CURRENT AFFAIRS

Detailed explanation-1: -After Bhutan and Singapore, NPCI has expanded to which country, to offer UPI-based payments? Notes: NPCI International Payments Ltd (NIPL), the international arm of NPCI, has entered the UAE market by partnering with NeoPay, the payment subsidiary of Mashreq Bank.

Detailed explanation-2: -NIPL (NPCI International Payments Limited), which deploys the RuPay and UPI payment systems outside India, is forging partnerships with countries like Singapore, UAE, Malaysia, France, BENELUX markets – Belgium, the Netherlands and Luxembourg – and Switzerland, among others, to use India’s payment systems.

Detailed explanation-3: -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.

Detailed explanation-4: -UPI Integration With PayNow To Go Live Soon: Singapore Central Bank Official. The integration of India’s Unified Payments Interface (UPI) with its Singaporean counterpart PayNow is expected to go live soon.