Bank Account - Basis of Unified Payments Interface (UPI) based payment model

Q.  The chief instrument on which the new Unified Payments Interface (UPI) based payment model is based is
- Published on 12 Apr 16

a. Debit/ATM Card
b. Mobile Wallet
c. Bank Account
d. A prepaid card

ANSWER: Bank Account
 
  • Now, you can have only one wallet, which is essentially your bank account, from where all payments could be made for any transactions.
  • Also, one does not need to add any beneficiary account, unlike while transferring money through Internet banking.
  • One need not give a bank account number or any code to do a transaction. Only using the virtual address of UPI, one can send money or allow someone to pull money.
  • The individual can either choose a static pin or a one time password to carry out transactions.
  • But the real game changer is that this would end the need to have different wallets for different e-commerce sites. Complete interoperability is what the UPI platform aims to achieve.

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