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 of authentication, BHIM app has only two factors of authentication.
Which of the statements given above is/are correct?
This questions was previously asked in
UPSC CSP Previous Year Paper (2018)
Both 1 and 2
Incorrect AnswerNeither 1 nor 2
Incorrect AnswerExplanation:
Bharat Interface for Money (BHIM) is a payment app that allows simple, easy and quick transactions using Unified Payments Interface (UPI). The money can be send through direct bank payments to anyone on UPI using their UPI ID or scanning their QR with the BHIM app. Statement 1 is correct.
There are three levels of authentication that are required in this app. One is the device ID and mobile number, then the bank account which you are linking to this app, and the finally the UPI Pin which is needed to complete the transaction whereas chip-pin debit card only have two factors of authentication that is card and pin. Statement 2 is incorrect.
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By: Abhipedia