Q61. What is a key benefit of using e-Wallets for online transactions?
a) Enhanced security and ease of use
b) High transaction fees
c) Limited availability for international transactions
d) Requirement for physical documentation
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Correct Answer: a) Enhanced security and ease of use
Explanation: e-Wallets provide enhanced security and ease of use for online transactions by securely storing payment information and facilitating quick, convenient payments.
Q62. What is the main feature of PoS terminals in retail transactions?
a) Electronic processing of card payments
b) Physical cash handling
c) Manual entry of transaction details
d) Paper-based receipt generation
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Correct Answer: a) Electronic processing of card payments
Explanation: PoS (Point of Sale) terminals are used to electronically process card payments during retail transactions, streamlining the payment process and improving efficiency.
Q63. Which digital tool requires an internet connection for its use?
a) UPI
b) USSD
c) AEPS
d) RTGS
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Correct Answer: a) UPI
Explanation: UPI (Unified Payment Interface) requires an internet connection to facilitate transactions between bank accounts through a mobile app, providing a seamless payment experience.
Q64. What does AEPS stand for in digital financial services?
a) Aadhaar Enabled Payment System
b) Automated Electronic Payment Service
c) Advanced Electronic Payment System
d) Aadhaar Electronic Payment Service
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Correct Answer: a) Aadhaar Enabled Payment System
Explanation: AEPS (Aadhaar Enabled Payment System) is a digital financial service that uses Aadhaar-linked biometric authentication for secure transactions.
Q65. Which financial tool is used to make payments by scanning a code?
a) QR Code
b) USSD
c) e-Wallet
d) NEFT
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Correct Answer: a) QR Code
Explanation: QR Codes (Quick Response Codes) are used to make payments by scanning the code with a mobile device, facilitating quick and easy transactions.
Q66. What is a feature of USSD that makes it useful for mobile banking?
a) No need for internet access
b) Requires advanced smartphone capabilities
c) Limited to high-value transactions
d) Involves complex authentication processes
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Correct Answer: a) No need for internet access
Explanation: USSD (Unstructured Supplementary Service Data) is useful for mobile banking as it does not require internet access, allowing transactions through basic mobile networks.
Q67. Which digital payment method is known for its real-time processing of high-value transactions?
a) RTGS
b) NEFT
c) IMPS
d) UPI
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Correct Answer: a) RTGS
Explanation: RTGS (Real-Time Gross Settlement) is known for its real-time processing of high-value transactions, providing immediate and irrevocable settlement.
Q68. What does the term “e-Governance” refer to in the context of digital tools?
a) Use of technology to improve government services and operations
b) Traditional manual government processes
c) Physical government document management
d) Offline record-keeping in government offices
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Correct Answer: a) Use of technology to improve government services and operations
Explanation: e-Governance involves using technology to enhance the efficiency and effectiveness of government services and operations, making processes more accessible and streamlined.
Q69. What benefit does using a digital locker provide for document management?
a) Secure storage and easy access to digital documents
b) Physical handling of documents
c) Manual filing and record-keeping
d) High-interest savings on stored documents
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Correct Answer: a) Secure storage and easy access to digital documents
Explanation: A digital locker offers secure storage and easy access to digital documents, protecting them from loss and providing a convenient way to manage important files.
Q70. What advantage does IMPS offer for fund transfers compared to traditional methods?
a) Immediate processing and availability
b) Higher transaction limits
c) Physical visit to the bank required
d) Manual processing of transactions
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Correct Answer: a) Immediate processing and availability
Explanation: IMPS (Immediate Payment Service) offers the advantage of immediate processing and availability, allowing for quick fund transfers at any time.