Question

What is the primary function of the Unified Payments Interface (UPI)?

1. UPI is a mobile-first payment system that allows users to link multiple bank accounts into a single application.
2. UPI is primarily designed for large, complex international money transfers.
3. UPI enables users to manage multiple bank accounts and facilitates seamless fund transfers and merchant payments.

• A. i മാത്രം
• B. i
• C. i, iii
• D. i, ii

Answer 1

Answer:

C. i, iii

The Unified Payments Interface (UPI) is a revolutionary payment system developed by the National Payments Corporation of India (NPCI). It is designed as a 'mobile-first' solution, enabling users to consolidate multiple bank accounts within a single payment application. This integration simplifies various banking operations, including effortless fund transfers and payments to merchants, all accessible through one unified platform. The system was officially launched with a pilot on April 11, 2016, and became widely available later that year, emphasizing ease of use and security in digital transactions.