Which of the following statements regarding digital payment systems in India are correct?
- Unified Payments Interface (UPI) enables real-time fund transfer between bank accounts.
- Digital payments eliminate the need for any physical infrastructure.
- QR codes facilitate quick transactions without requiring card swiping machines.
Which of the above statements are correct?
Correct answer: A
Explanation
UPI does enable real-time, round-the-clock fund transfer between bank accounts, so statement 1 is correct. QR codes let merchants accept payments without a card-swiping machine, making statement 3 correct. Statement 2 is wrong because digital payments still depend heavily on physical infrastructure like servers, smartphones, data centres and telecom networks.