QUESTION

Medium

Economy

Prelims 2017

Which of the following is the most likely consequence of implementing the ‘Unified Payments Interface (UPI)’?

Select an option to attempt

Explanation

Unified Payments Interface (UPI) is an instant real-time payment system developed by NPCI to facilitate interbank transactions through mobile phones.

UPI allows you to pay directly from your bank account to different merchants without the hassle of typing your card details, or net banking/wallet password. Hence option 1 is correct.

UPI is a payment system that allows money transfer between any two bank accounts by using a smartphone.

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Explanation

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