UPI-PayNow linking: Who can use, daily limit, other details you must know :-ET Feb 23 2023 Sneha Kulkarni

 

UPI-PayNow Linking

The UPI-PayNow integration will allow users of the two rapid payment systems in India and Singapore to make cross-border financial transfers using their mobile apps. This allows for real-time money transfers between the two nations.All you need to know about the UPI-PayNow

Who can transact between India and Singapore through the UPI-PayNow linkage?

The UPI-PayNow linkage allows account holders at partnering banks and financial institutions in Singapore and India to perform cross-border remittance transactions.

What is the daily transaction limit?

A daily transaction cap of Rs 60,000 (about SGD $1,000) applies to cross-border remittance transactions made using the UPI-PayNow linkage.

Which are the participating banks in India for receiving remittances through the UPI-PayNow linkage?

Currently, participating banks in India for receiving remittances through the UPI-PayNow linkage are:

· Axis Bank

· DBS Bank India

· ICICI Bank

· Indian Bank

· Indian Overseas Bank

· State Bank of India

Which banks in India are presently enabled for sending remittances through the UPI-PayNow linkage?

Banks in India presently enabled for sending remittances through the UPI-PayNow linkage are:

· ICICI Bank

· Indian Bank

· Indian Overseas Bank

· State Bank of India

Which banks in India are presently enabled for sending remittances through the UPI-PayNow linkage?

Banks in India presently enabled for sending remittances through the UPI-PayNow linkage are:

· ICICI Bank

· Indian Bank

· Indian Overseas Bank

· State Bank of India