41. What is the purpose of a Pre-Authorized Debit (PAD) in payment systems?
a) To authorize automatic recurring payments
b) To validate the payee’s bank account
c) To reduce the risk of fraud
d) All of the above
42. Which of the following is not a component of a payment card?
a) Magnetic stripe
b) Chip
c) PIN number
d) QR code
43. What is the purpose of an OTP (One-time Password) in payment systems?
a) To authenticate the payer
b) To authorize the transaction
c) To prevent unauthorized access
d) All of the above
44. Which of the following is not a characteristic of an instant payment system?
a) Real-time settlement of transactions
b) Availability of payment at any time
c) Lower transaction fees
d) Higher risk of fraud
45. What is the purpose of a UPI (Unified Payments Interface) in Indian banking payment systems?
a) To enable instant money transfers between banks
b) To facilitate mobile payments and fund transfers
c) To provide a single platform for various payment systems
d) All of the above
