Explanation:

Both statements are correct.

JAM Trinity

• The ‘new trinity’ of JAM-UPI-ULI will be a revolutionary step forward in India’s digital infrastructure journey.

• The JAM (Jan Dhan, Aadhar, and Mobile) trinity is a tool the government uses to transfer cash benefits directly to the beneficiary's bank account.

• Unified Payments Interface or UPI is a real-time payment system launched in India in April 2016 by the National Payments Corporation of India (NPCI). It is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.

• UPI also caters to the “Peer to Peer” collection request which can be scheduled and paid as per requirement and convenience.

• It helps in immediate money transfer through mobile devices around the clock. It allows a single mobile application for accessing different bank accounts.

• UPI has played a significant role in the growth of retail digital payments in the country. While initial participants on the UPI platform were banks, non-bank third-party app providers and use of QR (quick-response) codes have all combined in popularising UPI.

Hence option 3rd is correct.