With reference to digital payments consider the following statements 1 BHIM app allow...........

Economic Affairs Digital Economy

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With reference to digital payments, consider the following statements-

1. BHIM app allows the user to transfer money to anyone with a UPI-enabled bank account.

2. While a chip-pin debit card has four factors authentication, BHIM app has only two factors of authentication.

Which of the given above statement (s) is/ are correct?

1 Only

2 Only

Both 1 and 2

Neither 1 nor 2

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Explanation:

Second option is correct.

The BHIM apps has three levels of authentication. For one, the app binds with a device’s ID and mobile number, second a user needs to sync whichever bank account (UPI or non-UPI enabled) in order to the conduct transaction. Third, when a user sets up the app they are asked to create a pin which is needed to log into the app. Further, the UPI pin, which a user creates with their bank account is needed to go through with the transaction.