Economics · Digital Payments
A customer wants to transfer funds to a friend. Instead of entering an account number and IFSC code, they simply scan a QR code or select a contact from their phone book. The transaction is completed instantly, and the funds are debited from their bank account. Which digital innovation has primarily simplified this payment journey?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1SWIFT International Messaging.
- 2Unified Payments Interface (UPI) with Virtual Payment Address (VPA).✓
- 3Paper-based Demand Drafts.
- 4Closed Wallet system restricted to one merchant.
Correct answer
Unified Payments Interface (UPI) with Virtual Payment Address (VPA).
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