Yono-UPI connections through Pay Now will give a big reach to transactions between Singapore and India

On Wednesday, the State Bank of India said that the plan to link Yono-UPI through Pay Now will have a positive impact on the transactions coming from Singapore to India. 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. "For future improvements, SBI Singapore is considering integrating with UPI. UPI is a Government of India initiative system that operates multiple bank accounts through a single interface," SBI Singapore Chief Executive Officer MP Siva told PTI on Wednesday.

"The plan for YONO-UPI integration through PayNow will provide a bigger reach for transactions coming from Singapore to India," he said. Siva further said Singapore is one of the most important markets and we would like to be the best in providing services as it already has a wide range of digital transactions.

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, and 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, an acronym for You Only Need One, SBI Singapore operations' banking app, has been designed with a secure and strong platform, including YONO Global's user interface and experience, and offering similar services to retail banking leaders in Singapore. India's largest trading and investment ally in South Asia is Singapore. YONO Singapore, having been inaugurated in October 2024, will have 1,500 financial year downloads.