Which of the Following is true regarding UPI? ( January 2023 ) I - It is an advanced version of Immediate Payment Service ( IMPS )- round – the - clock funds transfer service to make cashless payments faster, easier and smoother . II - UPI is currently the biggest among the National Payments Corporation of India ( NPCI ) operated systems III - Digital transactions through UPI recorded phenomenal growth during the pandemic year 2020 - 21 and several countries have evinced interest to learn from Indian experience so that they could replicate the model .