Digital Banking Awareness Quiz – Set 2

Hello Aspirants,
Welcome to Digital Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and mainly for Federal Bank Officer Scale I and Clerks Exams.

1. _________ is an interoperable transport card conceived by the Ministry of Urban Development in association with NPCI.
   A. Unified Payments Interface
   B. Bharat Bill Payment System
   C. Immediate Payment Service
   D. National Common Mobility Card
   E. None of these
   
   Answer & Explanation

   D. National Common Mobility Card
   Explanation:
   National Common Mobility Card is an interoperable transport card conceived by the Ministry of Urban Development in association with NPCI
   
   
2. Which of the following is the Smartphone app built using UPI interface?
   A. NFS
   B. IMPS
   C. BHIM
   D. All of these
   E. None of these
   
   Answer & Explanation

   C. BHIM
   Explanation:
   BHIM – Smartphone app built using UPI interface
   
   
3. Which of the following is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers?
   A. Unified Payments Interface
   B. Bharat Bill Payment System
   C. Immediate Payment Service
   D. National Common Mobility Card
   E. None of these
   
   Answer & Explanation

   B. Bharat Bill Payment System
   Explanation:
   Bharat Bill Payment System is an integrated bill payment system in India offering interoperable and accessible bill payment service to customers
   
   
4. Which is the umbrella organisation for all retail payment systems in India? 
   A. UPI
   B. BBPS
   C. NPCI
   D. NCMC
   E. None of these
   
   Answer & Explanation

   C. NPCI
   Explanation:
   NPCI is the umbrella organisation for all retail payment systems in India
   
   
5. Network of shared automated teller machines in India is called _____
   A. UPI
   B. BBPS
   C. NPCI
   D. NFS
   E. None of these
   
   Answer & Explanation

   D. NFS
   Explanation:
   Network of shared automated teller machines in India is called National Financial Switch(NFS).
   
   
6. What is the single mobile application for accessing different bank accounts?
   A. UPI
   B. BBPS
   C. NPCI
   D. NFS
   E. None of these
   
   Answer & Explanation

   A. UPI
   Explanation:
   UPI is the single mobile application for accessing different bank accounts
   
   
7. A common QR code built for ease of payments is known as _______
   A. UPI
   B. BBPS
   C. NPCI QR
   D. Bharat QR
   E. None of these
   
   Answer & Explanation

   D. Bharat QR
   Explanation:
   A common QR code built for ease of payments is known as Bharat QR
   
   
8. ______are issued by a company to a consumer for buying goods and services exclusively from that company.
   A. Closed System Payment Instruments
   B. Semi-closed System Payment Instruments
   C. Open System Payment Instruments
   D. Semi-Open System Payment Instruments
   E. None of these
   
   Answer & Explanation

   A. Closed System Payment Instruments
   Explanation:
   Closed System Payment Instruments are issued by a company to a consumer for buying goods and services exclusively from that company. Example: Amazon Wallet
   
   
9. _______are payment instruments that can be used to purchase goods and services at any card-accepting POS terminals.
   A. Closed System Payment Instruments
   B. Semi-closed System Payment Instruments
   C. Open System Payment Instruments
   D. Semi-Open System Payment Instruments
   E. None of these
   
   Answer & Explanation

   D. Semi-Open System Payment Instruments
   Explanation:
   Semi-Open System Payment Instruments are payment instruments that can be used to purchase goods and services at any card-accepting POS terminals
   
   
10. ________ can be used for purchase of goods and services and also permit cash withdrawal at ATMs, Merchant Local Locations, and automated business correspondents.
    A. Closed System Payment Instruments
    B. Semi-closed System Payment Instruments
    C. Open System Payment Instruments
    D. Semi-Open System Payment Instruments
    E. None of these
    
    Answer & Explanation

    C. Open System Payment Instruments
    Explanation:
    Open System Payment Instruments can be used for purchase of goods and services and also permit cash withdrawal at ATMs, Merchant Local Locations, and automated business correspondents.