Digital Payments and Wallets

What is a digital payment?

• Payment made using physical cash

• Payment made through electronic devices

• Payment made by giving a cheque

• Payment made in barter system

Which of the following is NOT an example of a digital wallet?

• Google Pay

• Paytm

• Facebook Messenger

• ATM Card

What is UPI?

• Unified Payment Interface

• Universal Payment Information

• Unique Payment Integration

• Unified Pay Installment

Which of these is required for making digital payments using a mobile wallet?

• Internet connection

• Landline phone

• ID card

• Library card

What is the primary benefit of using digital payments?

• Saves time

• Increases cash flow

• Requires more effort

• Creates paper waste

Which of these technologies is used for contactless payments?

• NFC (Near Field Communication)

• Bluetooth

• Wi-Fi

• Infrared

What does the term "cashless economy" mean?

• No one has any cash

• Everyone uses only cash

• Payments are made digitally instead of using cash

• Everyone uses credit cards only

Which of the following is an example of a government-backed digital payment system in India?

• Bitcoin

• Rupay Card

• PayPal

• Mastercard

What is the full form of QR in QR code?

• Quick Response

• Quick Read

• Quick Record

• Quick Run

Which organization manages UPI payments in India?

• Reserve Bank of India (RBI)

• National Payments Corporation of India (NPCI)

• Ministry of Finance

• Securities and Exchange Board of India (SEBI)