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India, Singapore launches UPI-PayNow Linkage | Daily Current Affairs Dose

India, Singapore launches UPI-PayNow Linkage | 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 launches UPI-PayNow Linkage.

Our Daily Current Affairs Dose 2023 will help you to crack the General Awareness section of Banking Insurance SSC Railway UPSC and all government jobs exams.

India, Singapore launches UPI-PayNow Linkage | Daily Current Affairs Dose

India, Singapore launches UPI-PayNow Linkage: Prime Minister Narendra Modi and Prime Minister of Singapore Lee Hsien Loong participated in the virtual launch of real time payment linkage between the Unified Payments Interface (UPI) of India and PayNow of Singapore.

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India, Singapore link Fast Payment Systems – UPI and PayNow: Key Highlights

India and Singapore link their Fast Payment Systems – Unified Payments Interface (UPI) and PayNow: Shaktikanta Das, Governor of Reserve Bank of India and Ravi Menon, Managing Director, Monetary Authority of Singapore made live cross-border transactions to each other using their respective mobile phones.

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.

Read: India-Singapore Maritime Bilateral Exercise SIMBEX 2022 held in Visakhapatnam | Daily Current Affairs Dose

Singapore is the first country with which a cross-border Person to Person (P2P) payment facility has been launched. This will help the Indian diaspora in Singapore, especially migrant workers/students and bring the benefits of digitalisation and FINTECH to the common man through instantaneous and low-cost transfer of money from Singapore to India and vice-versa. Acceptance of UPI payments through QR codes is already available in selected merchant outlets in Singapore.

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 Singapore

  • 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)

Important facts for upcoming exams from India

  • President of India: Droupadi Murmu 
  • Vice President of India: Jagdeep Dhankhar
  • Prime Minister of India: Narendra Modi 
  • Chief Justice of India: Justice DY Chandrachud 
  • Lok Sabha Speaker of India: Om Birla 
  • Capital of India: New Delhi 
  • Largest city of India: Mumbai 
  • Official languages of India: Hindi / English 
  • Currency of India: Indian rupee (₹) (INR) 
  • Total Population of India 2018 estimate: Neutral increase 1,352,642,280

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