The UPI-PayNow corridor between India and Singapore went live on July 17, 2025, with 19 Indian banks now participating. NPCI International added 13 new banks to the corridor in this latest phase, expanding access significantly across the Indian banking ecosystem.
Participating banks include Kotak Mahindra, HDFC, Bank of Baroda, PNB, IDFC First, and Karur Vysya Bank. Users can send and receive money in real time through UPI apps like BHIM, PhonePe, and Google Pay, or through their bank's dedicated application.
The corridor is built on RBI–MAS (Monetary Authority of Singapore) collaboration, positioning cross-border remittances as secure and low-cost. The infrastructure also enables UPI payments at merchant outlets in Singapore via QR codes, streamlining travel expenses for Indians in the island nation.
For the Indian diaspora and students in Singapore, the corridor removes friction from pocket money transfers and family support payments. The instant settlement capability and low-cost structure make frequent small transfers viable, addressing a key pain point in remittance flows.
