1. What does UPI stand for?
a) Unified Payment Interface
b) Unified Payments Integration
c) Universal Payment Instrument
d) United Payments Interface
Answer: a) Unified Payment Interface
2. What is UPI used for?
a) Withdrawing cash from ATMs
b) Making digital payments between bank accounts
c) Booking movie tickets
d) Sending letters
Answer: b) Making digital payments between bank accounts
3. Is an ATM card necessary for UPI transactions?
a) Yes, always
b) No, never
c) Yes, for certain transactions
d) No, for any transaction
Answer: d) No, for any transaction
4. Which of the following is true about UPI?
a) It can only be used at physical stores
b) It requires a physical card for transactions
c) It is entirely digital and cardless
d) It is limited to specific banks
Answer: c) It is entirely digital and cardless
5. How are UPI transactions initiated?
a) By swiping a physical card
b) By entering a PIN at an ATM
c) By using a mobile app or USSD code
d) By writing a cheque
Answer: c) By using a mobile app or USSD code
6. Which type of information is required for a UPI transaction?
a) ATM PIN
b) Bank account number and IFSC code
c) Card number and CVV
d) Social security number
Answer: b) Bank account number and IFSC code
7. Can UPI transactions be performed without internet connectivity?
a) Yes, always
b) No, never
c) Yes, with certain limitations
d) No, only with internet connectivity
Answer: c) Yes, with certain limitations
8. Which of the following devices can be used for UPI transactions?
a) ATM
b) Smartphone
c) Laptop
d) All of the above
Answer: d) All of the above
9. Which regulatory body oversees UPI transactions in India?
a) National Payments Corporation of India (NPCI)
b) Reserve Bank of India (RBI)
c) Securities and Exchange Board of India (SEBI)
d) Telecom Regulatory Authority of India (TRAI)
Answer: a) National Payments Corporation of India (NPCI)
10. What is the primary advantage of UPI?
a) Faster transactions compared to cash withdrawals
b) No need to carry physical cash or cards
c) Lower transaction fees compared to other methods
d) All of the above
Answer: d) All of the above
11. How is UPI different from traditional banking methods?
a) UPI requires physical cards for transactions
b) UPI transactions are entirely digital and cardless
c) UPI transactions cannot be performed without internet connectivity
d) UPI transactions are slower than traditional methods
Answer: b) UPI transactions are entirely digital and cardless
12. Which of the following is NOT a UPI app?
a) Google Pay
b) PhonePe
c) Paytm
d) Visa
Answer: d) Visa
13. Can UPI be used for international transactions?
a) Yes, always
b) No, never
c) Yes, with certain limitations
d) No, only for domestic transactions
Answer: d) No, only for domestic transactions
14. What is the maximum limit for a single UPI transaction?
a) No limit
b) ₹10,000
c) ₹1,00,000
d) ₹5,00,000
Answer: c) ₹1,00,000
15. Which of the following is NOT required for setting up a UPI account?
a) Mobile number
b) Bank account number
c) Aadhaar card
d) UPI PIN
Answer: c) Aadhaar card
16. How are UPI transactions authenticated?
a) By entering a CVV
b) By entering a UPI PIN
c) By swiping a physical card
d) By signing a paper form
Answer: b) By entering a UPI PIN
17. Can UPI transactions be reversed?
a) Yes, always
b) No, never
c) Yes, within a certain time frame
d) No, once initiated
Answer: c) Yes, within a certain time frame
18. Which of the following statements about UPI is true?
a) UPI transactions are limited to specific banks
b) UPI transactions can only be performed at ATMs
c) UPI transactions require physical cards for authentication
d) UPI transactions can be initiated using a mobile app or USSD code
Answer: d) UPI transactions can be initiated using a mobile app or USSD code
19. How long does it typically take for a UPI transaction to be processed?
a) Instantly
b) Within 24 hours
c) 2-3 business days
d) 5-7 business days
Answer: a) Instantly
20. Which of the following is NOT a UPI transaction service provider?
a) Google Pay
b) Visa
c) PhonePe
d) Paytm
Answer: b) Visa