Digital Payment Systems

Economics ⇒ Money and Banking

Digital Payment Systems starts at 11 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Digital Payment Systems. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.

See sample questions for grade 11

Describe one way in which digital payment systems can help small businesses.

Describe two advantages of using digital payment systems over cash transactions.

Explain how digital payment systems can promote transparency in financial transactions.

Explain how QR codes are used in digital payments.

Explain the impact of digital payment systems on the Indian economy.

Explain the main difference between RTGS and IMPS.

Explain the role of the Reserve Bank of India (RBI) in digital payment systems.

Explain the term 'cashless economy' in the context of digital payments.

Which of the following is a challenge faced by digital payment systems in India? (1) High internet penetration, (2) Cybersecurity threats, (3) Universal literacy, (4) Abundant electricity

Which of the following is a direct benefit of digital payment systems for consumers? (1) Longer transaction time, (2) 24x7 availability, (3) More paperwork, (4) Higher risk of loss

Which of the following is a feature of mobile wallets? (1) Physical cash withdrawal, (2) Storing money digitally, (3) Issuing cheques, (4) Printing passbooks

Which of the following is a government-backed digital payment app in India? (1) Paytm, (2) Google Pay, (3) BHIM, (4) PhonePe

Fill in the blank: The ___________ is a government initiative to provide a unique identity number to residents, which can be used for digital payments authentication.

Fill in the blank: The ___________ is a unique identifier used in UPI transactions.

Fill in the blank: The full form of NEFT is ___________.

Fill in the blank: The government initiative to promote digital payments in India is called ___________.

True or False: Digital payment systems can be accessed only through smartphones.

True or False: Digital payment systems can be used for international transactions.

True or False: Digital payment systems can help in financial inclusion.

True or False: Digital payment systems can help reduce the use of black money in the economy.