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    Question

    Which of the following statements about the

    Unified Payment Interface (UPI) is/are incorrect? I.              It is an advanced version of Immediate Payment Service (IMPS). II.            It is a system that powers multiple bank accounts into a single mobile application. III.           NPCI launched UPI with 21 member banks in 2016.
    A I Correct Answer Incorrect Answer
    B I & II Correct Answer Incorrect Answer
    C III Correct Answer Incorrect Answer
    D All statements are correct Correct Answer Incorrect Answer
    E All statements are incorrect Correct Answer Incorrect Answer

    Solution

    It is an advanced version of Immediate Payment Service (IMPS). UPI is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. NPCI launched UPI with 21 member banks in 2016. Top UPI apps today include PhonePe, Paytm, Google Pay, Amazon Pay and BHIM.

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