Which of the following statements about UPI123Pay is/are correct?1. Ministry of Finance has launched new UPI service for feature phones called UPI123Pay. 2. It is a three-step offline method to initiate and execute transactions that will work on simple feature phones.Select the correct answer using the codes given below:

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: B

Notes:

About UPI123Pay:

Reserve Bank of India has launched new UPI service for feature phones called UPI123Pay.
It is a three-step offline method to initiate and execute transactions that will work on simple feature phones. It has all features for undertaking transactions except scan and pay.
The service does not need an internet connection for transactions. There are 4 options to make payments without internet connectivity: Interactive Voice Response (IVR), Missed Call facility, Proximity sound-based payment and App for feature phones.

Source: EPIC March 2022