Question

Consider the following statements about the RuPay payment network:

1. RuPay was developed to reduce India's dependence on physical cash and promote digital transactions.
2. The network prioritizes a high level of security to safeguard users against fraud.
3. RuPay is a recent initiative with limited acceptance only in major metropolitan areas.
4. It is a joint venture between the Indian government and several private technology firms.

• A. 1, 2
• B. 3, 4
• C. 1
• D. 2

Answer 1

Answer:

A. 1, 2

RuPay serves as a cornerstone of India's digital payment infrastructure. Launched by the Reserve Bank of India (RBI), it aims to decrease reliance on cash by making digital payments more accessible and affordable. The network incorporates robust security measures to protect transactions. While its acceptance is widespread across India, its development and operation are primarily driven by domestic entities, including the National Payments Corporation of India (NPCI).