linkage soon, the Mumbai-headquartered payment network added.

This interoperability between the two countries is the result of the collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS).

This facility provides an instantaneous, secured and cost-effective fund transfer mechanism between the two countries. The transfer rails almost replicate the payment experience on UPI for domestic transactions.