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Questions and Answers
What is the primary function of UPI (Unified Payments Interface)?
What is the primary function of UPI (Unified Payments Interface)?
- Providing internet banking services for account management
- Enabling peer-to-peer transfers through a digital wallet
- Storing digital money for online shopping
- Real-time transfer of funds between bank accounts using smartphones (correct)
What distinguishes digital wallets from other digital banking elements?
What distinguishes digital wallets from other digital banking elements?
- Enabling users to make payments without using physical cash (correct)
- Offering traditional banking services like loans and mortgages
- Allowing users to access banking services on smartphones
- Providing investment opportunities in stock markets
What has led to the rise of mobile banking apps?
What has led to the rise of mobile banking apps?
- Expansion of internet banking platforms
- Introduction of traditional banking services
- Integration of digital payment platforms
- Proliferation of smartphones (correct)
What is a key feature of internet banking in India?
What is a key feature of internet banking in India?
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What differentiates UPI from digital payment platforms like Paytm and Google Pay?
What differentiates UPI from digital payment platforms like Paytm and Google Pay?
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