Q71. What does the acronym NEFT stand for?
a) National Electronic Funds Transfer
b) National Emergency Fund Transfer
c) National Efficient Funds Transfer
d) National Electronic Financial Transaction
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Correct Answer: a) National Electronic Funds Transfer
Explanation: NEFT (National Electronic Funds Transfer) is used for transferring funds electronically between banks within India.
Q72. Which digital tool allows users to make payments using their mobile phone without internet access?
a) UPI
b) AEPS
c) QR Code
d) e-Wallet
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Correct Answer: b) AEPS
Explanation: AEPS (Aadhaar Enabled Payment System) allows users to make payments using their Aadhaar number and biometric data, even without internet access.
Q73. What is the primary feature of online bill payment services?
a) Handling high-value transactions
b) Managing recurring payments and bills
c) Providing cash back offers
d) Offering offline payment methods
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Correct Answer: b) Managing recurring payments and bills
Explanation: Online bill payment services are designed to manage and pay recurring bills electronically, providing convenience and reducing the need for physical payment methods.
Q74. What type of payment method involves scanning a QR Code?
a) e-Wallet
b) Credit Card
c) Debit Card
d) USSD
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Correct Answer: a) e-Wallet
Explanation: e-Wallets often use QR Codes for payments, allowing users to scan the code to complete transactions quickly and securely.
Q75. Which system is used for processing and settling high-value transactions in real-time?
a) NEFT
b) IMPS
c) RTGS
d) AEPS
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Correct Answer: c) RTGS
Explanation: RTGS (Real-Time Gross Settlement) is used for processing and settling high-value transactions in real-time, ensuring immediate fund transfers.
Q76. What does the UMANG app NOT provide?
a) Railway ticket booking
b) Health records management
c) Passport issuance
d) Credit card services
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Correct Answer: d) Credit card services
Explanation: The UMANG app provides access to various government services, including railway ticket booking and health records management, but does not handle credit card services.
Q77. Which payment service is ideal for making instant payments using a mobile phone?
a) NEFT
b) IMPS
c) RTGS
d) USSD
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Correct Answer: b) IMPS
Explanation: IMPS (Immediate Payment Service) is ideal for making instant payments using a mobile phone, providing real-time transaction capabilities.
Q78. What does the acronym UPI stand for in digital payments?
a) Unified Payment Interface
b) Universal Payment Interface
c) User Payment Identifier
d) Uniform Payment Integration
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Correct Answer: a) Unified Payment Interface
Explanation: UPI (Unified Payment Interface) is a digital payment system that enables instant payments and transfers between bank accounts through a unified interface.
Q79. What feature of AEPS enhances transaction security?
a) QR Code scanning
b) Biometric authentication
c) OTP verification
d) Physical card swipe
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Correct Answer: b) Biometric authentication
Explanation: AEPS (Aadhaar Enabled Payment System) uses biometric authentication to enhance security, ensuring that transactions are authorized by the legitimate user.
Q80. What type of transactions are typically managed by e-Wallets?
a) Physical cash management
b) Electronic and digital payments
c) Offline banking services
d) High-value international transfers
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Correct Answer: b) Electronic and digital payments
Explanation: e-Wallets manage electronic and digital payments, providing a platform for users to perform transactions and store payment information securely.