BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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UPI 1.0
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UPI 2.0
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UPI 3.0
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UPI 4.0
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Detailed explanation-1: -National Payments Corporation of India (NPCI), the umbrella organisation for all retail payments in India, on Thursday launched the second iteration of its Unified Payments Interface (UPI). Called UPI 2.0, the new digital payment platform comes with a wide range of new features.
Detailed explanation-2: -Launched in August 2018, UPI 2.0 is the second version of the fund transfer platform. It supersedes the former version which was structured mainly to facilitate peer-to-peer transactions with a platform that also accommodates merchant payments.
Detailed explanation-3: -The UPI 2.0 innovative features, such as the one-time mandate activation and facility to link overdraft (OD) accounts, provide need-based credit facilities to users. The facility would allow users to avail of credit through OD accounts, even when their account does not have sufficient balance.