Q71. What does UPI enable users to do?
a) Make payments through a physical card
b) Transfer funds between bank accounts using a unified interface
c) Encrypt financial data
d) Store digital currency
Show Answer
Correct Answer: b) Transfer funds between bank accounts using a unified interface
Explanation: UPI (Unified Payment Interface) enables users to transfer funds between bank accounts using a unified interface for seamless digital payments.
Q72. What does e-Wallet typically provide for users?
a) Investment opportunities
b) Physical cash management
c) Secure digital transactions and payment management
d) Credit scoring
Show Answer
Correct Answer: c) Secure digital transactions and payment management
Explanation: An e-Wallet provides secure digital transactions and payment management, allowing users to make payments and manage their finances electronically.
Q73. Which of the following services is characterized by real-time fund transfers?
a) NEFT
b) IMPS
c) RTGS
d) AEPS
Show Answer
Correct Answer: b) IMPS
Explanation: IMPS (Immediate Payment Service) is characterized by real-time fund transfers, allowing users to transfer money instantly between accounts.
Q74. The primary function of NEFT is to:
a) Transfer funds in real-time
b) Process batch payments
c) Facilitate biometric payments
d) Manage credit card transactions
Show Answer
Correct Answer: b) Process batch payments
Explanation: NEFT (National Electronic Fund Transfer) processes transactions in batches, transferring funds at scheduled intervals rather than in real-time.
Q75. What feature is unique to RTGS transactions?
a) Batch processing
b) Real-time settlement
c) Limited transaction amounts
d) Offline processing
Show Answer
Correct Answer: b) Real-time settlement
Explanation: RTGS (Real Time Gross Settlement) offers real-time settlement, providing immediate processing and completion of high-value transactions.
Q76. IMPS allows users to:
a) Access banking services without an internet connection
b) Transfer funds instantly and anytime
c) Process transactions through physical checks
d) Store funds in a savings account
Show Answer
Correct Answer: b) Transfer funds instantly and anytime
Explanation: IMPS (Immediate Payment Service) allows users to transfer funds instantly and anytime, including holidays and non-working hours.
Q77. What type of transactions does a debit card typically handle?
a) Transactions involving borrowed funds
b) Payments directly from a bank account
c) High-value credit purchases
d) Investment-related transactions
Show Answer
Correct Answer: b) Payments directly from a bank account
Explanation: A debit card handles payments directly from a bank account, allowing users to access their funds for transactions.
Q78. What type of transactions are facilitated by UPI?
a) Physical cash deposits
b) Electronic fund transfers between bank accounts
c) Retail transactions at stores
d) Long-term savings
Show Answer
Correct Answer: b) Electronic fund transfers between bank accounts
Explanation: UPI (Unified Payment Interface) facilitates electronic fund transfers between bank accounts using a single platform for various payment types.
Q79. AEPS is particularly useful for:
a) Managing credit card payments
b) Performing transactions using Aadhaar and biometric data
c) Storing digital currency
d) Making international payments
Q80. The primary advantage of an e-Wallet over traditional payment methods is:
a) Increased physical security
b) Enhanced convenience and digital payment management
c) Access to physical cash
d) Higher transaction limits
Show Answer
Correct Answer: b) Enhanced convenience and digital payment management
Explanation: An e-Wallet offers enhanced convenience and digital payment management by allowing users to store payment information and manage transactions electronically.