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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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