SBIPay SBI launches BHIM SBIPay for Singapore-India fund transfers after UPI-PayNow linkage
Mumbai/IBNS: The State Bank of India (SBI), India’s largest lender, will facilitate funds transfer to Singapore through its SBI's BHIM SBIPay mobile application, the bank said on Wednesday.
On February 21, Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong launched the real-time payments system linkage between India and Singapore on February 21, 2023.
SBI is one of the banks roped in for inward and outward remittances that can be carried out through the UPI-PayNow linkage.
PayNow is the online payment system of Singapore.
The linkage will allow fund transfers from India to Singapore through registered mobile numbers and from Singapore to India using UPI ID.
“The UPI-PayNow linkage is a significant milestone towards the development of infrastructure for cross-border payments between India and Singapore. The initiative closely aligns with the G20’s priorities of driving faster, cheaper, and more transparent cross-border payments,” SBI said in a statement.
The inward bilateral remittance between Singapore and India is around USD 949 million as of 2021 (as per World Bank Bilateral Remittance Matrix Dec ‘22).
RBI Governor Shaktikanta Das and Monetary Authority of Singapore Managing Director Ravi Menon executed the first live cross-border transaction.
Das used BHIM SBIPay for foreign inward remittances.
Commenting on the initiative, PM Modi said, “The linkage of these two payment systems between India and Singapore would enable residents of both countries to initiate a faster and more cost-efficient transfer of cross-border remittances. It will also help the Indian diaspora in Singapore, professionals, students, and workers through an instantaneous and low-cost transfer of money from Singapore to India and vice-versa."
Prime Minister of Singapore Lee Hsien Loong said, “Cross-border retail payments and remittances between Singapore and India amount to over USD 1 Bn annually. As we progressively add more users and use cases, the UPI-PayNow linkage will grow in utility and contribute more to facilitating our trade and people-to-people links.”
SBI Chairman Dinesh Khara called the development a path-breaking initiative. “This will go a long way in boosting the digitization initiatives of the Government and provide easy, seamless cross-border payment facility to the users.”
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