Q. With reference to digital payment systems in India, consider the following statements: - Unified Payments Interface (UPI) was launched by the Reserve Bank of India in 2016.
- Paytm was the first app to implement UPI in India.
- UPI allows users to link multiple bank accounts to a single mobile application.
How many of the above statements are correct?
Answer:
Only two
Notes: - Unified Payments Interface (UPI) was launched by the Reserve Bank of India in 2016: This is correct. UPI was developed by the National Payments Corporation of India (NPCI) and launched in April 2016.
- Paytm was the first app to implement UPI in India: This is incorrect. The first app to implement UPI was actually BHIM (Bharat Interface for Money), launched by NPCI.
- UPI allows users to link multiple bank accounts to a single mobile application: This is correct. Users can link multiple bank accounts to a single UPI-enabled app, facilitating easy fund transfers.
Thus, two statements are correct.