Which of the following is a most likely consequence of implementing the ‘Unified Payments Interface (UPI)’

2017

“Digital Payments,Digital Infrastructure”, Economics

Which of the following is a most likely consequence of implementing the ‘Unified Payments Interface (UPI)’?

(a)

Mobile wallets will not be necessary for online payments.

(b)

Digital currency will totally replace the physical currency in about two decades.

(c)

FDI inflows will drastically increase.

(d)

Direct transfer of subsidies to poor people will become very effective.

Answer:

(a)

Explanation

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. The key objective of a unified system is to offer an architecture to facilitate next generation online immediate payments. UPI is expected to further propel easy instant payments via mobile, web, and other applications. www.civilsdaily.com/upcoming-e-payment-method-upi/