Digital Payments — Set 1
Banking · डिजिटल भुगतान · Questions 1–10 of 90
What is the full form of UPI in the context of digital payments in India?
Correct Answer: B. Unified Payments Interface
Unified Payments Interface (UPI) is a real-time payment system developed by NPCI. It allows users to link multiple bank accounts into a single mobile application. This system facilitates instant fund transfers between bank accounts using a Virtual Payment Address.
Which organization acts as the umbrella entity for operating retail payments in India?
Correct Answer: D. National Payments Corporation of India (NPCI)
NPCI is an initiative of RBI and Indian Banks' Association (IBA) under the Payment and Settlement Systems Act, 2007. It manages various retail payment products like RuPay, IMPS, and BHIM. The entity is a 'Not-for-Profit' company registered under the Companies Act.
What is the maximum limit for a single transaction through the BHIM app generally?
Correct Answer: B. Rs. 1,00,000
The standard limit for a single transaction on the BHIM app is currently set at Rs. 1 lakh. This limit is designed to balance user convenience with financial security protocols. Users are also restricted to a total daily limit of Rs. 1 lakh across all transactions.
Which technology is primarily used by BharatQR to facilitate merchant payments?
Correct Answer: D. Quick Response (QR) Code
BharatQR is an interoperable QR code-based payment solution developed by NPCI, Mastercard, and Visa. It allows merchants to accept payments from various apps without needing a physical PoS machine. The system supports major card networks including RuPay, Visa, and Mastercard.
What does the 'A' stand for in the AEPS system used in micro-ATMs?
Correct Answer: A. Aadhaar
AEPS stands for Aadhaar Enabled Payment System, which allows online interoperable financial transactions at PoS terminals. It enables bank-to-bank transactions through Business Correspondents using Aadhaar authentication. The system is highly effective for delivering social security benefits in rural areas.
Which of these is a 24x7 real-time inter-bank electronic fund transfer service in India?
Correct Answer: A. IMPS
Immediate Payment Service (IMPS) offers an instant electronic fund transfer service through mobile phones and other channels. It was launched in 2010 and is managed by the NPCI. Unlike traditional NEFT, IMPS is available round the clock throughout the year.
What is the full form of USSD in mobile banking for non-smartphone users?
Correct Answer: D. Unstructured Supplementary Service Data
Unstructured Supplementary Service Data (USSD) allows users to access banking services by dialing *99# on a feature phone. It does not require a data connection or a smartphone to function. This service aims to promote financial inclusion among the low-income population.
Which entity manages the NETC system used for FASTag electronic toll collection?
Correct Answer: C. NPCI
The National Electronic Toll Collection (NETC) program is managed by NPCI to provide a nationwide toll payment solution. It uses RFID technology to enable direct payments from linked bank accounts or wallets. This system helps in reducing congestion at toll plazas and saves fuel.
What is a 'VPA' in the context of UPI payments?
Correct Answer: A. Virtual Payment Address
Virtual Payment Address (VPA) is a unique identifier that allows you to send or receive money through UPI. It eliminates the need for sharing sensitive bank details like account numbers or IFSC codes. A common example of a VPA is 'username@bank'.
In which year was the National Payments Corporation of India (NPCI) incorporated?
Correct Answer: B. 2008
NPCI was incorporated in December 2008 as a Section 8 company under the Companies Act. It was promoted by the Reserve Bank of India and a group of major public and private sector banks. Its primary mission is to provide safe and efficient payment systems to every Indian.