CURRENT AFFAIRS

Detailed explanation-1: -Adding to this Anubhav Sharma, Head International Business - Partnership, Business Development & Marketing, NPCI International said, “We are excited to announce that we have partnered with PayXpert as our very first acquirer for UPI in the UK.

Detailed explanation-2: -NPCI International Signs MoU with PayXpert as UK’s first acquirer for UPI and RuPay. India’s NPCI signs MoU with PayXpert to introduce UPI payment and RuPay cards in the UK. The partnership of NPCI and PayXpert aims to make transactions easy for people traveling to the UK from India.

Detailed explanation-3: -In October 2021, the BHIM UPI platform surpassed a record of $100 billion in value (₹7.71 lakh crore) with over 4.2 billion digital transactions. Earlier in 2021, Bhutan became the first country to adopt the BHIM UPI for their digital transactions after the approval of the Royal Monetary Authority of Bhutan.

Detailed explanation-4: -In July 2021, Bhutan became the first country to adopt UPI standards for its QR deployment, and the first country in our immediate neighbourhood to accept mobile-based payments through the BHIM App.

Detailed explanation-5: -With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.