1. What does UPI stand for in the context of PhonePe?
a) Unified Payment Integration
b) United Payments Interface
c) Universal Payment Instrument
d) Unified Payments Interface
Answer: d) Unified Payments Interface
2. Which organization developed the UPI platform used by PhonePe?
a) National Payments Corporation of India (NPCI)
b) Reserve Bank of India (RBI)
c) Indian Banks’ Association (IBA)
d) Ministry of Finance
Answer: a) National Payments Corporation of India (NPCI)
3. What is PhonePe?
a) A social media platform
b) A mobile wallet app
c) A shopping website
d) A UPI-based payment app
Answer: d) A UPI-based payment app
4. How does UPI facilitate payments through PhonePe?
a) By using QR codes
b) By transferring funds directly from one bank account to another
c) By using virtual payment addresses (VPAs)
d) All of the above
Answer: d) All of the above
5. Which type of transactions can be performed using PhonePe UPI?
a) Transfer money to friends and family
b) Pay bills and recharge mobile numbers
c) Make online and offline purchases
d) All of the above
Answer: d) All of the above
6. What is a VPA (Virtual Payment Address) in the context of PhonePe UPI?
a) A unique identifier linked to a bank account
b) A physical card issued by the bank
c) A barcode used for scanning payments
d) A type of mobile phone number
Answer: a) A unique identifier linked to a bank account
7. Which of the following is NOT a feature of PhonePe UPI?
a) Split bills with friends
b) Invest in mutual funds
c) Book flight tickets
d) Order food online
Answer: c) Book flight tickets
8. What is the maximum transaction limit for UPI payments through PhonePe?
a) ₹10,000
b) ₹20,000
c) ₹50,000
d) ₹1,00,000
Answer: d) ₹1,00,000
9. How does PhonePe ensure the security of UPI transactions?
a) Through encryption and secure authentication methods
b) By storing user data on external servers
c) By sharing sensitive information with third parties
d) By allowing anonymous transactions
Answer: a) Through encryption and secure authentication methods
10. Which bank accounts are compatible with PhonePe UPI?
a) Only accounts from State Bank of India (SBI)
b) Accounts from any bank participating in the UPI platform
c) Only accounts from private banks
d) Only accounts from nationalized banks
Answer: b) Accounts from any bank participating in the UPI platform
11. What is the primary advantage of using PhonePe UPI for payments?
a) Instant transfer of funds
b) No need for internet connectivity
c) Lower transaction fees compared to other payment methods
d) Ability to make international payments
Answer: a) Instant transfer of funds
12. Which of the following services is NOT offered by PhonePe?
a) Mobile recharges
b) Electricity bill payments
c) Online grocery shopping
d) Hotel bookings
Answer: c) Online grocery shopping
13. What is the customer support mechanism available for PhonePe users?
a) PhonePe call center
b) In-app chat support
c) Email support
d) All of the above
Answer: d) All of the above
14. How does PhonePe authenticate transactions?
a) OTP (One Time Password)
b) Biometric verification
c) PIN (Personal Identification Number)
d) All of the above
Answer: d) All of the above
15. Can PhonePe UPI be used for international transactions?
a) Yes
b) No
c) Only in select countries
d) Only with specific banks
Answer: b) No
16. What is the minimum transaction amount for UPI payments through PhonePe?
a) ₹1
b) ₹10
c) ₹50
d) ₹100
Answer: a) ₹1
17. How does PhonePe generate revenue from its UPI platform?
a) By charging users a transaction fee
b) By displaying advertisements in the app
c) By selling user data to third parties
d) All of the above
Answer: a) By charging users a transaction fee
18. Can PhonePe UPI be used for merchant payments?
a) Yes
b) No
c) Only for specific merchants
d) Only for online payments
Answer: a) Yes
19. How does PhonePe verify the authenticity of merchants?
a) Through KYC (Know Your Customer) verification
b) By checking their business registration details
c) Through a background check
d) All of the above
Answer: d) All of the above
20. Which regulatory body oversees UPI-based 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)