How And Who Can Utilise UPI-PayNow? Daily Transfer Cap, Advantages
April 7, 2023: To facilitate quicker transfers between the two nations, Singapore’s PayNow and India’s Unified Payments Interface (UPI), an immediate real-time payment system created by National Payments Corporation of India (NPCI), have been connected.
A real-time payment system designed by the Association of Banks in Singapore, PayNow is comparable to India’s UPI. Interbank peer-to-peer and person-to-merchant transactions are made easier via the PayNow interface.
People in Singapore and India can transmit money instantly thanks to the UPI-PayNow interlinkage. So how will it operate and what will the benefits and fund transfer cap be?
Who is eligible to conduct remittance transactions through the UPI-PayNow interlinkage?
Every account holder at participating banks and financial institutions in Singapore and India will be able to conduct cross-border transactions and send money across borders in real time.
Remittances can be sent or received for the following uses:
The Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI) will initially only permit Person-to-Person (P2P) remittances for “Maintenance of Relatives Overseas” and “Gifts.”
What will it mean for the citizens of both nations?
Via the two fastest payment system networks, UPI and PayNow, inhabitants of India and Singapore will be able to send and receive funds instantly and cheaply on a reciprocal basis.
By rapid and inexpensive money transfers from Singapore to India and vice versa, the programme will largely benefit the Indian diaspora in that country.
Which banks are included in the group?
Both inbound and outbound remittances will be facilitated by SBI, Indian Overseas Bank, Indian Bank, and ICICI Bank. Incoming remittances would be facilitated by Axis Bank and DBS India. DBS-Singapore and Liquid Group will provide the service to users in Singapore (a non-bank financial institution).
How much can you transfer daily?
The daily financial transfer cap for Indian users is now set at Rs 60,000 (about $1,000 SGD), however it may be changed in the future.
For the user’s convenience, the system will dynamically calculate and display the INR/SGD converted amount at the time of transaction.
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