CURRENT AFFAIRS

2019

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Xiaomi launched a UPI based mobile payment service in India to send money from one bank account to another. It was named as;
A
Mi Pay
B
Xio Pay
C
Mi Xio Pay
D
Pay easy through mi
Explanation: 

Detailed explanation-1: -Mi Pay – The UPI App for Xiaomi Users.

Detailed explanation-2: -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-3: -Unified Payment Interface (UPI) was developed by the National Payments Corporation of India (NPCI) which was established by the Reserve Bank of India (RBI) and Indian Banks Association (IBA).

Detailed explanation-4: -BHIM (Bharat Interface for Money) is an Indian mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, it is intended to facilitate e-payments directly through banks and encourage cashless transactions.

Detailed explanation-5: -Non Resident Indians (NRIs) in 10 countries can access UPI services for transactions without having to depend on their India phone number. The countries are Singapore, US, Australia, Canada, Hong Kong, Oman, Qatar, Saudi Arabia, UAE and UK.

There is 1 question to complete.