The linkage provides a convenient (24/7), secure and cost-effective means for customers of participating Banks and Non-Bank Financial Institutions (NFIs) in Singapore and India to perform cross borders transfers.

Unified Payments Interface, or UPI in short, is an instant real-time payment system developed by National Payments Corporation of India which facilitates inter-bank peer-to-peer transactions.

2 PayNow members are participating in this scheme:

• DBS
• Liquid Group

6 UPI banks are participating in this scheme:

• Axis Bank
• DBS India
• ICICI Bank
• Indian Bank
• Indian Overseas Bank

Once the PayNow-UPI linkage is established, further participants (both banks and NFIs) may be onboarded to offer this service to their customers.

To use the PayNow-UPI service, you will need to be registered for PayNow. By registering for PayNow, you agree to the Terms and Conditions Governing Accounts and Terms and Conditions Governing Electronic Services, which apply to both the PayNow service and the PayNow-UPI service.

Please note you will receive a notification if your funds are successfully transferred to your recipient. The first notification indicates a successful submission of your request. An additional notification will be sent to you when the transfer has been successfully, or unsuccessfully made to the recipient. You can also refer to your bank account balance to check if the funds have been successfully debited.

As part of the PayNow-UPI service, a sender may ‘look up’ a UPI ID Proxy to see the name which is associated with that UPI ID Proxy, before initiating a transfer. The purpose of this feature is to provide the sender with a degree of assurance that he will be transferring the funds to his intended recipient, and so help to prevent erroneous transfers.

The process is the same as with the current PayNow process. Instead of keying in a PayNow user mobile number (e.g.: +6512345678) or VPA (e.g.: +6512345678#XNAP), you will need to request your India recipient (beneficiary) to provide you their registered UPI ID and key in that UPI ID.

Examples of UPI ID are:

• 8291847137@xxxxx
• divyanag@xxxxx
• divya-nag@xxxxx
• divya.nag@xxxxx

For the current phase, the recipient in India (beneficiary) should be an account holder who has a UPI ID with any of the below participating banks (i.e., recipient should have an account with one of the 6 Indian participating banks and should also have UPI ID of the same bank).

Thus, the account and the UPI handle of the recipient’s should be any of the combinations given below:

Your recipient needs to have registered for UPI with one of the India banks participating in PayNow-UPI.

The account and the UPI handle of the recipient’s should be any of the combinations given below:

Currently, we do not charge any fees for PayNow-UPI service.

However, for recall of funds from India recipient, there will be a recall fee of INR750. The amount will also be subject to FX losses, depending on the prevailing rate.

Yes, you will receive email notifications to your DBS-registered email address.