CURRENT AFFAIRS

Detailed explanation-1: -PayNow is the fast payment system of Singapore which enables peer-to-peer funds transfer service, available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore.

Detailed explanation-2: -The Monetary Authority of Singapore on Monday said integration of India’s Unified Payment Interface (UPI) and equivalent network in Singapore, known as PayNow, will begin anytime soon, which in turn will reduce the remittance cost by 10 per cent.

Detailed explanation-3: -FAST is an electronic funds transfer service that enables customers of the participating banks to transfer Singapore Dollar funds from one bank to another in Singapore almost instantly.

Detailed explanation-4: -In Singapore, cards are the most popular payment method with 7.7 million in circulation followed closely by bank transfers and NETS payments.