Mobile Wallets and Electronic Fund Transfer Systems
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Questions and Answers

What is the purpose of a mobile wallet?

  • Allows users to make purchases by scanning QR codes (correct)
  • Only used for scanning QR codes
  • Enables fund transfers via NEFT
  • Used only for UPI payments
  • Which service is designed for real-time fund transfers?

  • NEFT
  • UPI
  • IMPS (correct)
  • NACH Credit
  • How can users without a smartphone or internet connection access mobile banking facilities?

  • By using QR codes
  • By dialing *99# (correct)
  • Through NEFT transactions
  • Via UPI payments
  • What does UPI stand for in the context of digital payments?

    <p>Unified Payments Interface</p> Signup and view all the answers

    Which system is NOT mentioned in the text for electronic fund transfers?

    <p>RTGS</p> Signup and view all the answers

    What is the primary function of IMPS in the context of payment services?

    <p>Enabling real-time fund transfers</p> Signup and view all the answers

    What technology allows users without a smartphone or data/internet connection to use facilities such as mobile banking by using the *99# code?

    <p>USSD</p> Signup and view all the answers

    Which payment method is described as a virtual wallet in the form of a mobile app that allows you to make purchases simply by scanning a QR code at the merchant establishment?

    <p>Mobile wallet</p> Signup and view all the answers

    What technology is commonly used by mobile wallets like PayTM to enable instant confirmation for transactions?

    <p>UPI</p> Signup and view all the answers

    If a person can make payments using their mobile without carrying cash or cards, which technology are they most likely using?

    <p>UPI</p> Signup and view all the answers

    Which technology is specifically mentioned as being beneficial for users without access to smartphones and high-speed internet?

    <p>USSD</p> Signup and view all the answers

    What type of transaction is described as fast and provides instant confirmation for both the sender and receiver?

    <p>IMPS</p> Signup and view all the answers

    What are some key services provided through the dedicated and secure app of Mobile Banking?

    <p>Checking account balance, making funds transfer, bill payments</p> Signup and view all the answers

    What is one advantage of Mobile Banking mentioned in the text?

    <p>Provides 24x7x365 access to banking services</p> Signup and view all the answers

    What should users not do while using Mobile Banking according to the text?

    <p>Share PIN number or OTP with anyone</p> Signup and view all the answers

    What is Unified Payments Interface (UPI) according to the text?

    <p>A system that combines multiple bank accounts' power into a single mobile app</p> Signup and view all the answers

    What does UPI ID serve as, based on the text?

    <p>A payment address for sending or receiving money using any UPI App</p> Signup and view all the answers

    Which of the following is NOT a recommended practice for using Mobile Banking based on the text?

    <p>Sharing the PIN number or OTP with anyone</p> Signup and view all the answers

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