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Among the given, which of the following is/are correctly matched?
  • a)
    Unified Payments Interface (UPI) à 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.
  • b)
    IMPS à a digital payment method that allows users to make various transactions such as sending and requesting money with a Virtual Payment Address (VPA) on a real-time basis.
  • c)
    BHIM or Bharat Interface for Money à enables 24 x 7 electronic fund transfer services in which the transaction is carried out between two bank accounts in real-time and on an immediate basis.
  • d)
    All of the above are correctly matched
Correct answer is option 'A'. Can you explain this answer?
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Among the given, which of the following is/are correctly matched?a)Uni...
The correct match should be like:
  • Unified Payments Interface (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. It also caters to the "Peer to Peer" collect request.
  • The full form of IMPS is an Immediate Payment Service. It enables 24 x 7 electronic fund transfer services in which the transaction is carried out between two bank accounts in real-time and on an immediate basis.
  • BHIM or Bharat Interface for Money, is a complete payment solution app that works on the Unified Payments Interface (UPI) system. BHIM is a digital payment method that allows users to make various transactions such as sending and requesting money with a Virtual Payment Address (VPA) on a real-time basis.
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Among the given, which of the following is/are correctly matched?a)Uni...
Unified Payments Interface (UPI)
- UPI is a system that powers multiple bank accounts into a single mobile application, allowing users to merge several banking features, seamless fund routing, and merchant payments into one platform.
- It enables users to link their different bank accounts to a single mobile app, providing a convenient way to manage finances and make transactions.

IMPS (Immediate Payment Service)
- IMPS is a digital payment method that allows users to make various transactions such as sending and requesting money with a Virtual Payment Address (VPA) on a real-time basis.
- It provides a quick and secure way to transfer funds between accounts, making it a popular choice for individuals and businesses.

BHIM (Bharat Interface for Money)
- BHIM enables 24 x 7 electronic fund transfer services in which the transaction is carried out between two bank accounts in real-time and on an immediate basis.
- It offers a simple and user-friendly interface for making payments, promoting digital transactions and financial inclusion.
Therefore, among the given options, option A is correctly matched as it accurately describes the features and functionalities of Unified Payments Interface (UPI).
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Among the given, which of the following is/are correctly matched?a)Unified Payments Interface (UPI) à 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.b)IMPS à a digital payment method that allows users to make various transactions such as sending and requesting money with a Virtual Payment Address (VPA) on a real-time basis.c)BHIM or Bharat Interface for Money à enables 24 x 7 electronic fund transfer services in which the transaction is carried out between two bank accounts in real-time and on an immediate basis.d)All of the above are correctly matchedCorrect answer is option 'A'. Can you explain this answer?
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