Digital Payment Revolution — Prelims Questions

Consider the following statements about India's Unified Payments Interface (UPI): 1. UPI transactions are processed only during banking hours 2. UPI enables interoperability across different banks and payment service providers 3. Virtual Payment Addresses (VPAs) in UPI can be linked to multiple bank accounts 4. UPI transactions require internet connectivity for both sender and receiver Which of the statements given above are correct?

The JAM Trinity, which forms the foundation of India's digital payment revolution, consists of:

Which of the following best describes the primary regulatory authority for payment systems in India?

Consider the following statements about Aadhaar Enabled Payment System (AEPS): 1. AEPS requires smartphone and internet connectivity for transactions 2. AEPS uses biometric authentication for transaction authorization 3. AEPS transactions can only be performed at bank branches 4. AEPS enables cash withdrawal and balance inquiry services Which of the statements given above are correct?

The concept of 'interoperability' in India's digital payment ecosystem primarily refers to: