Consider the following statements about Unified Payment Interface (UPI):

  1. It allows money transfer between any two bank accounts by using a Smartphone
  2. The upper limit for UPI transaction is Rs.1 lakh

   Which of the above statements is/are correct?

Answer: [C] Both 1 & 2

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