{"id":1757,"date":"2024-03-29T15:02:55","date_gmt":"2024-03-29T09:32:55","guid":{"rendered":"https:\/\/lotusarise.com\/qna\/?p=1757"},"modified":"2024-04-03T07:12:51","modified_gmt":"2024-04-03T01:42:51","slug":"q-with-reference-to-digital-payments-consider-the-following-statements","status":"publish","type":"post","link":"https:\/\/lotusarise.com\/qna\/upsc\/q-with-reference-to-digital-payments-consider-the-following-statements","title":{"rendered":"Q.\u00a0With reference to digital payments, consider the following statements:"},"content":{"rendered":"\n<ol class=\"wp-block-list\">\n<li>BHIM app allows the user to transfer money to anyone with a UPI-enabled bank account.<\/li>\n\n\n\n<li>While a chip-pin debit card has&nbsp;<strong>four factors of authentication<\/strong>, BHIM app has&nbsp;<strong>only two factors<\/strong>&nbsp;of authentication.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Which of the statements given above is\/are correct?<\/p>\n\n\n\n<ul class=\"mcq wp-block-list\">\n<li>1 only<\/li>\n\n\n\n<li>2 only<\/li>\n\n\n\n<li>Both 1 and 2<\/li>\n\n\n\n<li>Neither 1 nor 2<\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>Answer:<\/strong>&nbsp;<strong>(a) 1 only<\/strong><\/p>\n<\/blockquote>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"notes-hd-66067f79bccb1\">Notes:<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.bhimupi.org.in\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bharat Interface for Money (BHIM)<\/a>&nbsp;is a&nbsp;<strong>UPI enabled initiative to make easy and quick payment transactions.<\/strong><\/li>\n\n\n\n<li>It is an Indian mobile payment&nbsp;App&nbsp;developed by the&nbsp;<strong>National Payments Corporation of India (NPCI).<\/strong><\/li>\n\n\n\n<li>Pioneered and developed by National Payments Corporation of India (NPCI), BHIM has been conceived and launched by the Hon\u2019ble Prime Minister of India, Narendra Modi on&nbsp;<strong>30th December 2016<\/strong>&nbsp;to bring in&nbsp;<strong>Financial Inclusion<\/strong>&nbsp;to the nation and a digitally empowered society.<\/li>\n\n\n\n<li>Chip pin debit card&nbsp;<strong>does not have four factor authorization<\/strong>&nbsp;while BHIM app has&nbsp;<strong>three factor authentication<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h6 class=\"wp-block-heading\" id=\"rupay-card-scheme\"><strong>RuPay Card Scheme<\/strong><\/h6>\n\n\n\n<ul class=\"wp-block-list\">\n<li>RuPay is the first-of-its-kind&nbsp;<strong>domestic Debit and Credit Card payment<\/strong>&nbsp;network of India.<\/li>\n\n\n\n<li>The name, derived from the words \u2018Rupee and \u2018Payment\u2019, emphasises that it is India\u2019s very own initiative for Debit and Credit Card payments.<\/li>\n\n\n\n<li>The card can also be used for transactions in Singapore,&nbsp;<strong>Bhutan,<\/strong>&nbsp;UAE, Bahrain and Saudi Arabia.<\/li>\n<\/ul>\n\n\n\n<h6 class=\"wp-block-heading\" id=\"national-payments-corporation-of-india-npci\"><strong>National Payments Corporation of India (NPCI)<\/strong><\/h6>\n\n\n\n<ul class=\"wp-block-list\">\n<li>NPCI, an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of<strong>&nbsp;Reserve Bank of India (RBI)<\/strong>&nbsp;and&nbsp;<strong>Indian Banks\u2019 Association (IBA)<\/strong>&nbsp;under the provisions of the&nbsp;<strong>Payment and Settlement Systems Act, 2007.<\/strong><\/li>\n\n\n\n<li>It is a<strong>&nbsp;\u201cNot for Profit\u201d Company<\/strong>&nbsp;under the provisions of&nbsp;<strong>Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013),<\/strong>&nbsp;with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.<\/li>\n\n\n\n<li>The Company is focused on bringing&nbsp;<strong>innovations in the retail payment systems<\/strong>&nbsp;through the use of technology for achieving greater efficiency in operations and widening the reach of payment systems.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Which of the statements given above is\/are correct? Answer:&nbsp;(a) 1 only Notes: RuPay Card Scheme National Payments Corporation of India (NPCI)<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1,3],"tags":[38],"years":[55],"class_list":["post-1757","post","type-post","status-publish","format-standard","hentry","category-upsc","category-prelims","tag-indian-economy","years-55"],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"UPSC"},{"value":3,"label":"Prelims"}],"post_tag":[{"value":38,"label":"Indian Economy"}],"years":[{"value":55,"label":"2018"}]},"featured_image_src_large":false,"author_info":{"display_name":"LotusArise","author_link":"https:\/\/lotusarise.com\/qna\/author\/team-lotusarise"},"comment_info":0,"category_info":[{"term_id":1,"name":"UPSC","slug":"upsc","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":1269,"filter":"raw","cat_ID":1,"category_count":1269,"category_description":"","cat_name":"UPSC","category_nicename":"upsc","category_parent":0},{"term_id":3,"name":"Prelims","slug":"prelims","term_group":0,"term_taxonomy_id":3,"taxonomy":"category","description":"","parent":1,"count":1251,"filter":"raw","cat_ID":3,"category_count":1251,"category_description":"","cat_name":"Prelims","category_nicename":"prelims","category_parent":1}],"tag_info":[{"term_id":38,"name":"Indian Economy","slug":"indian-economy","term_group":0,"term_taxonomy_id":38,"taxonomy":"post_tag","description":"","parent":0,"count":225,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/1757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/comments?post=1757"}],"version-history":[{"count":0,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/1757\/revisions"}],"wp:attachment":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/media?parent=1757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/categories?post=1757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/tags?post=1757"},{"taxonomy":"years","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/years?post=1757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}