Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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INDIA, SINGAPORE TO LAUNCH DIGITAL PAYMENT SYSTEM
- India and Singapore will virtually witness the launch of cross-border connectivity between the Unified Payments Interface (UPI) of India and PayNow of Singapore.
- The launch will be done by Governor, RBI, and MD, Monetary Authority of Singapore. India has emerged as one of the fastest-growing ecosystems for fintech innovation.
- “India is driving the globalisation through bestin-class digital payment infrastructure.
- A key emphasis of the PM has been on ensuring that the benefits of UPI are not limited to India only, but other countries too benefit from it,” it .
- The linkage of the payment systems would enable residents of both countries in faster and cost-efficient transfer of cross-border remittances.
SOURCE: TIMES OF INDIA, THE INDIAN EXPRESS.
