2016
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Axis Bank
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Yes Bank
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Kotak Mahindra Bank
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ICICI Bank
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Detailed explanation-1: -Freecharge, Axis Bank tie-up to launch UPI payments for consumers, merchants.
Detailed explanation-2: -Developed and launched by the National Payments Corporation of India in 2016, UPI is now one of the most preferred payment solutions in India, with over a billion transactions every month.
Detailed explanation-3: -Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). 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.
Detailed explanation-4: -PhonePe Partnered with Axis Bank on UPI Multi-Bank.
Detailed explanation-5: -With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.