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Consider the following statements about Unified Payments Interface (UPI):
- UPI is a mobile application used for instant money transfers between bank accounts in India.
- UPI requires users to enter full bank account details for each transaction.
- UPI is only available for peer-to-peer transactions and cannot be used for online shopping.
How many of the above statements is/are correct?
- a)Only one
- b)Only two
- c)All three
- d)None
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements about Unified Payments Interface (UP...
About Unified Payments Interface (UPI):
- 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 which can be scheduled and paid as per requirement and convenience.
- Currently, several countries, including Bhutan, Nepal, UAE, France, Mauritius, etc., support UPI payments.
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Consider the following statements about Unified Payments Interface (UP...
Correctness of Statements about UPI:
Statement 1: True
- UPI is indeed a mobile application used for instant money transfers between bank accounts in India. It allows users to send or receive money using their smartphones.
Statement 2: False
- UPI does not require users to enter full bank account details for each transaction. Instead, users can create a unique UPI ID linked to their bank account, making transactions easier and more secure.
Statement 3: False
- UPI is not limited to peer-to-peer transactions only. It can also be used for making payments at online and offline merchants, bill payments, ticket bookings, and more, making it a versatile payment option.
Therefore, the correct answer is option 'A' - Only one statement is correct.
Statement 1: True
- UPI is indeed a mobile application used for instant money transfers between bank accounts in India. It allows users to send or receive money using their smartphones.
Statement 2: False
- UPI does not require users to enter full bank account details for each transaction. Instead, users can create a unique UPI ID linked to their bank account, making transactions easier and more secure.
Statement 3: False
- UPI is not limited to peer-to-peer transactions only. It can also be used for making payments at online and offline merchants, bill payments, ticket bookings, and more, making it a versatile payment option.
Therefore, the correct answer is option 'A' - Only one statement is correct.
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Consider the following statements about Unified Payments Interface (UPI): UPI is a mobile application used for instant money transfers between bank accounts in India. UPI requires users to enter full bank account details for each transaction. UPI is only available for peer-to-peer transactions and cannot be used for online shopping.How many of the above statements is/are correct?a)Only oneb)Only twoc)All threed)NoneCorrect answer is option 'A'. Can you explain this answer?
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