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Question

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?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Answer:

A

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Explanation:

Statement 1 is correct. The BHIM (Bharat Interface for Money) app is a UPI (Unified Payments Interface) based payment app that allows users to transfer money to anyone with a UPI-enabled bank account. UPI enables seamless fund transfers between different banks.

Statement 2 is incorrect. While a chip-pin debit card typically has four factors of authentication (possession of the card, knowledge of the PIN, physical presence for the transaction, and the chip's authentication), the BHIM app follows the UPI authentication process, which includes factors such as possession of the mobile device, knowledge of the UPI PIN, and mobile number verification. It does not specifically have only two factors of authentication.

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