BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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UPI is an instant payment system developed by the National Payments Corporation of India (NPCI).
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Through UPI, all payments are instant and takes place in banking hours.
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Under UPI person will have a single identity and password for using multiple bank accounts.
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UPI is based on the Immediate Payment Services (IMPS) infrastructure.
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Detailed explanation-1: -Q. Which of the following is not true about Unified Payments Interface (UPI)? Answer: [B] Through UPI, all payments are instant and takes place in banking hours.
Detailed explanation-2: -Detailed Solution. The correct answer is option 1 i.e Mobile wallets will not be necessary for online payments. UPI allows you to pay directly from your bank account to different merchants without the hassle of typing your card details, or net banking/wallet password.
Detailed explanation-3: -The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts. The mobile number on the device is required to be registered with the bank. The UPI ID of the recipient can be used to transfer money.
Detailed explanation-4: -There is no fixed timing when you can carry out transactions. Unlike RTGS, IMPS and NEFT, which charge a fee for transferring funds from one account to another, UPI enables cash-free transactions every time one uses it.
Detailed explanation-5: -As per the NPCI directives, UPI registration needs to be completed within 30 seconds. Validation error is received if it takes more than 30 seconds to register. Hence we request you to complete entire registration process within 30 seconds.