Economy
2018
Banking in India
Government Schemes
With reference to digital payments, consider the following statements:
- BHIM app allows the user to transfer money to anyone with a UPI-enabled bank
- While a chip pin debit card has four factors of authentication, BHIM app has only two factors of authentication.
Which of the statements given above is/are correct?
C.Both 1 and 2
A.1 only
D.Neither 1 nor 2
B.2 only
Correct Answer: Option A
The question concerns digital payments, specifically the BHIM app and its security features.
Statement 1 is correct because the BHIM app utilizes UPI (Unified Payments Interface), enabling users to transfer money to anyone with a UPI-enabled bank account.
Statement 2 is incorrect because a standard chip-pin debit card does not inherently have four factors of authentication. Furthermore, the BHIM app uses three factors of authentication: device ID, mobile number, and UPI PIN.
Hence, only statement 1 is correct.
Sources:
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