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SBI: Integration of YONO and UPI Through PayNow to Boost Transactions Between Singapore and India

The State Bank of India (SBI) has announced that the integration of its YONO platform with UPI through PayNow is expected to significantly enhance the inflow of transactions from Singapore to India. This move is seen as a major step in strengthening financial connectivity between the two nations.

YONO-UPI Integration Through PayNow

According to SBI, the YONO-UPI-PayNow linkage comes at a strategic time when the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are planning to launch two new payment solutions by mid-2025. These solutions aim to facilitate seamless e-payments for both corporate and retail users.

SBI Singapore Chief Executive Officer MP Shiva stated, “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.”

Positive Impact on Transactions

Shiva emphasized that the planned YONO-UPI integration through PayNow will provide extensive reach for transactions from Singapore to India. He added, “Singapore is one of the most important markets, and we aim to excel in providing services, leveraging the wide range of digital transactions already available here.”

Enhanced Digital Banking Experience with YONO

With the YONO mobile app, customers can effortlessly manage their finances. The app enables users to send money within India, make bill payments, and transfer funds from local payment systems such as MAS Electronic Payment System (MEPS), General Interbank Recurring Order (GIRO), and PayNow.

Robust Framework for Singapore Operations

YONO, an acronym for “You Only Need One,” has been developed on a secure and robust framework for SBI Singapore operations. It incorporates user-friendly features similar to YONO Global, offering services comparable to leading retail banks in Singapore. Singapore remains one of India’s largest trade and investment partners in the Southeast Asian region.

The YONO Singapore platform, which was launched in October 2024, is projected to achieve 1,500 downloads by the end of the current financial year.