Which of the following statements about the lsquo UPI rsquo is are incorrect 1 The UP...........

Economic Affairs Digital Economy

Which of the following statements about the ‘UPI’ is/are incorrect?

1. The UPI or Unified Payment Interface is a payment system launched by Indian Bank Association.

2. The UPI 2.0 includes four additional features such as overdraft facility, pre-authorised transactions, invoice in inbox service and signed intent and QR code.

Select the correct answer using the codes given below

1 only

2 only

Both 1 and 2

Neither 1 nor 2

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Explanation:

UPI is a payment system launched by the NPCI and not IBA. Hence, first statement is incorrect.

Unified Payment Interface, also known as UPI is a payments system launched in India some time back. It allows multiple bank accounts belonging to any participating bank to be controlled via a single mobile app.
The app merges a number of banking features, facilitating seamless and secure fund transfer and merchant payments at a single platform. A unique feature hitherto unknown to the Indian populace, that’s “Peer to Peer” collection request has been introduced with the UPI, allowing payments to scheduled and executed as per convenience.
UPI 2.0 is a new and upcoming version of UPI payment system with improved features and benefits. It is being toted as a more secure and comprehensive service with easier authentication process.