Which of the following is a most likely consequence of implementing the Unified Payments Interface (UPI)?
[UPSC Civil Services Exam – 2017 Prelims]
(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.
The most likely consequence of implementing the ‘Unified Payments Interface (UPI)’ is Mobile wallets will not be necessary for online payments.
- UPI allows you to pay directly from your bank account to different merchants without the hassle of typing your card details, or net banking/wallet password.
- UPI is a payment system that allows money transfers between any two bank accounts by using a smartphone.
- Unified Payments Interface (UPI) is an instant real-time payment system developed by NPCI to facilitate inter-bank transactions through mobile phones.