UPSC Prelims 2017 Question:

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

How is UPI unique?

• Immediate money transfer through mobile device round the clock 24*7 and 365 days.
• Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
• Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc. QR Code.
• Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
• Merchant Payment with Single Application or In-App Payments.
• Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based payments.
• Donations, Collections, Disbursements Scalable.
• Raising Complaints from Mobile App directly.