Unified Payment Interface (UPI) by National Payment Corporation of India

The objective of this initiative is to enable customers with bank account to make payments and transfer money using a smartphone.

1) The interface will not facilitate which of the following :

a) Digital Banking
b) Lower Cash Intensive Society
c) Financial Inclusion
d) Cash flow in the economy

2) Which of the following features forms the core of this project?

a) Payment can be initiated both by payer and payee.
b) 1-click 2- factor authentication.
c) Both a and b
d) None of the above

3) Through this interface, with one click the transaction will be authenticated at two levels. These levels refer to which of the following options?

a) Mobile Pin of the user and Virtual Payment Address
b) Bank's IFSC code and One Time Password (OTP)
c) Mobile Pin of the user and Bank's IFSC code
d) Virtual Payment Address and Bank's IFSC code

4) For transacting money, the payer or payee can use which of the following to authenticate their identity ?

a) Aadhaar Number
b) Virtual Address
c) Mobile Phone Number
d) Any of the above three.

5) Which of the following is/are the benefit/ benefits of this project?

a) Supports the growth of e-commerce.
b) Remittance will get big boost.
c) Direct Benefit Transfer scheme will get a boost.
d) All of the above

6) What is the current level ( December 2015) of usage of smartphones in our country?

a) 500 million
b) 300 million
c) 150 million
d) 400 million

Answers:

1) d
2) c
3) a
4) d
5) d
6) b

Reference : Business Standard