DBS Statement and Spokesperson Quote
The Monetary Authority Singapore (MAS) and the Reserve Bank of India (RBI) today launched the PayNow-UPI linkage – the real-time payments systems linkage between Singapore’s PayNow and India’s Unified Payments Interface (UPI) – where DBS Bank is the first and only participating bank from Singapore.
From today, PayNow-UPI will be progressively rolled out to familiarise DBS/POSB customers with the new service. For a start, selected DBS/POSB customers can use PayNow-UPI to transfer funds of up to SGD200 per transaction, capped at SGD500 per day. By 31 March 2023, the service will be extended to all customers who can transfer funds of up to SGD1,000 a day.
Mr Shee Tse Koon, Singapore Country Head, DBS Bank, said, “We are pleased to be part of this momentous partnership between Singapore and India to launch the new PayNow-UPI linkage. As the world becomes increasingly globalized and interconnected, we believe in collectively harnessing technology to expand access to fast and seamless cross-border payment services. With India being one of DBS’ biggest markets for overseas remittances, this is a welcome addition to our wide-ranging suite of payment solutions for SMEs, retail customers and especially migrant workers, who now have another convenient option to send money to their loved ones back home.”
Currently, DBS/POSB customers are able to make overseas payments and funds transfers across more than 200 destinations via a wide range of DBS payments solutions, including:
– DBS Remit: Overseas remittances with no transfer fee
– Outward Telegraphic transfer: Overseas funds transfers online
– PayNow-PromptPay linkage: Real-time funds transfers between Singapore and Thailand via PayNow
– Scan to Pay with DBS PayLah!: Scan to pay both locally and overseas at over 40 million acceptance points worldwide
These solutions have been growing in popularity over the years, serving the remittance and payments needs across markets and communities. DBS Remit continues to appeal to migrant workers and migrant domestic workers in Singapore – in 2022, the total value of remittances made by the migrant worker community grew 25% year-on-year. DBS Remit also attracted 63% more new customers who remitted funds to India in 2022 compared to 2021.
Usage of DBS PayLah! Overseas has also grown over the past year due to easing cross-border travel restrictions and travel spending returning to pre-pandemic levels in most markets. Since August 2022, DBS PayLah! Users have been making QR payments instead of traditional cash payments at more than 8 million Scan to Pay acceptance points in Thailand, including at BTS sky trains, convenience stores and weekend/night markets. The number of transactions has tripled since the launch.
Since its launch in May 2021, the PayNow-PromptPay fund’s transfer service has also gained traction. By the end of 2022, the number of PayNow-PromptPay transactions and customers quadrupled.