Discover the groundbreaking UPI-PayNow linkage introduced by NPCI, facilitating seamless cross-border remittances between India and Singapore. Stay informed with our latest banking current affairs.
The National Payments Corporation of India (NPCI) has ushered in a new era with the introduction of the UPI-PayNow linkage, marking a monumental leap in enabling direct remittances between India and Singapore.
Explanation
This collaborative initiative, orchestrated by the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS), is strategically designed to bolster financial inclusion and streamline cross-border transactions.
Evidence
Participating Platforms
- BHIM, PhonePe, and Paytm: Users of these widely-used mobile applications are among the first to gain access to the UPI-PayNow service.
- Select Banks: Axis Bank, DBS Bank India, ICICI Bank, and SBI are the pioneering banks providing access to this groundbreaking service.
Future Expansion
Anticipating the evolving needs of users, the UPI-PayNow linkage is set to expand further. Expect the integration of additional banks like Bank of Baroda, HDFC Bank, Kotak Mahindra Bank, and more in the near future.
User Experience
Innovating the user experience, UPI users in India can seamlessly send remittances to PayNow users in Singapore. This can be achieved effortlessly using either their mobile numbers or virtual payment addresses.
Continuous Availability
Unlike traditional systems, the UPI-PayNow facility breaks the barriers of time. Users can harness its power throughout the year, contributing significantly to the ongoing growth of India’s dynamic digital payment ecosystem.
Link
This groundbreaking initiative not only simplifies cross-border transactions but also aligns with the broader goal of fostering financial inclusivity and propelling India’s digital payment ecosystem to greater heights.
Frequently Asked Questions
Q1: What is the purpose of the UPI-PayNow linkage introduced by NPCI? A1: The UPI-PayNow linkage aims to facilitate direct remittances between India and Singapore, underscoring its commitment to enhancing financial inclusion and streamlining cross-border transactions.
Q2: Name two mobile applications through which users can access the UPI-PayNow service. A2: Users can seamlessly access the UPI-PayNow service through BHIM, PhonePe, and Paytm.
Q3: Which banks are currently providing the UPI-PayNow functionality, and which ones are expected to be added soon? A3: Presently, Axis Bank, DBS Bank India, ICICI Bank, and SBI are offering the UPI-PayNow functionality. Anticipate the integration of additional banks, including Bank of Baroda, HDFC Bank, Kotak Mahindra Bank, and more in the near future.
Q4: How can UPI users in India send remittances to PayNow users in Singapore using the newly launched linkage? A4: UPI users in India can effortlessly send remittances to PayNow users in Singapore using their mobile numbers or virtual payment addresses.
