UPI developed by the National Payments Corporation of India (NPCI) is an instant and real-time transaction system, as is Singapore's Pay Now real-time payment system. Like UPI, PayNow also offers inter-bank peer-to-peer and person-to-merchant transactions.
How to Use UPI PayNow: PM Modi has recently linked UPI payment to Singapore Payment Pay-Now under a historic agreement between India and Singapore. Now citizens of the country can transact abroad with the help of Unified Payments Interface (UPI) and Singapore's PayNow network. UPI developed by the National Payments Corporation of India (NPCI) is an instant and real-time transaction system, as is Singapore's Pay Now real-time payment system. Like UPI, PayNow also offers inter-bank peer-to-peer and person-to-merchant transactions.
Who can transact
UPI and Paynow system can be availed by all account holders of banks and financial institutions in both India and Singapore. Also, citizens of both countries can do cross-border money transfers and transactions in real-time.
Money can be transferred for these purposes only
The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) will allow person-to-person (P2P) transactions to help and 'gift' relatives. In addition, the UPI and Pay Now link allow instant and low-cost fund transfers to citizens of both countries. Citizens of India or Singapore can send money instantly to help their families or relatives.
These banks can participate
SBI, Indian Overseas Bank, Indian Bank, and ICICI Bank will provide the facility to send and receive payments to transfer money through UPI and PayNow links in India. Axis Bank and DBS India Dhan Bank will provide the facility to receive only.
What will be the daily transfer limit?
The daily fund transfer limit for transferring money from UPI to Paynow can be around Rs 60,000 or around S$1,000. However, it can be modified later. Additionally, at the time of the transaction, users will be informed about the complete calculation as per the exchange rate of INR/SGD.
