Sign In
Learn bits
Economy
Pradeep Kumar

15/09/21 10:30 AM IST

India, Singapore to link digital payment systems

In news

The central banks of India and Singapore will link their digital payment systems for “instant, low-cost fund transfers”

Details
  • The linkage, which is targeted for operationalisation by July 2022, is expected to incentivise more retail investors to access global markets and make fund transfer cheaper.
  • The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on Tuesday announced a project to link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow.
  • 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 onboarded onto the other payment system.
Unified Payments Interface (UPI)
  • Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
  • It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.
Source: Indian Express

More Related Current Affairs View All

28 Aug

UGC’s Learning Outcomes-based Curriculum Framework

'Recently, the University Grants Commission (UGC) issued a public notice on its development of a draft Learning Outcomes-based Curriculum Framework (LOCF).' LOCF is intended to

Read More

22 Aug

Uttarakhand State Authority for Minority Education (USAME) Bill, 2025

'The Uttarakhand Assembly on Wednesday passed the Minority Education Bill, 2025, extending minority status benefits to institutions run by the Sikh, Jain, Buddhist, Christian, and

Read More

22 Aug

India needs a national space law urgently

'A nation with a strong base in science and technology is a nation with a strong backbone” — these words of A.P.J. Abdul Kalam ring truer than before as India celebrate

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps