Consider the following statements about Unified Payment Interface (UPI):
- It allows money transfer between any two bank accounts by using a Smartphone
- The upper limit for UPI transaction is Rs.1 lakh
Which of the above statements is/are correct?
UPI is a payment system that allows money transfer between any two bank accounts by using a Smartphone. UPI allows merchant payments, remittances, and bill payments. The upper limit for transaction is Rs.1 lakh.
This question is a part of GKToday's Integrated IAS General Studies Module