Currently, Axis Bank will settle these transactions to beneficiaries who hold accounts or are registered on the UPI application of six banks (SBI, IOB, Indian Bank, ICICI, DBS, and Axis Bank).
After India and Singapore connected PayNow with the Unified Payment Interface (UPI), a faster payment system, Axis Bank streamlined the process of transferring funds between individuals in the two countries, enabling real-time cross-border transactions through the UPI network. Asian countries.
Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong virtually launched this cross-border connectivity on Tuesday.
Axis Bank will act as the settlement bank for inbound peer-to-peer overseas remittance transactions initiated by PayNow through Liquid Group in Singapore. Singaporean senders using Liquid Group’s mobile app can initiate a money transfer by entering the UPI of the intended recipient in India.
The partnership will enable seamless money transfers for users in both countries. Transactions settled through the UPI PayNow network are available 24/7 in real-time. Currently, according to a press release, Axis Bank will settle these transactions to beneficiaries who hold accounts or are registered with UPI applications in six banks (SBI, IOB, Bank of India, ICICI, DBS Bank, and Axis Bank).
“We are delighted to collaborate with Axis Bank to offer a robust and simplified cross-border remittance experience using UPI. At NIPL, we aim to facilitate the establishment of new payment infrastructure around the world while enhancing the consumer experience. We are confident that this partnership will play an important role in driving our vision of scaling globally thereby taking India’s digital payment solutions to the world,” Rina Penkar, head – Of Product Development, at NIPL, said.
Sanjeev Moghe, President & Head of Cards and Payments, at Axis Bank, said, “There is no doubt that this is a milestone moment for cross-border transfers. We all know how UPI revolutionized domestic payments and we are now going to see a similar revolution in the cross-border payments space as well.”