SBI: The linking of Yono and UPI through PayNow will give a big reach to transactions between Singapore and India, know the details
The plan to link Yono-UPI through PayNow will have a positive impact on transactions coming from Singapore to India. This was said by the State Bank of India on Wednesday. According to SBI, the Yono-UPI-PayNow linkage is happening at a time when the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) have announced plans to launch two new payment solutions in the middle of this year. This will enable e-payments for both corporate and retail check users. SBI Singapore Chief Executive Officer MP Shiva told PTI on Wednesday, “For future improvements, SBI Singapore is considering connecting to UPI. UPI is a Government of India initiative system that operates multiple bank accounts through a single interface.” He said, “The plan of Yono-UPI integration through PayNow will provide a big reach for transactions coming from Singapore to India.” Siva further said that Singapore is one of the most important markets and we would like to be the best in providing services, as there is already a wide range of digital transactions here.
With the YONO mobile app, customers will be able to manage their finances with just a few taps. From sending money to India, making bill payments, transferring funds from local payment systems such as MAS Electronic Payment System (MEPS), General Interbank Recurring Order (GIRO) and PayNow. “Managing transactions is very easy through the SBI mobile banking platform,” he said.
YONO, abbreviated to You Only Need One, the banking application for SBI Singapore operations has been developed on a secure and robust framework, incorporating the user interface and experience present in YONO Global and providing services similar to leading retail banks in Singapore. Singapore is one of India’s largest trade and investment partners in the Southeast Asian region. YONO Singapore was launched in October 2024 and is expected to have 1,500 downloads this financial year.
