Which banks are part of the Unified Payments Interface/UPI

2016

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Canara Bank
B	Union Bank of India
C	Vijaya Bank
D	All of the above

Explanation:

Detailed explanation-1: -Mobile apps Apart from various third-party apps such as Google Pay (previously Tez), Airtel Payments Bank, PhonePe, Paytm, MobiKwik, Amazon Pay, Samsung Pay, WhatsApp Pay, NPCI manages its own app, BHIM. The total number of banks linked to UPI platform grew from 21 in April 2016 to 304 in February 2022.

Detailed explanation-2: -Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.

Detailed explanation-3: -Example 1: Seamless in-app payment within the same mobile of the user. Ashok is a student and uses a video application (MyStar) that allows buying on-demand movie on his Android phone. He banks with DiBank (PSP in this case) and uses their mobile application for Android that has implemented UPI features.

There is 1 question to complete.