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Which countries have agreed to explore the possibility of accepting RuPay and Mir cards for easy payments?
A)
India and Russia
B)
India and France
C)
India and Japan
D)
India and United States

Correct Answer :   India and Russia


India and Russia have agreed to explore the possibility of accepting each other's payment cards, RuPay (India) and Mir (Russia), for hassle-free payments between the two countries.

During the latest meeting of the Internal Governmental Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), which was jointly chaired by External Affairs Minister of India S Jaishankar and Russia's Deputy Prime Minister Denis Manturov, the decision was made.

Mutual acceptance of RuPay and Mir cards will facilitate transactions in Indian rupees and Russian rubles, making it easier for citizens of both countries to carry out cross-border payments.

In addition, the meeting also explored the possibility of interaction between India's Unified Payments Interface (UPI) and Russia's Faster Payments System (FPS).

Both countries also agreed to explore the adoption of the Russian financial messaging system, the Services Bureau of Financial Messaging System of the Bank of Russia, for cross-border payments.

Currently, overseas payments from India and Russia are made through the SWIFT network, and exploring alternative payment options is necessary to minimize the impact of sanctions imposed on Russia by the West.

The meeting's participants also discussed the recent launch of the cross-border connectivity between UPI and Singapore's PayNow. This linkage enables people in both countries to undertake faster and cost-efficient digital transfers, benefiting the Indian diaspora in Singapore, including migrant workers and students...

Source : Business Today

Published On : May 2, 2023
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