Consider the following statements: 1. Virtual Payment Address (VPA) in the Unified Payments Interface (UPI) is a unique identifier for online shopping. 2. National Payments Corporation of India (NPCI) manages the Immediate Payment Service (IMPS). Which of the statement(s) given above is/are correct? |ForumIAS

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Q. Consider the following statements:
1.Virtual Payment Address (VPA) in the Unified Payments Interface (UPI) is a unique identifier for online shopping.
2.National Payments Corporation of India (NPCI) manages the Immediate Payment Service (IMPS).
Which of the statement(s) given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: B

Notes:

Explanation –

Statement 1 is incorrect. A Virtual Payment Address (VPA) is a unique identifier used in UPI transactions, not specifically for online shopping. It allows users to send and receive money without sharing sensitive bank details.

Statement 2 is correct. The National Payments Corporation of India (NPCI) manages the Immediate Payment Service (IMPS) as well as the UPI.

Source: AIR

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