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.