{"id":228471,"date":"2023-02-24T20:41:35","date_gmt":"2023-02-24T15:11:35","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=228471"},"modified":"2023-02-24T20:41:35","modified_gmt":"2023-02-24T15:11:35","slug":"safe-across-borders-on-unified-payments-interface-paynow-link","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/safe-across-borders-on-unified-payments-interface-paynow-link\/","title":{"rendered":"Safe across borders: On Unified Payments Interface-PayNow link"},"content":{"rendered":"\n<p><strong>Source<\/strong>: This post is based on the article \u201cSafe across borders\u201d, published in The Hindu on 24<sup>th<\/sup> feb. 2023.<\/p>\n<p><strong>Syllabus Topic<\/strong>: GS Paper 3, Money and Banking.<\/p>\n<p>News: Recently, India and Singapore enabled faster transfer of remittances between both countries by enabling integration of Unified Payments Interface(UPI) with Singapore\u2019s PayNow.<\/p>\n<p><a href=\"https:\/\/forumias.com\/blog\/indias-upi-and-singapores-paynow-are-now-integrated-what-it-means-who-benefits\/\">Read more<\/a><\/p>\n<p>The daily transaction limit is set at \u20b960,000 or about SGD 1,000.<\/p>\n<h2><strong>Significance of Cross-border integration of Payment Interfaces<\/strong><\/h2>\n<ol>\n<li>It is the beginning of real-time cross-border person-to-person money transfers.<\/li>\n<li>Singapore is home to a sizeable Indian diaspora as well as tens of thousands of migrant workers employed in Singapore.<\/li>\n<li>It enables individuals to quickly and safely remit money. It will save them the hassle of running to bank branch or a wire transfer facility\u2019s outlet or costly hawala transactions.<\/li>\n<li>It will eliminate the use of external settlement currency like US Dollar.<\/li>\n<li>Singapore has already established payment settlement facility with Thailand in 2021. It is also the member of larger five-member initiative among the central banks of Southeast Asian economies, to connect their domestic digital payment systems. India could become a part of this initiative.<\/li>\n<li>Besides boost to regional trade and tourism, such a network would help India to further formalise the flow of inbound remittances.<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: This post is based on the article \u201cSafe across borders\u201d, published in The Hindu on 24th feb. 2023. Syllabus Topic: GS Paper 3, Money and Banking. News: Recently, India and Singapore enabled faster transfer of remittances between both countries by enabling integration of Unified Payments Interface(UPI) with Singapore\u2019s PayNow. Read more The daily transaction&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/safe-across-borders-on-unified-payments-interface-paynow-link\/\">Continue reading <span class=\"screen-reader-text\">Safe across borders: On Unified Payments Interface-PayNow link<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[216,10498],"class_list":["post-228471","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-3","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/228471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=228471"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/228471\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=228471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=228471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=228471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}