Correct Answer : Option (B) - PayNow
Unified Payments Interface (UPI) has revolutionized the payments industry in India and has enabled people to make transactions in a much simpler and faster way. In fact, UPI and processes over 3 billion transactions each month. Recently, its Autopay technology was accepted by streaming service majors Netflix and Hotstar, showing the promise of the technology. 14-09-2021, UPI marks another chapter in its history, as the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) have joined forces to enable instant, low-cost fund transfers and link their fast payment systems – India’s UPI and Singapore’s PayNow.
According to the RBI, the linked interface is expected to be operational by July 2022, allowing users from both countries to make low-cost, instant transfers of funds on a reciprocal basis without resorting to other payment systems.