Q28. With reference to digital payments, consider the following statements:
- BHIM app allows the user to transfer money to anyone with a UPI-enabled bank account.
- While a chip-pin debit card has four factors of authentication, BHIM app has only two factors of authentication.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: A
Statement 1 is correct: Bharat Interface for Money (BHIM) is a mobile payment app developed by the National Payments
Corporation of India (NPCI) based upon the system of Unified Payments Interface (UPI). BHIM app integrates the Payments platform as the official app of the government of India. It allows the user to transfer money to anyone with a UPI-enabled bank account.
Statement 2 is not correct: Debit cards do not have four-factor authorization and BHIM
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