UPI based payment model

Q.  National Payments Corporation of India (NPCI) has developed new payment method. It is based on
- Published on 12 Apr 16

a. Aadhar Number
b. Debit/Credit Card Number
c. UPI
d. XML

ANSWER: UPI
 
  • Now, you can have only one wallet, which is essentially your bank account, from where all payments could be made for any transactions.
  • You do not have to key in your bank account number and the 11-character Indian Financial System (IFSC) code every time you transact with a new identity.
  • All you need is an e-mail like Unified Payments Interface (UPI) address.
  • National Payments Corporation of India (NPCI) has developed this new platform.
  • Also, one does not need to add any beneficiary account, unlike while transferring money through Internet banking.

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