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Which of the following is not a feature of the Unified Payments Interface (UPI)?
- a)It enables the use of a single mobile application for accessing different bank accounts.
- b)It created a new payment infrastructure to enable real-time payment settlement.
- c)It eliminates the risk of sharing bank account details by the remitter.
- d)The transactions are carried out through mobile devices with two factor authentication.
Correct answer is option 'B'. Can you explain this answer?
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Which of the following is not a feature of the Unified Payments Interf...
- The Unified Payments Interface (UPI) is an instant real-time payment system, developed by the National Payments Corporation of India (NPCI).
- The UPI is India's mobile-based fast payment system built over the IMPS (Immediate Payment Service) infrastructure, which facilitates the customers to make round-the-clock payments instantly, using a Virtual Payment Address (VPA) created by the customer.
- It eliminates the risk of sharing bank account details by the remitter, as the customers are not required to enter the details, such as the card number, account number, IFSC etc.
- The UPI supports both Person-to- Person (P2P)' and Person-to-Merchant (P2M)' payments, and it also enables a user to send or receive money.
- It enables the use of a single mobile application for accessing different bank accounts.
- The transactions are carried out through mobile devices with two factor authentication, using device binding and a UPI PIN as security.
- The registration of the beneficiary is not required for transferring funds through UPI, as the fund would be transferred based on Virtual ID/Account + IFSC/Aadhaar number.
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Which of the following is not a feature of the Unified Payments Interf...
Unified Payments Interface (UPI) Features:
- Single Mobile Application: UPI enables the use of a single mobile application for accessing different bank accounts, making it convenient for users to manage their finances from one platform.
- Risk Elimination: UPI eliminates the risk of sharing bank account details by the remitter. Instead of sharing sensitive information, users can simply use a UPI ID or Virtual Payment Address (VPA) to initiate transactions.
- Mobile Transactions: Transactions through UPI are carried out through mobile devices with two-factor authentication, ensuring security and authenticity of the payments being made.
Explanation:
The statement that UPI created a new payment infrastructure to enable real-time payment settlement is not accurate. UPI is a system that facilitates instant fund transfers between bank accounts through mobile devices. It acts as a platform that allows different banks to be interconnected and enables seamless transactions. However, it does not create a new payment infrastructure for real-time settlement. Instead, UPI leverages existing banking systems and technologies to provide a more efficient and user-friendly payment experience.
- Single Mobile Application: UPI enables the use of a single mobile application for accessing different bank accounts, making it convenient for users to manage their finances from one platform.
- Risk Elimination: UPI eliminates the risk of sharing bank account details by the remitter. Instead of sharing sensitive information, users can simply use a UPI ID or Virtual Payment Address (VPA) to initiate transactions.
- Mobile Transactions: Transactions through UPI are carried out through mobile devices with two-factor authentication, ensuring security and authenticity of the payments being made.
Explanation:
The statement that UPI created a new payment infrastructure to enable real-time payment settlement is not accurate. UPI is a system that facilitates instant fund transfers between bank accounts through mobile devices. It acts as a platform that allows different banks to be interconnected and enables seamless transactions. However, it does not create a new payment infrastructure for real-time settlement. Instead, UPI leverages existing banking systems and technologies to provide a more efficient and user-friendly payment experience.
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Which of the following is not a feature of the Unified Payments Interface (UPI)?a)It enables the use of a single mobile application for accessing different bank accounts.b)It created a new payment infrastructure to enable real-time payment settlement.c)It eliminates the risk of sharing bank account details by the remitter.d)The transactions are carried out through mobile devices with two factor authentication.Correct answer is option 'B'. Can you explain this answer?
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