India Post Payments Bank uses which technology for cashless withdrawal?
Show answer & explanation
Correct answer: A
Explanation
Correct Answer – QR Card.
Explanation:
- Technology: India Post Payments Bank (IPPB) utilizes QR Card technology for cashless and cardless transactions.
- Functionality: Customers are not required to memorize a PIN or carry a debit card. Transactions are completed by scanning the QR Card and using biometric authentication (thumb impression).
- Security: This technology is extremely secure and user-friendly, particularly for rural areas where individuals may forget their PINs or fear losing their cards. It incorporates an additional layer of security in the form of 'biometrics'.
Key Facts about India Post Payments Bank (IPPB):
- Establishment: September 1, 2018.
- Headquarters: New Delhi.
- Ownership: It is a public sector bank owned by the Department of Posts (Ministry of Communications), Government of India.
- Tagline: 'Your Bank, At Your Doorstep.'
Important Questions for Upcoming Examinations:
- Question: What type of bank is IPPB?
- Answer: A Payments Bank (It cannot offer Fixed Deposits—FDs—or Loans).
- Question: Can a Current Account be opened with IPPB?
- Answer: Yes, both Savings and Current Accounts can be opened.
- Question: What is the name of the service through which banking services are provided at home by a postman?
- Answer: Doorstep Banking.