Axis Bank will settle these transactions to beneficiaries holding an account with or are registered on the UPI App of the six banks SBI, IOB, Indian Bank, ICICI, DBS and Axis Bank
Following India and Singapore’s decision to join their rapid payment systems, Unified Payments Interface (UPI) and PayNow, Axis Bank has facilitated cross-border transactions in real-time via the UPI Network, simplifying the process of fund transfers between individuals in the two Asian countries.
On Tuesday, the Indian Prime Minister Narendra Modi and the Prime Minister of Singapore Lee Hsien Loong essentially started this cross-border link.
Peer-to-peer foreign inward remittance transactions started through PayNow by the Liquid Group in Singapore would be settled by Axis Bank as the settlement bank. By entering the UPI ID of the intended recipient in India, a sender in Singapore can start a transfer using the Liquid Group mobile application.
India and Singapore Launch Real-time Payment Systems Link for cross-border Payments
Users from both nations will be able to send money seamlessly thanks to the partnership. The UPI PayNow network’s settled transactions are accessible 24 hours a day, 7 days a week in real time. According to a press release, Axis Bank will currently pay these transactions to recipients who have an account with or are registered on the UPI App of the six banks SBI, IOB, Indian Bank, ICICI, DBS, and Axis Bank.
“We are excited to work with Axis Bank to provide a reliable and straightforward UPI cross-border remittance experience. At NIPL, we want to make it easier for new payment infrastructure to be established globally while also improving the user experience.
We are certain that this relationship would be essential in realising our aim of scaling internationally and bringing India’s digital payment solutions to a worldwide audience “NIPL’s head of product development, Rina Penkar, said.
At the Tuesday launch of the India-Singapore digital payments connectivity between UPI and PayNow, the prime minister gave his opinions through a YouTube Live session.
In order to facilitate low-cost cross-border transfers between the two nations, UPI was connected to PayNow, the comparable network in Singapore.
“Today’s launch marks the start of a new phase in cross-border fintech networking. Beginning today, residents of Singapore and India will be able to send money to one another across the border using their mobile devices, according to Modi.
There is little doubt that this is a historic moment for cross-border transactions, according to Sanjeev Moghe, President & Head Cards and Payments, Axis Bank. We will soon witness a similar revolution in the area of cross-border payments, as everyone is aware of how UPI transformed domestic payments.”
“In the modern era, technology connects us in a variety of ways, and fintech plays a significant role in fostering that connectedness… The professionals, students, and families of migrant workers will particularly profit from this, according to Modi.
On the field of fintech, he added, “today, thousands of startups in India are emerging strongly because to this energy that India is among the leading nations in the world when it comes to real-time digital transactions.”
FAQ
How will I know if my BHIM UPI transaction is successful?
If the transaction is successful, the money will be promptly taken out of your account, and your account balance will reflect this change. If the modification is not apparent, you can verify the transaction’s status in the app’s Transaction History area. Go to “My Kotak” or “Banking” > “BHIM UPI” > “Transaction History” to view the area. In the event that the transaction is successful, you will also get an SMS.
How fast is a BHIM UPI transaction?
Transactions using BHIM UPI are instant and are completed within seconds.
BHIM UPI transaction limit
Is there a limit to the amount of money that can be sent using BHIM? A user can send up to Rs 100,000 per transaction and a maximum of Rs 100,000 per day for one bank account.