UPSC Prelims 2017·GS1·economy·money and banking

Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)'?

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Last updated 23 May 2026, 3:31 pm IST
  1. AMobile wallets will not be necessary for online payments.Correct
  2. BDigital currency will totally replace the physical currency in about two decades.
  3. CFDI inflows will drastically increase.
  4. DDirect transfer of subsidies to poor people will become very effective.

Explanation

The most likely consequence of implementing the Unified Payments Interface (UPI) is that mobile wallets will not be necessary for online payments. UPI enables direct bank-to-bank transfers through a single mobile application using a Virtual Payment Address (VPA), eliminating the need for intermediary mobile wallet services. Users can make instant payments directly from their bank accounts without loading money into a separate wallet.
economy: Which of the following is a most likely consequence of implementing the 'Unified Payments Interface (UPI)'?

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