India and Singapore launch joint digital payment mechanism

India and Singapore launch joint digital payment mechanism

Daily Current Affairs   /   India and Singapore launch joint digital payment mechanism

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Category : International Published on: February 23 2023

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  • India and Singapore launched a joint digital payment system.
  • This system will facilitate citizens of both the countries to do cross border transactions at a faster and smoother pace.
  • Unified Payments Interface (UPI) of India and ‘PayNow’ of Singapore have made a tie-up to facilitate these transactions.
  • The facility was jointly launched by Reserve Bank of India Governor Shaktikanta Das and Managing Director of the Monetary Authority of Singapore Ravi Menon.
  • This system will help in increasing the trade between the two countries.
  • This real-time payment system will help the Indian diaspora in Singapore, especially migrant workers and students.
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