MCQ
Digital Payments MCQ - Practice Questions with Answers
Solve 53 Digital Payments questions for RAS/RPSC preparation.
Practice questions
Q1According to RBI's benchmarking of India's payment systems, which pair represents India's two fast payment systems facilitating instant funds transfers?
IMPS and UPI are the two fast payment systems named by RBI for facilitating instant funds transfers. NEFT and RTGS are major funds-transfer systems but are not the pair identified in the cited fact as India's two fast payment systems. BBPS and AePS belong to adjacent digital-payment infrastructure, and RuPay with NACH is also a near-miss pairing rather than the cited instant-transfer pair.
Q2Assertion: The original DIGIDHAN Mission notification fixed a target of 2,500 crore digital payment transactions for FY 2017-18. Reason: The notification listed modes such as UPI, USSD, IMPS, Aadhaar Pay and debit cards for achieving digital payment transactions. Choose the correct answer.
The Assertion is true because the original DIGIDHAN Mission notification set a 2,500 crore transaction target for FY 2017-18. The Reason is also true because the same fact identifies UPI, USSD, IMPS, Aadhaar Pay and debit cards as included modes. However, naming the payment modes describes the operational channels; it does not explain why the numerical target was 2,500 crore. Claims that the Assertion is false or that the Reason is false contradict the cited notification.
Q3Under the DIGIDHAN Mission structure, match the committee level with the chairperson provided for promotion and proliferation of digital payments.
The DIGIDHAN Mission structure provided for State-level Committees under the chairmanship of the Chief Secretary. District Collector is a district-level administrative office, the Union Finance Secretary is a central government post, and the National Payments Corporation of India chief executive is an institutional payment-system role; none is the chairperson named for the State-level Committee in the cited mission structure.
Q4In the chronological sequence of PIB's retail digital payments data, which financial year is associated with UPI accounting for 81% of total retail digital payment transactions?
The cited PIB release associates UPI's 81% share of total retail digital payment transactions with FY 2024-25. FY 2021-22, FY 2022-23, and FY 2023-24 are nearby years in the retail digital payments series, but the 81% UPI share in the assigned fact is for FY 2024-25.
Q5In the official timeline for the incentive schemes Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana, which date was scheduled as the launch date?
Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana were scheduled for launch on 25 December 2016 to incentivise higher usage of digital transactions by consumers and merchants. The date 8 June 2017 belongs to the later DIGIDHAN Mission notification, 17 July 2023 relates to the transfer of Promotion of Digital Payments to the Department of Financial Services, and 29 December 2023 is the date of the year-end review source, not the scheduled launch of these two incentive schemes.
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More questions
6With reference to retail digital payments in India in FY 2022-23, consider the following statements: 1. The transaction volume was 11,369.56 crore. 2. The transaction value was Rs 587.39 lakh crore. 3. Volume growth was 28.41% and value growth was 58.42%. 4. Volume growth was 58.42% and value growth was 28.41%. Which of the statements given above are correct?
7Assertion: IMPS transactions in December 2024 were higher than in November 2024 in both count and value. Reason: IMPS rose from 407.92 million transactions worth Rs 5.58 lakh crore in November 2024 to 441 million transactions worth Rs 6.01 lakh crore in December 2024. Choose the correct answer.
8According to the PIB release dated 17 January 2025, what was the UPI transaction volume and value in December 2024?
9Match the month with the correct NETC FASTag transaction count and value as reported in the PIB release dated 17 January 2025: Month 1. November 2024 2. December 2024 Data P. 358.84 million transactions worth Rs 6,070 crore Q. 381.98 million transactions worth Rs 6,642 crore Choose the correct matching.
10How many Unified Payments Interface transactions did NPCI report for March 2026?
11Which sequence correctly represents the expansion of UPI transaction volume from FY 2016-17 to FY 2025-26, as reported in the PIB release on 10 years of UPI?
12Match the April-August FY 2024-25 digital payment indicators with their figures as reported in the DFS release of September 2024: Indicator 1. Transaction volume 2. Transaction value Figure a. 8,659 crore b. Rs 1,669 lakh crore c. 18,737 crore d. Rs 3,659 lakh crore Select the correct match.
13Consider the following statements about the administrative handling of Promotion of Digital Payments: 1. It was transferred from the Ministry of Electronics and Information Technology to the Department of Financial Services. 2. The transfer was made by Cabinet Notification No. 1/21/6/2023-Cab. dated 17 July 2023. 3. The transfer moved the subject from the Department of Financial Services to the Ministry of Electronics and Information Technology. Which of the statements given above are correct?
14Match the RBI prescription power under the PSS Act with the corresponding payment-system matter. List I: 1. Payment instructions 2. Operating schedule 3. Entry into the system 4. Participation in the system. List II: a. Membership criteria b. Formats c. Participation terms d. Timings. Which matching is correct?
15Under the Payment and Settlement Systems Act, 2007, which institution is designated as the authority for regulation and supervision of payment systems in India?