💥Join UPSC 2027,2028 Mentorship (June Batch) + Access XFactor Notes & Microthemes PDF
Talk to Mentor

Civilsdaily

Login

With reference to digital payments, consider the following statements

,

With reference to digital payments, consider the following statements:
1.BHIM app allows the user to transfer money to anyone with a UPI-enabled bank account.
2.While a chip-pin debit card has four factors authentication, BHIM app has only two factors of authentication.
Which of the statements given above is/are correct?

(a)

1 only

(b)

2 only

(c)

Both 1 and 2

(d)

Neither 1 nor 2

Answer:

(a)

CA

Explanation

Statement 1 is correct because BHIM app is powered by UPI and integrates the Payments platform as the official app of the government of India. Statement 2 is incorrect: Debit card does not have four factor authorization and BHIM app has three factor authorization.