Which of the following bank has launched Unified Payments Interface (UPI)solution for its corporate and financial institutional, and commercial banking clients.

2016

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

Which of the following bank has launched ‘Unified Payments Interface’ (UPI)solution for its corporate and financial institutional, and commercial banking clients.

A	HSBC
B	Citibank
C	UBS AG
D	Standard Chartered Bank

Explanation:

Detailed explanation-1: -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-2: -Hence, it can be concluded from the given points that BHIM is a mobile payment application is developed by the National Payments Corporation of India based on UPI.

Detailed explanation-3: -In a bid to boost digitisation and enhance safe online transactions, the Reserve Bank of India (RBI) Governor Shaktikanta Das on Tuesday launched a new unique payments interface (UPI) for features phones, which, he said, will allow India’s 40 crore feature phone users to access the payment service.

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