NPCI - General awareness questions on current affairs

1)   Which of the following is true about NPCI?

a. It stands for National Payments Corporation of India
b. It is the umbrella organisation of payments in India
c. It is developing security framework for mobile payments
d. Only a and b
e. All the above
Answer  Explanation 

ANSWER: All the above

Explanation:
India is home to a new sense of security for mobile payments in the near future.

It’s really no surprise to industry buffs, India is seemingly always on the cutting edge when it comes to mobile payments.

National Payments Corporation of India plans to develop a security framework exclusively for mobile phonebased payments, for banks and mobile wallets.

This is an equivalent to Payment Card Industry Data Security Standard (PCI-DSS) framework that regulates data security for card payments across the world.

In the wake of the government strategy to push digital transactions, mobile phone-based payments are becoming an important means of transactions.

But this could attract hackers and fraudsters that seek to exploit the systems.

NPCI, the umbrella organisation of payments in India, wants to build new security standards for mobile payments to prevent any major loss of public money, a top official said.


2)   Bharat QR is _______

a. E-payment medium
b. Low cost acceptance solution
c. World's first interoperable solution
d. All of the above-mentioned
Answer  Explanation 

ANSWER: All of the above-mentioned

Explanation:
BharatQR, another e-payment medium which has been termed the world’s first interoperable and low cost acceptance solution, was launched by the National Payments Corporation of India.

It was launched in association with MasterCard and Visa.

This is another step in the direction of making India a less-cash economy, said a joint press release by the companies.

BharatQR is linked with the RBI’s Payments Vision 2018, which outlines innovation, interoperability and security as the three pillars to transition the country into cashless economy.

RBI Payments Vision 2018

  • The Vision-2018 for Payment and Settlement Systems in India reiterates the commitment of the Reserve Bank of India to encourage greater use of electronic payments by all sections of society so as to achieve a “less-cash” society.
  • The objective is to facilitate provision of a payment system for the future that combines the much-valued attributes of safety, security and universal reach with technological solutions.
  • This will enable faster processing, enhanced convenience, and the extraction and use of valuable information that accompanies payments.

  • The 5 Cs of Vision 2018

  • Coverage - by enabling wider access to a variety of electronic payment services
  • Convenience - by enhancing user experience through ease of use and of products and processes
  • Confidence - by promoting integrity of systems, security of operations and customer protection
  • Convergence - by ensuring interoperability across service providers
  • Cost - by making services cost effective for users as well as service providers