With reference to digital payments, consider the following statements: 1. BHIM app allows the user to transfer money to anyone with a UPI-enabled bank account. 2. While a chip-pin debit card has four factors of authentication, BHIM app has only two factors of authentication. Which of the statements given above is/are correct?

1. Statement 1 is correct. The BHIM app (Bharat Interface for Money) is based on the Unified Payments Interface (UPI). It allows users to send or receive money directly to/from bank accounts, including transferring money to anyone who has a UPI-enabled bank account, using their UPI ID or account details. 2. Statement 2 is incorrect. A chip-pin debit card transaction typically relies on two-factor authentication: possession of the card (something you have) and knowledge of the PIN (something you know). Claiming it has four factors is generally inaccurate. The BHIM app also employs multi-factor authentication, commonly involving device binding (something you have - the registered mobile device) and the UPI PIN (something you know). Therefore, the assertion of four factors for the card and only two factors for the BHIM app, and the comparison itself, are incorrect.