India and Singapore last year linked their respective digital payment systems, UPI and PayNow, to make cross-border payments easy
The facility will be available for users of the BHIM, Paytm and PhonePe apps as well as those using apps of Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank and State Bank of India
As of now, the daily transaction limit for undertaking cross-border remittance transactions through the UPI-PayNow linkage has been capped at INR 62,436
In a major development, the National Payments Corporation of India (NPCI) has expanded the facility for Indians to now receive money from Singapore instantly and securely using major Unified Payments Interface (UPI) apps as well as those of popular banks.
It is pertinent to mention here that India and Singapore last year linked their respective digital payment systems, UPI and PayNow, to make cross-border payments easy.