Current Affairs Exam > Current Affairs Questions > Consider the following statements:1. The Aadh...
Start Learning for Free
Consider the following statements:
1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).
2. AePS is developed by the National Payments Corporation of India (NPCI).
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Consider the following statements:1. The Aadhaar-enabled Payment Syste...
The correct answer is option C: Both 1 and 2.
Explanation:
The Aadhaar-enabled Payment System (AePS) is a system that allows online interoperable financial transactions at Point of Sale (PoS) through the use of Aadhaar authentication. It was developed by the National Payments Corporation of India (NPCI). Let's examine each statement in detail:
1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS):
The statement is correct. The AePS is a payment system that enables Aadhaar cardholders to make financial transactions such as cash withdrawals, balance inquiries, and funds transfers using Aadhaar authentication at micro-ATMs or PoS devices. It allows customers to access banking services without the need for a physical debit card or a visit to a bank branch. The transactions can be done online, ensuring convenience and accessibility for users.
2. AePS is developed by the National Payments Corporation of India (NPCI):
The statement is also correct. The National Payments Corporation of India (NPCI) is an umbrella organization for operating retail payments and settlement systems in India. It was set up in 2008 and is promoted by major banks in India. NPCI has developed various payment systems, including AePS, to promote digital payment solutions and financial inclusion in the country. AePS is one of the initiatives taken by NPCI to provide secure and convenient payment options to individuals.
In conclusion, both statements are correct. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS), and it is developed by the National Payments Corporation of India (NPCI). AePS has played a significant role in promoting digital payments and financial inclusion in India by leveraging Aadhaar authentication for secure and convenient transactions.
Explanation:
The Aadhaar-enabled Payment System (AePS) is a system that allows online interoperable financial transactions at Point of Sale (PoS) through the use of Aadhaar authentication. It was developed by the National Payments Corporation of India (NPCI). Let's examine each statement in detail:
1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS):
The statement is correct. The AePS is a payment system that enables Aadhaar cardholders to make financial transactions such as cash withdrawals, balance inquiries, and funds transfers using Aadhaar authentication at micro-ATMs or PoS devices. It allows customers to access banking services without the need for a physical debit card or a visit to a bank branch. The transactions can be done online, ensuring convenience and accessibility for users.
2. AePS is developed by the National Payments Corporation of India (NPCI):
The statement is also correct. The National Payments Corporation of India (NPCI) is an umbrella organization for operating retail payments and settlement systems in India. It was set up in 2008 and is promoted by major banks in India. NPCI has developed various payment systems, including AePS, to promote digital payment solutions and financial inclusion in the country. AePS is one of the initiatives taken by NPCI to provide secure and convenient payment options to individuals.
In conclusion, both statements are correct. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS), and it is developed by the National Payments Corporation of India (NPCI). AePS has played a significant role in promoting digital payments and financial inclusion in India by leveraging Aadhaar authentication for secure and convenient transactions.
Free Test
FREE
| Start Free Test |
Community Answer
Consider the following statements:1. The Aadhaar-enabled Payment Syste...
- Aadhaar-enabled Payment System (AePS) is a bank led model which allows online interoperable financial transactions at PoS (Point of Sale/Micro ATM) through the Business Correspondent (BC)/Bank Mitra of any bank using the Aadhaar authentication. Hence, statement 1 is correct.
- This system adds another layer of security to financial transactions as bank details would no longer be required to be furnished while carrying out these transactions.
- It was taken up by the National Payments Corporation of India (NPCI) - a joint initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA). Hence, statement 2 is correct.
Attention Current Affairs Students!
To make sure you are not studying endlessly, EduRev has designed Current Affairs study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Current Affairs.
|
Explore Courses for Current Affairs exam
|
|
Similar Current Affairs Doubts
Top Courses for Current AffairsView all
Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
Question Description
Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?.
Solutions for Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Current Affairs.
Download more important topics, notes, lectures and mock test series for Current Affairs Exam by signing up for free.
Here you can find the meaning of Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Consider the following statements:1. The Aadhaar-enabled Payment System (AePS) allows online interoperable financial transactions at Point of Sale (PoS).2. AePS is developed by the National Payments Corporation of India (NPCI).Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice Current Affairs tests.
|
|
Explore Courses for Current Affairs exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup