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India, Singapore to link their Fast Payment Systems – Unified Payments Interface (UPI) and PayNow | Daily Current Affairs Dose

india-singapore-to-link-their-fast-payment-systems-unified-payments-interface-upi-and-paynow-daily-current-affairs-dose
India, Singapore to link their Fast Payment Systems – Unified Payments Interface (UPI) and PayNow | Daily Current Affairs Dose

Dear Aspirants, EducationBro is here with a Daily Current Affairs Dose. In this session, we will make the candidates aware of the daily current affairs topics, which will improve their general awareness, while also taking care that the candidates should not have any shortage of trending current affairs related to any country and abroad. Today’s Current Affairs topic is India, Singapore to link their Fast Payment Systems – Unified Payments Interface (UPI) and PayNow.

Our Daily Current Affairs Dose 2021 will help you to crack the General Awareness section of Banking Insurance SSC Railway UPSC and all government jobs exams.

India, Singapore to link their Fast Payment Systems – Unified Payments Interface (UPI) and PayNow | Daily Current Affairs Dose

India, Singapore to link their Fast Payment Systems – UPI and PayNow: The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) announce a project to link their respective fast payment systems viz. Unified Payments Interface (UPI) and PayNow. The linkage is targeted for operationalisation by July 2022.

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The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get on boarded onto the other payment system.

About Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is India’s mobile based, 'fast payment' system that facilitates customers to make round the clock payments instantly using a Virtual Payment Address (VPA) created by the customer. This eliminates the risk of sharing bank account details by the remitter. UPI supports both Person to Person (P2P) and Person to Merchant (P2M) payments as also it enables a user to send or receive money.

About PayNow Payment System

PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore. It enables users to send and receive instant funds from one bank or e-wallet account to another in Singapore by using just their mobile number.

Important facts for upcoming exams from the above Current Affairs Topic

  • Official languages of Singapore: English, Malay, Mandarin and Tamil
  • National language of Singapore: Malay
  • President of Singapore: Halimah Yacob
  • Prime Minister of Singapore: Lee Hsien Loong
  • Total Population of Singapore 2020 estimate: Neutral decrease 5,685,800 (115th)
  • Currency of Singapore: Singapore dollar (S$) (SGD)

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