Major UPI apps enabled to receive direct remittances from Singapore; details here

Thanks to the interoperability enabled by the joint efforts of the Reserve Bank of India (RBI) and Monetary Authority of Singapore (MAS), is active for the major UPI apps such as BHIM, PhonePe and Paytm. The new functionality is set to enable Indians to receive remittances from Singapore based Indian diaspora directly into their bank accounts.

This facility can be accessed by users of BHIM, PhonePe, and Paytm apps. Additionally, banks such as Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India provide this functionality through their respective apps. In the near future, several third party application providers (TPAPs) as well as bank apps are expected to be added to the linkage soon.

These include , Bank of India, , , , HDFC Bank, , IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, , , and . Once this happens, it will broaden the range of choices offered to customers. : Funds are transferred in real time, reaching the recipient's bank account within moments. : The linkage makes use of robust security protocols to ensure safe and reliable transactions.

Transaction fees are competitive, making the service ideal for small and frequent remittances. : The facility is available round the clock, on all 365 days a year, so undoubtedly, it gives seamless and convenient experience to users. The growing adoption of UPI in cross border transactions not only amplifies financial inclusion and convenience but also plays a pivotal role in fostering the overall growth of India's dynamic digital payment ecosystem.

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