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Digital Payments Quiz: UPI, NEFT, RTGS and IMPS Questions

Written by the Quizzeela team
Last checked · 10 questions · Medium

India leads the world in digital payments. Check how well you know UPI, NEFT, RTGS and more.

New to this topic? Read the guide firstNEFT vs RTGS vs IMPS vs UPI: Difference, Limits and Speed Play as a timed quiz and earn coins

1What does IMPS stand for?

  1. Instant Mobile Pay Scheme
  2. Internet Money Payment System
  3. Inter-bank Money Processing Service
  4. Immediate Payment Service
Show answer
Answer: D. Immediate Payment Service. IMPS is an instant, round-the-clock fund transfer service run by NPCI.

2What is the minimum amount for an RTGS transfer?

  1. ₹1 lakh
  2. No minimum
  3. ₹2 lakh
  4. ₹50,000
Show answer
Answer: C. ₹2 lakh. RTGS is meant for large transfers, with a minimum of ₹2 lakh.

3Since December 2019, NEFT is available:

  1. Only on Sundays
  2. 24 hours, all days
  3. Only on weekdays
  4. Only in bank hours
Show answer
Answer: B. 24 hours, all days. The RBI made NEFT available 24x7, all year, from December 2019.

4In which year was UPI launched?

  1. 2012
  2. 2019
  3. 2016
  4. 2014
Show answer
Answer: C. 2016. NPCI launched UPI in 2016.

5Which organisation made the BHIM app?

  1. SBI
  2. RBI
  3. NPCI
  4. SEBI
Show answer
Answer: C. NPCI. BHIM was developed by the National Payments Corporation of India.

6RuPay is:

  1. A tax
  2. India's own card payment network
  3. A foreign bank
  4. A type of loan
Show answer
Answer: B. India's own card payment network. RuPay is India's card network, run by NPCI.

7What is a UPI ID (also called a VPA)?

  1. Your card number
  2. Your bank password
  3. Your PAN
  4. An address like name@bank used to receive money
Show answer
Answer: D. An address like name@bank used to receive money. A UPI ID lets people pay you without knowing your account number.

8What does QR in "QR code" stand for?

  1. Quick Response
  2. Query Reader
  3. Quality Rate
  4. Quick Receipt
Show answer
Answer: A. Quick Response. QR stands for Quick Response.

9FASTag is mainly used for:

  1. Paying taxes
  2. Paying highway tolls
  3. Buying train tickets
  4. Paying electricity bills
Show answer
Answer: B. Paying highway tolls. FASTag lets vehicles pay highway tolls without stopping.

10UPI Lite is designed for:

  1. Small, quick payments with fewer steps
  2. Large business payments
  3. Loans
  4. International transfers
Show answer
Answer: A. Small, quick payments with fewer steps. UPI Lite is meant for small-value everyday payments.
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Sources: Reserve Bank of India and NPCI. Found a mistake? Use "Report a mistake" in the timed quiz.