CURRENT AFFAIRS

Detailed explanation-1: -NIPL and NEOPAY, the payment subsidiary of Mashreq bank, partnered last year to create the acceptance infrastructure in the UAE. With the acceptance of BHIM UPI in the UAE, Indian tourists can now make seamless payments through BHIM UPI across NEOPAY enabled shops and merchant stores.

Detailed explanation-2: -In the previous fiscal year, UPI enabled 45.6 billion transactions worth $1 trillion, making it the best performing real-time payment ecosystem in the world.

Detailed explanation-3: -The NPCI has enabled UPI transactions from mobile numbers including USA, UK, Singapore, UAE and Australia. Non-resident account types like NRE/NRO that have international mobile numbers will now be allowed to transact with UPI, according to a notice by the National Payments Corporation of India (NPCI).

Detailed explanation-4: -UAE, Saudi Arabia, Qatar and Oman are the GCC countries in the list for NRIs to digitally transfer funds using the UPI platform from their non-residential (NRE/NRO) accounts.

Detailed explanation-5: -Non Resident Indians (NRIs) in 10 countries can access UPI services for transactions without having to depend on their India phone number. The countries are Singapore, US, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, UAE and UK.