Ans. A Digital Payment System allows people to transfer money and pay for goods or services electronically without using physical cash.

Ans. Digital payments offer convenience, speed, transaction records, reduced need to carry cash and easier remote payments.

Ans. Unified Payments Interface (UPI) is an Indian payment system that enables instant bank-to-bank transfers through supported applications.

Ans. A UPI PIN is a secret authentication code used to authorize UPI transactions. It should never be shared with anyone.

Ans. A QR code payment uses a scannable code to identify the payment recipient or payment details so the user can complete a transaction through a supported app.

Ans. Mobile banking allows customers to access banking services through a bank mobile application or supported mobile service.

Ans. Internet banking allows customers to perform banking activities through a bank website using authorized login credentials.

Ans. A debit card allows a customer to make payments or withdraw cash, generally using funds available in the linked bank account.

Ans. A credit card allows an eligible customer to borrow funds up to an approved limit and repay them according to the card terms.

Ans. An electronic wallet or e-wallet is a digital service used to store payment credentials or eligible stored value and make electronic payments.

Ans. National Electronic Funds Transfer (NEFT) is an Indian electronic funds transfer system that processes bank transfers in batches at regular intervals.

Ans. Real Time Gross Settlement (RTGS) is an electronic funds transfer system that settles eligible transactions individually in real time.

Ans. Immediate Payment Service (IMPS) is an Indian electronic funds transfer service that supports immediate interbank transfers, subject to bank and service availability.

Ans. A POS terminal is a device used by merchants to accept electronic payments, such as eligible debit or credit card transactions.

Ans. Two-factor authentication verifies a user through two different authentication factors, adding protection beyond a password or PIN alone.

Ans. An OTP is a one-time authentication code. Sharing it with others can allow unauthorized access or transactions, depending on the service.

Ans. A digital payment receipt is an electronic record containing details of a payment, such as the amount, date, transaction reference and status.

Ans. The user should check the transaction status and account statement, save the transaction reference, avoid unnecessary repeated payments and contact the bank or payment provider if needed.

Ans. Users should use official applications, verify recipient details, protect their PINs and OTPs, avoid suspicious links and report unauthorized transactions promptly.

Ans. Digital payments make electronic transactions easier for individuals and businesses, reduce dependence on physical cash and support convenient financial services.