Know about the UPI-Pay Now interlinkage facility

Customers of selected banks from India and Singapore will be able to undertake cross-border remittances. At present, there is a daily limit of Rs 60,000 (around SGD 1,000).

The Reserve Bank of India (RBI) and the Monetary Authority Singapore (MAS) recently announced the UPI- Pay Now linkage – the real-time payment system linkage between India’s Unified Payments Interface (UPI) and its equivalent network of Singapore, Pay Now to facilitate swift cross-border remittances for residents of India and Singapore.

How cross-border remittances work, which are the participating banks, the daily limit, and the benefits for users.

Account holders of participating banks and financial institutions in India and Singapore. At present, only Person-to-Person (P2P) remittances for the ‘Maintenance of Relatives Abroad’ and ‘Gifts’ are allowed.

Let’s quickly get answers to some of your questions related to the UPI-Pau Now Interlinkage facility:

What is the UPI-Pay Now interlinkage for?

Interlinkage is meant for cross-border remittances between India and Singapore.

Which are the Indian banks that allow UPI-Pay Now inward remittance?

Axis Bank, DBS Bank India, ICICI Bank, Indian Bank, Indian Overseas Bank, and SBI from India are the participating banks to allow UPI-Pay Now inward remittance.

From Singapore, DBS Bank Singapore and Liquid Group (Non-Bank Financial Institution) are selected.

For what purposes can remittances be sent or received from either side?

At present, only Person-to-Person (P2P) remittances for the ‘Maintenance of Relatives Abroad’ and ‘Gifts’ are allowed.

How is the UPI-Pay Now interlinkage facility going to benefit users?

Funds held in bank accounts or e-wallets can be transferred to /from India using just the UPI ID, mobile number, or Virtual Payment Address (VPA), which is essentially the address to or through which you can make UPI money transfers.

What is the daily transaction limit?

An Indian user can initially send up to Rs 60,000 in one day (equivalent to around SGD 1,000). For the user’s convenience, the system shall dynamically calculate and show the amount at the time of the transaction in both currencies.

Which apps or platforms can be used for receiving and sending remittances from India to Singapore through the UPI-Pay Now interlinkage?

The list of banks in India, their UPI handles, and platforms for receiving and sending remittances are given in the table below.

Receiving Remittances

Sending Remittances


UPI Handles Enabled

Featuring Apps


Apps/Internet Banking

Axis Bank


Axis Pay


Internet Banking

DBS Bank India


DBS Digibank

Indian Bank

Mobile App(IndOASIS)




Indian Overseas Bank

Internet banking

Indian Overseas Bank



State Bank of India

Mobile App (BHIM SBI Pay)

Who are the participating entities in Singapore and their Virtual Payment Address (VPA) handle for sending and receiving remittances?

The entities from Singapore enabled for the UPI-Pay Now linkage and their VPAs are as follows:


VPA Handles Enabled

DBS Bank Singapore

Registered mobile number

Liquid Group (Non-Bank Financial Institution)

A registered mobile number followed by XNAP
(e.g., 123456789XNAP)

Is there a provision of consent for receiving inward transactions through the interlinkage?

Yes, there is an opt-in/opt-out feature in the apps of the participating banks in India for receiving remittances from Singapore.

How would the limits under the Liberalized Remittance Scheme (LRS) apply to this interlinkage while sending remittances from India?

 In the UPI-Pay Now interlinkage transactions, only person-to-person (P2P) remittances towards the purpose of “Maintenance of Relatives Abroad” & “Gift” under the Liberalized Remittance Scheme (LRS) are allowed, and the prescribed LRS limits would be applicable.

Will the UPI-Pay Now interlinkage cover other Indian banks/financial institutions?

 Yes, going forward, the UPI-Pay Now interlinkage can be expected to cover more banks and financial institutions in India.

When I will be able to use my UPI app for doing transactions using the UPI-Pay Now linkage?

The participating banks will be rolling out an update in their respective UPI apps in a phased manner and the customers will have to update their UPI app to enable the global remittances feature.

“With India being one of DBS’ biggest markets for overseas remittances, retail customers, especially migrant workers, will now have another convenient option to send money to their loved ones back home,” says Shee Tse Koon, Singapore Country Head of DBS Bank.

Let’s understand how the UPI –Pay Now interlinkage will benefit India’s economy.

This collaboration will help in boosting trade and investment between India and Singapore. This will help businesses to expand in other markets.

The UPI – Pay Now interlinking will further anchor trade, travel, and remittance flows between the two countries and lower the cost of cross-border remittances.  During 2021-22, India received foreign inward remittances of $89,127 million which was the highest ever inward remittances received in a single year.

The facility will boost the MSME sector. The budget has revamped the credit guarantee scheme to provide MSMEs with more collateral-free credit and also introduced tax exemptions, and better connectivity to boost the MSME sector in tier 2 and tier 3.


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