Digital Transactions

What does UPI stand for in the context of Indian digital payments?

• Unified Postal Interface

• Unified Payments Integration

• Unified Payments Interface

• Universal Payment Identifier

What is the primary purpose of the UPI system?

• Stock Trading

• Social Networking

• Digital Payments

• Railway Reservations

Which organisation developed and manages the UPI system in India?

• Reserve Bank of India

• National Payments Corporation of India

• Indian Banks Association

• Securities and exchange board of India

How is a UPI ID structured?

• mobile number and birthdate

• email id and aadhar number

• bank account number and branch code

• virtual payment address and '@' symbol

What is the maximum transaction limit for UPI transactions?

• Rs. 10,000

• Rs. 50,000

• Rs. 1,00,000

• Rs. 5,00,000

Which of the following is not a valid UPI transaction type?

• Peer-to-Peer (P2P) transfer

• Mobile recharge

• Bill payments

• Cheque clearance

What role does a UPI PIN play in the UPI transaction process?

• Authenticating the user

• Displaying transaction details

• Initiating refunds

• Tracking transaction history

Which technology is commonly used for secure communication in UPI transactions?

• Blockchain

• Biometrics

• NFC (Near Field Communication)

• QR codes

What is the purpose of the UPI mandate feature?

• Setting transaction limits

• Automating recurring payments

• Requesting payment reminders

• Generating QR codes

In the UPI context, what is the function of the term "Collect Request"?

• Requesting funds from another user

• Requesting transaction history

• Requesting account details

• Requesting a payment gateway