Question: Which of the following is a most likely consequence of implementing the ‘Unified Payments Interface (UPI)’?
Options:
A) Mobile wallets will not be necessary for online payments.
B) Digital currency will totally replace the physical currency in about two decades.
C) FDI inflows will drastically increase.
D) Direct transfer of subsides to poor people will become very effective.
Show Answer
Answer:
Correct Answer: A
Solution:
- Exp. [a] Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. The key objective of a unified system is to offer a complete architecture to facilitate next generation online immediate payments leveraging trends such as increasing Smartphone adoption, Indian language interfaces, and universal access to Internet and data. It cannot replace physical currency in two decades and has no clear relation with FDI and Direct bebefit Transfer.
BETA
