All Exams >
Bank Exams >
RBI Grade B Phase 2 Preparation >
All Questions
All questions of Developments in Digital Payments for Bank Exams Exam
What is a key characteristic of the UPI 123PAY service?- a) Not available for fund transfers
- b) Works without a smartphone
- c) Requires internet access
- d) Limited to card transactions
Correct answer is option 'B'. Can you explain this answer?
What is a key characteristic of the UPI 123PAY service?
a)
Not available for fund transfers
b)
Works without a smartphone
c)
Requires internet access
d)
Limited to card transactions
|
Shivam Mehta answered |
Key Characteristic of UPI 123PAY
UPI 123PAY is a unique service designed to enhance digital payment accessibility in India, especially for users without smartphones. The correct answer to the question regarding its key characteristic is option 'B': it works without a smartphone.
How UPI 123PAY Works
- UPI 123PAY allows users to make transactions using basic mobile phones, such as feature phones.
- This service is particularly beneficial for people in rural or semi-urban areas where smartphone penetration is low.
Key Features
- No Smartphone Required: Users can access UPI services without needing a smartphone, which makes digital payments more inclusive.
- Multiple Payment Options: It supports various payment methods, including missed calls and SMS, allowing users to initiate transactions easily.
- Enhanced Accessibility: By providing a platform for users without advanced technology, UPI 123PAY bridges the digital divide, promoting financial inclusion.
Other Characteristics
- Internet Access Not Required: Unlike traditional UPI methods, UPI 123PAY does not require a constant internet connection, making it more accessible.
- User-Friendly: The service is designed to be simple and easy to use, catering to individuals who may not be tech-savvy.
In summary, UPI 123PAY is a significant step towards making digital transactions accessible to everyone, particularly those without smartphones, thereby promoting broader financial inclusion in India.
UPI 123PAY is a unique service designed to enhance digital payment accessibility in India, especially for users without smartphones. The correct answer to the question regarding its key characteristic is option 'B': it works without a smartphone.
How UPI 123PAY Works
- UPI 123PAY allows users to make transactions using basic mobile phones, such as feature phones.
- This service is particularly beneficial for people in rural or semi-urban areas where smartphone penetration is low.
Key Features
- No Smartphone Required: Users can access UPI services without needing a smartphone, which makes digital payments more inclusive.
- Multiple Payment Options: It supports various payment methods, including missed calls and SMS, allowing users to initiate transactions easily.
- Enhanced Accessibility: By providing a platform for users without advanced technology, UPI 123PAY bridges the digital divide, promoting financial inclusion.
Other Characteristics
- Internet Access Not Required: Unlike traditional UPI methods, UPI 123PAY does not require a constant internet connection, making it more accessible.
- User-Friendly: The service is designed to be simple and easy to use, catering to individuals who may not be tech-savvy.
In summary, UPI 123PAY is a significant step towards making digital transactions accessible to everyone, particularly those without smartphones, thereby promoting broader financial inclusion in India.
The value of instant digital transactions in India in 2022 was how much greater than the combined transactions of the US, UK, Germany, and France?- a) Five times
- b) Twice
- c) Three times
- d) Four times
Correct answer is option 'D'. Can you explain this answer?
The value of instant digital transactions in India in 2022 was how much greater than the combined transactions of the US, UK, Germany, and France?
a)
Five times
b)
Twice
c)
Three times
d)
Four times
|
Target Study Academy answered |
In 2022, the value of instant digital transactions in India surpassed the combined transactions of the US, UK, Germany, and France by four times, highlighting India's rapid digital payment growth.
What initiative encourages people to adopt digital payment methods through direct benefit transfers?- a) Government Subsidies and Benefits
- b) Digital Wallets
- c) Jan Dhan Yojana
- d) GST Network
Correct answer is option 'A'. Can you explain this answer?
What initiative encourages people to adopt digital payment methods through direct benefit transfers?
a)
Government Subsidies and Benefits
b)
Digital Wallets
c)
Jan Dhan Yojana
d)
GST Network
|
Learnpro Institute answered |
Government subsidies and benefits encourage the adoption of digital payment methods by transferring welfare benefits directly to beneficiaries' bank accounts.
The introduction of which payment interface revolutionized digital payments in India?- a) IMPS
- b) Unified Payments Interface (UPI)
- c) RuPay
- d) PayPal
Correct answer is option 'B'. Can you explain this answer?
The introduction of which payment interface revolutionized digital payments in India?
a)
IMPS
b)
Unified Payments Interface (UPI)
c)
RuPay
d)
PayPal
|
Aim It Academy answered |
The Unified Payments Interface (UPI) revolutionized digital payments in India by allowing instant, seamless fund transfers between bank accounts through mobile applications.
Which of the following is a challenge posed by the increase in digital transactions?- a) Cybersecurity concerns
- b) Increased reliance on cash
- c) Decreased transaction speed
- d) Limited payment methods
Correct answer is option 'A'. Can you explain this answer?
Which of the following is a challenge posed by the increase in digital transactions?
a)
Cybersecurity concerns
b)
Increased reliance on cash
c)
Decreased transaction speed
d)
Limited payment methods
|
Goel UPSC Coaching Center answered |
With the rise of digital transactions, cybersecurity concerns such as data breaches and financial fraud have emerged, posing significant risks to users and businesses alike.
Which digital payment method accounts for 80% of all digital payments in India?- a) Immediate Payment Services (IMPS)
- b) Unified Payments Interface (UPI)
- c) Bharat Interface for Money (BHIM)
- d) Mobile Wallets
Correct answer is option 'B'. Can you explain this answer?
Which digital payment method accounts for 80% of all digital payments in India?
a)
Immediate Payment Services (IMPS)
b)
Unified Payments Interface (UPI)
c)
Bharat Interface for Money (BHIM)
d)
Mobile Wallets
|
Aspire Academy answered |
The Unified Payments Interface (UPI) has become the predominant method of digital payments in India, accounting for a substantial 80% of all transactions.
What is one of the significant impacts of adopting a cashless economy in India?- a) Greater transparency
- b) Reduced innovation
- c) Limited financial inclusion
- d) Increased cash circulation
Correct answer is option 'A'. Can you explain this answer?
What is one of the significant impacts of adopting a cashless economy in India?
a)
Greater transparency
b)
Reduced innovation
c)
Limited financial inclusion
d)
Increased cash circulation
|
|
Learnpro Institute answered |
Embracing a cashless economy promotes greater transparency in financial transactions, which can help reduce illicit fund circulation and enhance accountability.
Which of the following is NOT a component of the JAM Trinity?- a) Credit Cards
- b) Jan Dhan Accounts
- c) Aadhar
- d) Mobile
Correct answer is option 'A'. Can you explain this answer?
Which of the following is NOT a component of the JAM Trinity?
a)
Credit Cards
b)
Jan Dhan Accounts
c)
Aadhar
d)
Mobile
|
|
Target Study Academy answered |
Credit Cards are not part of the JAM Trinity; the focus is on Jan Dhan accounts, Aadhar identification, and mobile connectivity to promote financial inclusion.
Which digital payment method allows users to make payments at physical retail locations using a card?- a) USSD
- b) Point of Sale (PoS) Terminals
- c) UPI
- d) Mobile Banking
Correct answer is option 'B'. Can you explain this answer?
Which digital payment method allows users to make payments at physical retail locations using a card?
a)
USSD
b)
Point of Sale (PoS) Terminals
c)
UPI
d)
Mobile Banking
|
T.S Academy answered |
Point of Sale (PoS) terminals are devices used in retail environments to accept payments via debit or credit cards, facilitating easy transactions at physical stores.
Which act is being reviewed to align with the evolving digital payment landscape in India?- a) Aadhar Act
- b) Payment and Settlement Systems Act 2007
- c) Income Tax Act
- d) Digital India Act 2023
Correct answer is option 'B'. Can you explain this answer?
Which act is being reviewed to align with the evolving digital payment landscape in India?
a)
Aadhar Act
b)
Payment and Settlement Systems Act 2007
c)
Income Tax Act
d)
Digital India Act 2023
|
|
T.S Academy answered |
The Payment and Settlement Systems Act 2007 is being reviewed by the Reserve Bank of India (RBI) to ensure it aligns with the current digital payment environment.
Which digital payment method allows users to perform transactions without the need for an internet connection?- a) Internet Banking
- b) Mobile Wallets
- c) UPI
- d) USSD
Correct answer is option 'D'. Can you explain this answer?
Which digital payment method allows users to perform transactions without the need for an internet connection?
a)
Internet Banking
b)
Mobile Wallets
c)
UPI
d)
USSD
|
|
Aim It Academy answered |
USSD (Unstructured Supplementary Service Data) enables cashless transactions via mobile phones without requiring an internet connection, making it accessible to a broader audience.
What is the primary purpose of the JAM Trinity in India's digital payment ecosystem?- a) To regulate internet banking
- b) To enhance digital literacy
- c) To promote cash transactions
- d) To support financial inclusion
Correct answer is option 'D'. Can you explain this answer?
What is the primary purpose of the JAM Trinity in India's digital payment ecosystem?
a)
To regulate internet banking
b)
To enhance digital literacy
c)
To promote cash transactions
d)
To support financial inclusion
|
|
T.S Academy answered |
The JAM Trinity (Jan Dhan accounts, Aadhar, and Mobile) aims to enhance financial inclusion by providing banking access to previously unbanked populations, thus facilitating smooth digital transactions.
How has the cost of data since 2016 influenced digital payment accessibility in India?- a) Costs have remained stable
- b) Increased costs have limited access
- c) No impact on accessibility
- d) Significant drop in costs has improved access
Correct answer is option 'D'. Can you explain this answer?
How has the cost of data since 2016 influenced digital payment accessibility in India?
a)
Costs have remained stable
b)
Increased costs have limited access
c)
No impact on accessibility
d)
Significant drop in costs has improved access
|
|
Goel UPSC Coaching Center answered |
The significant drop in data costs since 2016 has improved the accessibility of mobile phones and digital payment platforms, enabling a larger segment of the population to engage in digital transactions.
What percentage of global digital payments does India contribute as of 2023?- a) 46%
- b) 70%
- c) 30%
- d) 50%
Correct answer is option 'A'. Can you explain this answer?
What percentage of global digital payments does India contribute as of 2023?
a)
46%
b)
70%
c)
30%
d)
50%
|
|
Target Study Academy answered |
India represents 46% of all global digital payments, demonstrating its significant role in the digital payment landscape worldwide.
As of early 2023, what was the total number of digital transactions recorded in India?- a) 50 billion
- b) 14,726 crore
- c) 100 billion
- d) 162 crore
Correct answer is option 'C'. Can you explain this answer?
As of early 2023, what was the total number of digital transactions recorded in India?
a)
50 billion
b)
14,726 crore
c)
100 billion
d)
162 crore
|
|
Goel UPSC Coaching Center answered |
India recorded over 100 billion digital transactions during the fiscal year of 2023, showcasing an impressive increase in digital transaction activity.
What is a significant challenge to the adoption of digital payments in rural areas of India?- a) High transaction fees
- b) Overabundance of options
- c) Lack of digital literacy
- d) Excessive regulations
Correct answer is option 'C'. Can you explain this answer?
What is a significant challenge to the adoption of digital payments in rural areas of India?
a)
High transaction fees
b)
Overabundance of options
c)
Lack of digital literacy
d)
Excessive regulations
|
Glance Learning Institute answered |
A major challenge for rural areas is the lack of digital literacy, which limits the ability of individuals to effectively and securely use digital payment tools.
What is one of the benefits of using digital payments over traditional banking methods?- a) Longer transaction times
- b) Limited payment options
- c) Detailed transaction tracking
- d) Higher costs
Correct answer is option 'C'. Can you explain this answer?
What is one of the benefits of using digital payments over traditional banking methods?
a)
Longer transaction times
b)
Limited payment options
c)
Detailed transaction tracking
d)
Higher costs
|
|
Glance Learning Institute answered |
Digital payments provide a detailed record of transactions, which facilitates easy tracking and tracing of payments, a significant advantage over traditional methods.
What aspect of the digital payment landscape is emphasized in RBI's Payments Vision 2025?- a) Cash transactions
- b) International cash transfers
- c) Integrity and inclusion
- d) Traditional banking methods
Correct answer is option 'C'. Can you explain this answer?
What aspect of the digital payment landscape is emphasized in RBI's Payments Vision 2025?
a)
Cash transactions
b)
International cash transfers
c)
Integrity and inclusion
d)
Traditional banking methods
|
Spectrum Coaching Institute answered |
RBI's Payments Vision 2025 emphasizes integrity and inclusion as part of shaping a robust and sustainable digital payment ecosystem in India.
Which of the following is a popular mobile wallet in India?- a) Cash App
- b) Venmo
- c) Google Pay
- d) PayPal
Correct answer is option 'C'. Can you explain this answer?
Which of the following is a popular mobile wallet in India?
a)
Cash App
b)
Venmo
c)
Google Pay
d)
PayPal
|
|
Aim It Academy answered |
Google Pay is one of the popular mobile wallets in India, allowing users to store money digitally and make various payments conveniently.
Which of the following payment methods is specifically designed for transactions authenticated through Aadhar?- a) Mobile Wallets
- b) Credit Cards
- c) UPI
- d) AEPS
Correct answer is option 'D'. Can you explain this answer?
Which of the following payment methods is specifically designed for transactions authenticated through Aadhar?
a)
Mobile Wallets
b)
Credit Cards
c)
UPI
d)
AEPS
|
|
Target Study Academy answered |
The Aadhaar Enabled Payment System (AEPS) allows banking transactions authenticated through Aadhar, providing a secure method for various banking functions.
Chapter doubts & questions for Developments in Digital Payments - RBI Grade B Phase 2 Preparation 2025 is part of Bank Exams exam preparation. The chapters have been prepared according to the Bank Exams exam syllabus. The Chapter doubts & questions, notes, tests & MCQs are made for Bank Exams 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests here.
Chapter doubts & questions of Developments in Digital Payments - RBI Grade B Phase 2 Preparation in English & Hindi are available as part of Bank Exams exam.
Download more important topics, notes, lectures and mock test series for Bank Exams Exam by signing up for free.
RBI Grade B Phase 2 Preparation
116 videos|261 docs|68 tests
|
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up
within 7 days!
within 7 days!
Takes less than 10 seconds to signup