Axis Bank, India’s third largest private sector bank, has enabled real-time cross-border transactions using the UPI Network. This effort is part of the Reserve Bank of India’s (RBI) and Singapore’s Monetary Authority’s (MAS) collaborative initiative to develop cross-border payments between India and Singapore. The Unified Payments Interface (UPI) of India and PayNow of Singapore will be linked to allow for faster and more cost-effective cross-border remittance transfers. On February 21st, 2023, Prime Minister Narendra Modi and Singapore Prime Minister Lee Hsien Loong virtually launched this cross-border connectivity.
Axis Bank will serve as the settlement bank for PayNow-based P2P foreign inward remittance transactions launched by the Liquid Group in Singapore. A remitter in Singapore can now commence a remittance by inputting the UPI ID of the intended recipient in India into the Liquid Group mobile application. The collaboration will enable users in both nations to make smooth money transfers. Transactions settled through the UPI PayNow network are available in real time 24 hours a day, seven days a week.
Axis Bank will currently settle these transactions for recipients who have an account with or are registered on the UPI Apps of the six banks – SBI, IOB, Indian Bank, ICICI, DBS, and Axis Bank.
Rina Penkar, Head – Product Development, NIPL, said, “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.”
Commenting on this milestone achievement, Satheesh Krishnamurthy, EVP & Head -Private, Premium Banking and Third Party Products, Axis Bank, said, “Axis Bank has been a leader in cross border payments and is committed to constantly improving the experience of customers. We are proud to have partnered with NPCI in this initiative, which has the potential to revolutionize international payments.”
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Commenting on this milestone achievement, Sanjeev Moghe, President & Head Cards and Payments, 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.”
