50 GK Questions with answer on Cashless Economy
50 GK Questions with answer on Cashless Economy
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What is a cashless economy? Answer: A cashless economy is one in which transactions are conducted without physical currency.
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What are the benefits of a cashless economy? Answer: Benefits of a cashless economy include increased efficiency, lower transaction costs, reduced fraud, and greater financial inclusion.
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What is digital payment? Answer: Digital payment refers to payments made electronically through mobile phones, computers, or other devices.
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What are the different modes of digital payment? Answer: Different modes of digital payment include credit/debit cards, mobile wallets, net banking, and Unified Payments Interface (UPI).
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What is a mobile wallet? Answer: A mobile wallet is a digital wallet that can be used to make payments through a mobile device.
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What is net banking? Answer: Net banking is an online banking service that allows users to perform transactions through the internet.
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What is Unified Payments Interface (UPI)? Answer: UPI is a real-time payment system developed by the National Payments Corporation of India (NPCI) that allows users to transfer funds between bank accounts using a mobile device.
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What is the Digital India campaign? Answer: Digital India is a campaign launched by the Government of India to promote digital infrastructure and increase the use of digital technology in various sectors.
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What is the BHIM app? Answer: BHIM (Bharat Interface for Money) is a mobile payment app developed by the NPCI that allows users to make transactions using UPI.
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What is the Aadhaar Payment System (APS)? Answer: APS is a payment system that uses Aadhaar authentication to facilitate transactions.
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What is the MDR in digital payments? Answer: MDR (Merchant Discount Rate) is the fee charged by banks and payment service providers for digital transactions.
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What is the National Electronic Funds Transfer (NEFT) system? Answer: NEFT is a payment system that allows users to transfer funds between bank accounts electronically.
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What is the Real-Time Gross Settlement (RTGS) system? Answer: RTGS is a payment system that allows large-value transactions to be settled in real-time.
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What is the Immediate Payment Service (IMPS)? Answer: IMPS is a payment system that allows users to transfer funds instantly using mobile devices.
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What is the Prepaid Payment Instruments (PPI) system? Answer: PPI is a payment system that allows users to store money in a digital wallet and use it to make payments.
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What is the National Automated Clearing House (NACH) system? Answer: NACH is a payment system that allows users to make bulk transactions electronically.
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What is the Electronic Clearing Service (ECS) system? Answer: ECS is a payment system that allows users to make recurring payments electronically.
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What is the Fastag system? Answer: Fastag is an electronic toll collection system that allows users to pay toll fees without stopping at toll booths.
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What is the RuPay card? Answer: RuPay is a domestic card payment network in India that competes with international payment systems such as Visa and Mastercard.
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What is the Bharat QR code? Answer: Bharat QR code is a QR code-based payment system that allows users to make payments by scanning a QR code.
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What is the National Payments Corporation of India (NPCI)? Answer: NPCI is an umbrella organization for all retail payment systems in India, developed with the support of the Reserve Bank of India (RBI).
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What is the role of RBI in digital payments? Answer: RBI is responsible for regulating and supervising digital payment systems in India.
