Q91. What does the term “Digital Locker” refer to?
a) A physical safe deposit box
b) An online service for storing and managing digital documents
c) A type of credit card
d) A digital currency storage
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Correct Answer: b) An online service for storing and managing digital documents
Explanation: Digital Locker refers to an online service for securely storing and managing digital documents, such as identification and certificates.
Q92. Which of the following systems is used for batch processing of fund transfers?
a) RTGS
b) IMPS
c) NEFT
d) USSD
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Correct Answer: c) NEFT
Explanation: NEFT (National Electronic Fund Transfer) is used for batch processing of fund transfers, where transactions are processed at specific intervals rather than in real-time.
Q93. What is the main advantage of using a debit card over a credit card?
a) Higher spending limit
b) Access to a line of credit
c) Direct access to funds from a bank account
d) Rewards programs
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Correct Answer: c) Direct access to funds from a bank account
Explanation: A debit card provides direct access to funds from a bank account, whereas a credit card involves borrowing and paying back later.
Q94. Which payment method is commonly used for quick and small-value transactions?
a) RTGS
b) IMPS
c) NEFT
d) e-Wallet
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Correct Answer: d) e-Wallet
Explanation: e-Wallets are commonly used for quick and small-value transactions, providing a convenient way to manage and execute minor payments.
Q95. What is the primary use of an OTP in digital transactions?
a) To enhance online shopping experience
b) To provide an additional layer of security for transactions
c) To increase transaction limits
d) To manage digital assets
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Correct Answer: b) To provide an additional layer of security for transactions
Explanation: OTP (One-Time Password) is used to provide an additional layer of security for digital transactions, ensuring that the transaction is verified through a unique, temporary password.
Q96. What is a common feature of a PoS (Point of Sale) system?
a) Processing online bill payments
b) Handling credit and debit card transactions in retail settings
c) Storing digital documents
d) Managing personal investments
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Correct Answer: b) Handling credit and debit card transactions in retail settings
Explanation: A PoS (Point of Sale) system is commonly used for handling credit and debit card transactions in retail settings, processing payments and sales.
Q97. Which tool would you use to pay for online services using your mobile device?
a) NEFT
b) RTGS
c) e-Wallet
d) USSD
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Correct Answer: c) e-Wallet
Explanation: An e-Wallet is commonly used to pay for online services using a mobile device, providing a convenient and secure way to manage transactions.
Q98. What is a key characteristic of the RTGS system?
a) Processing transactions in batches
b) Delaying transactions until the end of the day
c) Real-time processing of high-value transactions
d) Using biometric authentication
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Correct Answer: c) Real-time processing of high-value transactions
Explanation: RTGS (Real Time Gross Settlement) processes high-value transactions in real-time, providing immediate settlement and transfer of funds.
Q99. What does UPI enable in terms of payment transactions?
a) Making payments only within the same bank
b) Transferring funds between multiple bank accounts using a single interface
c) Handling cash transactions
d) Managing physical assets
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Correct Answer: b) Transferring funds between multiple bank accounts using a single interface
Explanation: UPI (Unified Payment Interface) enables transferring funds between multiple bank accounts using a single, unified interface, simplifying digital payments.
Q100. Which of the following is not a feature of an e-Wallet?
a) Secure storage of payment information
b) Direct access to physical cash
c) Facilitating online and in-store transactions
d) Managing digital transactions
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Correct Answer: b) Direct access to physical cash
Explanation: An e-Wallet does not provide direct access to physical cash; instead, it facilitates secure storage of payment information and digital transactions.