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PhonePe, Paytm, SBI and others go live on India-Singapore cross-border UPI-based payments

Economic Times

Economic Times · 2y ago

PhonePe, Paytm, SBI and others go live on India-Singapore cross-border UPI-based payments

The cross-border linkage between India's Unified Payments Interface (UPI) and Singapore's PayNow is now live on BHIM, PhonePe, and Paytm, allowing the Indian diaspora in Singapore to send funds directly to their Indian bank accounts using UPI. Several banks and third-party applications, including Axis Bank, ICICI Bank, Bank of Baroda, and HDFC Bank, are already offering this service, with more expected to join soon. This collaboration between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) enables instant, secure, and cost-effective fund transfers between the two countries.

Related News

Now, PhonePe Users Can Pay Via UPI In Singapore

Inc42 · 1y ago

Now, PhonePe Users Can Pay Via UPI In Singapore

The Singapore Tourism Board (STB) and Indian fintech giant PhonePe have formed a strategic partnership to promote Unified Payments Interface (UPI) payments for Indian tourists in Singapore. Indian visitors can now use the PhonePe app at over 8,000 merchants in Singapore. The collaboration builds on the existing UPI linkage between India and Singapore, allowing customers to make cross-border transactions directly from their Indian bank accounts. Both STB and PhonePe will invest in joint marketing efforts across India and Singapore as part of the partnership.

PhonePe users can now make payments through UPI in Singapore

Economic Times

Economic Times · 1y ago

PhonePe users can now make payments through UPI in Singapore

Fintech company PhonePe has partnered with The Singapore Tourism Board (STB) to allow its users to make payments through UPI in Singapore. This collaboration builds upon the existing UPI linkage between India and Singapore, enabling customers to make cross-border transactions directly from their Indian bank accounts. The two-year strategic partnership aims to promote UPI payments for Indian visitors in Singapore, with joint marketing efforts and seamless payment experiences across key tourism hotspots. PhonePe, valued at over $10 billion, processes over 230 million daily transactions with an annualised TPV of over $1.5 trillion.

IndianGovt and RBI Discuss Linking Alipay+ with UPI

StartupTalky

StartupTalky · 6d ago

IndianGovt and RBI Discuss Linking Alipay+ with UPI

The Indian government and the Reserve Bank of India (RBI) are in discussions to link Alipay+ with India’s Unified Payments Interface (UPI) to enhance digital payments. The initiative aims to enable Indian tourists to use UPI at Alipay+-registered merchants globally, expanding UPI's international network. Alipay+, part of Singapore-based Ant International, offers cross-border payment solutions, while UPI has shown significant growth, processing a record 228 billion transactions valued at INR 300 trillion in 2025.

Razorpay Curlec to enable UPI payments in Malaysia

Entrackr

Entrackr · 3m ago

Razorpay Curlec to enable UPI payments in Malaysia

Razorpay, through Razorpay Curlec, has partnered with NPCI International Payments Limited (NIPL) to enable UPI payments in Malaysia. Indian travellers will be able to pay Malaysian merchants using UPI apps, with settlement in Malaysian Ringgit (RM). The integration removes the need for cash or international cards for Indian visitors. Malaysian merchants will receive payments in local currency through Razorpay Curlec. Razorpay Curlec will offer UPI acceptance to businesses across sectors including retail, travel, hospitality, and small enterprises. In 2024, more than one million Indian tourists visited Malaysia and spent over Rs 110 billion. The partnership aims to simplify cross-border payments and improve payment acceptance for merchants serving Indian visitors. UPI processed 19.6 billion transactions in India in September 2025. The arrangement gives Malaysian businesses access to Indian UPI users and supports cross-border payments with instant settlement. Razorpay Curlec currently supports recurring payments, card payments, payouts, subscription management, and billing solutions for businesses in Malaysia. The company will use the partnership to expand its cross-border payment stack and merchant network. NIPL focuses on expanding UPI and RuPay outside India through partnerships with payment service providers and central payment networks. The Malaysia launch is part of NIPL’s plan to enable UPI acceptance in international markets. UPI has expanded to several new countries, including France and the UAE, with agreements in place for Namibia, Trinidad and Tobago, and Peru. It is already operational in Bhutan, Singapore, Sri Lanka, Mauritius, and Nepal, and recently went live in Qatar.

Razorpay Walks The Tightrope Of Regulations And Profits

Inc42 · 1y ago

Razorpay Walks The Tightrope Of Regulations And Profits

Harshil Mathur, the co-founder and CEO of Razorpay, believes that regulations are beneficial for the fintech industry. According to industry experts, Razorpay is one of the leading players in India's payments gateway and payment aggregator market. However, there are challenges such as low margins for payment aggregators and revenue sharing agreements with banks and other entities. The dominance of UPI platforms like PhonePe and Paytm in India's digital payments space also poses a challenge for Razorpay. Nevertheless, the company is looking to diversify its business streams by venturing into cross-border payments.

UPI-PayNow: International remittance enabled for these 13 new banks by NPCI; Know the details - The Economic Times

Economic Times

Economic Times · 6m ago

UPI-PayNow: International remittance enabled for these 13 new banks by NPCI; Know the details - The Economic Times

The National Payments Corporation of India (NPCI) has expanded the UPI-PayNow international remittance service to include 13 additional Indian banks, allowing for real-time cross-border transfers to Singapore, effective July 17, 2025. This expansion increases the total to 19 participating banks, enabling a wider customer base to remit funds efficiently. The UPI-PayNow integration offers secure, cost-effective, and instant transactions, enhancing financial connectivity between India and Singapore, and benefiting the Indian diaspora in Singapore.

Now, Indians Can Pay Using UPI In Nepal

Inc42 · 1y ago

Now, Indians Can Pay Using UPI In Nepal

The National Payments Corporation of India (NPCI) has announced that the Unified Payment Interface (UPI) is now live in Nepal, following a signed pact between NPCI International Payments Ltd (NIPL) and Fonepay Payment Service. The partnership will enable Indian consumers to make instant, secure, and convenient UPI payments across various stores in Nepal, facilitating QR-code-based person-to-merchant transactions between the two countries. This digital connection aims to strengthen people-to-people ties and promote economic prosperity in the region. Similar cross-border UPI deployments have been made in countries such as Sri Lanka, Mauritius, Bhutan, UAE, and Canada.

Sharma's Paytm UPI payments drop further in March; PhonePe show gains

IndianStartupNews

IndianStartupNews · 1y ago

Sharma's Paytm UPI payments drop further in March; PhonePe show gains

PhonePe, the UPI payments platform, has surpassed Paytm in terms of monthly active users (MAUs) on their merchant apps. PhonePe experienced a 20% increase in MAUs, reaching approximately 11 million, while Paytm saw a 20% decline, dropping to around 9 million MAUs. The shift is attributed to the Reserve Bank of India's recent sanctions against Paytm, leading to a decrease in active users. PhonePe also dominates the consumer-facing UPI payments app market, holding a 50% market share compared to Google Pay and Paytm Payments Bank.

UPI processes 20.47 Bn transactions in November

Entrackr

Entrackr · 2m ago

UPI processes 20.47 Bn transactions in November

UPI processes 20.47 Bn transactions in November This marks the third time since its launch that UPI has crossed 20 billion monthly transactions, the earlier instances being in October and August this year. Unified Payments Interface recorded 20.47 billion transactions in November 2025, slightly below the 20.70 billion transactions reported in October, according to fresh data from NPCI. Despite the marginal month-on-month decline, UPI transactions grew 32% year on year. In terms of value, UPI reported Rs 26.32 lakh crore in November compared to Rs 27.28 lakh crore in October. While the annual growth rate stood at 22%, the monthly dip points to a mild cool off after October which was driven by festival-related spending. Average daily transactions rose to 682 million, while the average daily transaction value stood at Rs 87,721 crore, slightly below October which reported Rs 87,993 crore. In October, PhonePe continued to dominate the ecosystem with 9.4 billion UPI transactions, well ahead of Google Pay and Paytm. NPCI has not yet released the UPI app-wise distribution for November. UPI, launched by NPCI in 2016, has expanded steadily beyond India through NPCI International to enable merchant payments and cross-border transactions. It is already live in countries such as Singapore, UAE, Bhutan, Nepal, France, Sri Lanka, and Mauritius, with more overseas partnerships currently under rollout. Recently, the Reserve Bank of India said that UPI will be interlinked with TARGET Instant Payment Settlement, the instant payment system operated by the Eurosystem.

Flipkart Partners With Axis Bank To Hop Onto UPI Bandwagon

Inc42 · 1y ago

Flipkart Partners With Axis Bank To Hop Onto UPI Bandwagon

Walmart-backed ecommerce giant Flipkart has launched its own payment offering, Flipkart UPI, in partnership with Axis Bank. The UPI handle will enable online and offline transactions, including e-commerce, recharges, and bill payments, and will compete with players like Amazon Pay, Paytm, PhonePe, and Google Pay. The launch aims to provide convenience and zero-cost solutions for payments and will offer loyalty perks such as cashback, rewards, and brand vouchers. Additionally, Flipkart Internet, Flipkart's marketplace arm, raised INR 924 crore ($111 million) from its related entities based in Singapore.

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