BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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IMPS
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NEFT
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RBI
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None of the above
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Detailed explanation-1: -The UPI is a payments architecture built on the IMPS and allows users to perform bank transfers directly from their mobile devices. UPI merges banking features, seamless fund routing, and merchant payments onto a single system.
Detailed explanation-2: -UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties’ bank accounts.
Detailed explanation-3: -The Unified Payment Interface (UPI) provides a single interface that allows seamless interoperability between different payment systems. UPI works on the concept of a virtual payment address. Bank accounts, cards and wallets can be mapped to a unique virtual payment address.
Detailed explanation-4: -“India’s UPI payment system is built on top of IMPS; in the backend, all transactions are processed using the IMPS system only, ” says Dewang Neralla, CEO, NTT DATA Payment Services India.
Detailed explanation-5: -Generic format of the UPI ID created using UPI enabled Bank APP is nameBankName or mobileBankName. 6. For UPI payments, consumer has to select ‘UPI’ option either in APSPDCL website (or) APSPDCL Mobile APP and the Payment Gateway provider prompts for the UPI ID. 7.