India’s UPI and Singapore’s PayNow integration | @SarthiAcademy | Anish Sir #currentaffairs #gpsc

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What India’s UPI and Singapore’s PayNow integration mean?

India’s real-time retail payment system Unified Payments Interface (UPI), which has allowed for quick digital payments through apps like BharatPe and Paytm, and its equivalent network in Singapore called PayNow, were integrated today to enable faster remittances between the two countries at a competitive rate. Reserve Bank of India’s Governor Shaktikanta Das and the Monetary Authority of Singapore’s (MAS) Managing Director Ravi Menon launched the new linkage, in the presence of Prime Minister Narendra Modi and Singapore’s Prime Minister Lee Hsien Loong. Unified Payments Interface (UPI) is India’s mobile-based fast payment system, which facilitates customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer. It eliminates the risk of sharing bank account details by the remitter. UPI supports both Person-to-Person (P2P) and Person-to-Merchant (P2M) payments and it enables a user to send or receive money.

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