New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    The country ’ s flagship payments platform, the

    Unified Payments Interface ( UPI ) , PayNow payment system has launched a real - time cross - border payment linkage system . Paynow payment system belongs to ____ _.
    A HongKong Correct Answer Incorrect Answer
    B Singapore Correct Answer Incorrect Answer
    C Taiwan Correct Answer Incorrect Answer
    D Philippines Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

       In the first such collaboration for India, the country ’ s flagship payments platform, the Unified Payments Interface ( UPI ) , and Singapore ’ s PayNow payment system have launched a real - time cross - border payment linkage system .     The linkage will enable users to transfer funds held in bank accounts or e - wallets to and from India using only the UPI ID, mobile number, or Virtual Payment Address ( VPA ).     Initially, Indian users can remit up to Rs 60,000 ( approximately 1,000 Singapore dollars ) a day .      Apart from marking India ’ s maiden cross - border real - time, person - to - person payments linkage, the partnership between the UPI and PayNow marks the world ’ s first to feature cloud - based infrastructure and participation by non - bank financial institutions .

    Practice Next

    Relevant for Exams: