📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    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.

    Practice Next
    More Beepedia Questions
    ask-question