Aday after the real-time payments system linkage was established between India and Singapore using the UPI platform, State Bank of India on Wednesday announced a partnership with PayNow, the online payment system of the city-state, for cross-border payments.
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“This will go a long way in boosting digitisation initiatives of the government and provide easy, seamless cross-border payment facility to users,” SBI chairman Dinesh Khara said in a statement.
The facility is being offered through SBI’s Bhim SBIPay mobile application. The linkage will allow fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using UPI ID. Initially, selected customers can use PayNow-UPI to transfer funds of up to SGD (Singapore dollar) 200 per transaction, which is capped at SGD 500 per day. By March 31, the service will be extended to all customers who can transfer funds of up to SGD 1,000 a day.
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The inward bilateral remittance between Singapore and India stood at $949 million in 2021, the lender said. The UPI remittance linkage takes the association a step forward as the two countries started cross-border card and QR-code payments in 2018.
“The UPI-PayNow linkage is a significant milestone towards development of infrastructure for cross-border payments between India and Singapore. The initiative closely aligns with the G20’s priorities of driving faster, cheaper, and more transparent cross-border payments,” the bank said.
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In FY22, UPI domestically registered more than 74 billion transactions amounting to Rs 126 trillion. In January, the platform recorded 8 billion transactions totalling Rs 13 trillion.
