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.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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