Q28.
With reference to digital payments, consider the following statements: 1. BHIM app allows the user to transfer money to anyone with a UPI-enabled bank account. 2. 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?
Answer
A
Explanation
Statement 1 is correct: BHIM is a payment app that lets you make transactions using Unified Payments Interface (UPI) for direct bank payments to anyone on UPI using their UPI ID. Statement 2 is not correct: BHIM app has THREE factors of authentication (device ID and mobile number, bank account, and UPI Pin) versus a chip-pin debit card which has only TWO factors of authentication.