CURRENT AFFAIRS

Detailed explanation-1: -Answers. Acemoney has launched UPI 123Pay payment and wearable ATM cards.

Detailed explanation-2: -On Tuesday, the Reserve Bank of India (RBI) launched UPI Lite for feature phones, allowing Indian users to enable offline transactions with minor restrictions.

Detailed explanation-3: -The wearable ATM cards are gadgets designed as key chains and rings that enable people to carry out cashless transactions without ATM cards and phones.

Detailed explanation-4: -The first ATM in India was set up in 1987 by HSBC in Mumbai. In the following ten years, about 1500 ATMs were set up in India. In 1997, the Indian Banks’ Association (IBA) set up Swadhan, the first network of shared ATMs in India.