PayNow-UPI Linkage Expands: Liquid Group Customers Can Now Send and Receive Real-Time Funds with 19 Indian Banks

Singapore — 1 August 2025 — Liquid Group welcomes the expansion of the PayNow-UPI (PN-UPI) cross-border payment linkage, a joint initiative by the Monetary Authority of Singapore (MAS) and the Reserve Bank of India (RBI). As a participant in the PayNow-UPI linkage, Liquid Group enables its LiquidPay e-money account (Liquid Account) users in Singapore to seamlessly send and receive funds to and from India. LiquidPay users can transfer money using the recipient’s UPI ID, while users in India can remit to LiquidPay users using PayNow-linked Virtual Payment Addresses (VPAs).

The latest phase connects 13 additional Indian banks, bringing the total number of participating Indian banks to 19.  It allows users from a wider network of banks and UPI-enabled apps, including PhonePe, Google Pay, and BHIM to access real-time, low-cost fund transfers between the two countries.  

Jeremy Tan, CEO of Liquid Group, said: “This expansion highlights the growing importance of interoperability and collaboration between national payment systems. As an active participant in Singapore’s PayNow ecosystem, Liquid Group is proud to support this step forward in cross-border connectivity and to make it easier for our partners and their customers to access the expanded UPI-PayNow network.”

A Seamless Experience for Cross-Border Remittances

As of 17 July 2025, the PayNow-UPI linkage has expanded to connect users in Singapore to 19 Indian banks—broadening the network for cross-border remittances.

The participating banks are:
Axis Bank, Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, DBS Bank India, Federal Bank, HDFC Bank, ICICI Bank, IDFC FIRST Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, South Indian Bank, State Bank of India, and UCO Bank.

Outward remittances from India to Singapore can now be processed via:
Canara Bank, HDFC Bank, Karur Vysya Bank, ICICI Bank, Indian Bank, Indian Overseas Bank, and State Bank of India.

Faster, Simpler, and More Inclusive

This expansion enhances the convenience and reach of cross-border payments for personal use—supporting needs such as family remittances and education expenses. Users can rely on familiar identifiers like UPI IDs and PayNow-linked VPAs, avoiding the need to input full bank account details.

To use the service, users must ensure that international transfers are enabled within their e-wallet or banking app settings. Some applications may require users to toggle on cross-border features before transacting.

With growing remittance flows between Singapore and India, Liquid Group remains committed to enabling secure, transparent, and inclusive digital payments across borders.

About Liquid Group

Liquid Group is a leading fintech, headquartered in Singapore. It specializes in global digital payment solutions with the mission to make C2B, P2P, and B2B cross-border transactions more seamless, secure, and efficient for businesses and individuals.

The company operates an advanced interoperable QR switch network, enabling seamless acceptance of multiple local and international e-wallets and card scheme-linked digital wallets across multiple merchant acquirers and networks in the Asia-Pacific region and beyond.

As a Major Payment Institution (MPI) regulated by the Monetary Authority of Singapore (MAS), Liquid Group is authorized to conduct account and e-money issuance, merchant acquisition, as well as domestic and cross-border money transfers. Liquid Group is also a proud member of Singapore’s PayNow scheme and a participant in the FAST payment system.

For more information, please visit: https://liquidgroup.sg/

Media Contact:
Anna Karlsson
HP: +65 9272 7989
Email: anna.karlsson@liquidgroup.sg

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