Editor’s note: The India–Singapore instant-payments corridor is being built in layers. July’s expansion pumped in more banks and signaled “live” status for everyday users.
What’s new
In mid-July, India’s payments body announced that 13 additional Indian banks had joined the UPI–PayNow corridor, bringing the participating Indian bank count to 19. Later reports confirmed the linkage is now fully operational for real-time remittances between India and Singapore across supported channels. For travelers, some outlets at Changi Airport reportedly began accepting UPI payments through the linkage, a visible sign that consumer-side acceptance is gathering pace.
Why it matters
For the roughly one-tenth of Singapore’s residents who are Indian nationals or of Indian origin, lower-cost instant remittances reduce friction in family support and business payments. For SMEs, the long-term possibility is uniform QR acceptance and “request to pay” across borders. For banks, the challenge now shifts to managing fraud and limits while preserving the instant experience. Adding many institutions at once stresses reconciliation, chargeback logic and sanctions screening. Clear limits, transparent fees and consistent user messaging will be as important as the technical link itself.
Consumer checklist
Before sending, confirm the sending bank’s per-transaction and daily caps and any foreign exchange margin. Start with a small test payment, ensure the recipient’s alias or phone identifier is exact, and keep the reference number. If you intend to rely on the linkage for recurring payments, check whether your bank supports scheduled payments and whether your recipient’s bank or wallet imposes additional limits.
What to watch next
Two tracks matter. First, service quality: success rates, typical end-to-end times, and the clarity of failure messages. Second, the broader project to interconnect multiple instant systems—BIS’s Project Nexus aims for a multi-country backbone by 2026, with Singapore and India among the founding group. If timelines hold, the corridor’s utility will compound as more rails plug in.
Bottom line
The corridor is moving from pilot novelty to everyday tool. As more banks join, the user benefit rises—provided providers invest in fraud controls, clear pricing and human-readable error handling.
Sources:
NPCI/NIPL and trade-press reports on the 13-bank expansion in July 2025; subsequent articles noting “fully operational” status; MAS background on cross-border linkages and the BIS Nexus timeline.
Citations: The Economic TimesIBS IntelligenceETBFSI.commas.gov.sgReuters
About the Author
Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen.
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