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Consider the following statements.
1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties
2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the country
Which of these statements are correct?
- a)1 Only
- b)2 Only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Consider the following statements. 1. A cashless society describes an...
- Some countries have made an attempt to move towards an economy which uses less cash and more digital transactions.
- A cashless society describes an economic state whereby financial transactions are not connected with money in the form of physical bank notes or coins but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.
- In India the government has been consistently investing in various reforms for greater financial inclusion. During the last few years’ initiatives such as Jan Dhan accounts, Aadhar enabled payment systems, e –Wallets, National financial Switch (NFS) and others have strengthened the government resolve to go cashless.
- Today, financial inclusion is seen as a realistic dream because of mobile and smartphone penetration across the country.
Most Upvoted Answer
Consider the following statements. 1. A cashless society describes an...
Explanation:
Statement 1: A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties.
This statement is incorrect. A cashless society is the opposite of using physical banknotes or coins in financial transactions. In a cashless society, transactions are conducted using digital methods such as debit cards, credit cards, mobile wallets, and online banking. The transfer of digital information between the transacting parties eliminates the need for physical cash.
Statement 2: Financial inclusion is seen as an impossible dream because of mobile and smartphone penetration across the country.
This statement is incorrect. Financial inclusion refers to the accessibility and availability of financial services to all individuals and businesses, including those who are unbanked or underbanked. It aims to provide opportunities for individuals to participate in the formal financial system and benefit from various financial services.
Mobile and smartphone penetration across the country can actually contribute to achieving financial inclusion. With the increasing use of mobile phones and smartphones, especially in developing countries, people can access financial services through mobile banking, mobile wallets, and other digital platforms. This enables individuals who may not have access to traditional banking services to conduct financial transactions and manage their finances.
Therefore, both statements are incorrect.
Conclusion: Neither statement 1 nor statement 2 is correct.
Statement 1: A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties.
This statement is incorrect. A cashless society is the opposite of using physical banknotes or coins in financial transactions. In a cashless society, transactions are conducted using digital methods such as debit cards, credit cards, mobile wallets, and online banking. The transfer of digital information between the transacting parties eliminates the need for physical cash.
Statement 2: Financial inclusion is seen as an impossible dream because of mobile and smartphone penetration across the country.
This statement is incorrect. Financial inclusion refers to the accessibility and availability of financial services to all individuals and businesses, including those who are unbanked or underbanked. It aims to provide opportunities for individuals to participate in the formal financial system and benefit from various financial services.
Mobile and smartphone penetration across the country can actually contribute to achieving financial inclusion. With the increasing use of mobile phones and smartphones, especially in developing countries, people can access financial services through mobile banking, mobile wallets, and other digital platforms. This enables individuals who may not have access to traditional banking services to conduct financial transactions and manage their finances.
Therefore, both statements are incorrect.
Conclusion: Neither statement 1 nor statement 2 is correct.
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Consider the following statements. 1. A cashless society describes an economic state whereby financial transactions are connected with money in the form of physical banknotes or coins and through the transfer of digital information between the transacting parties2. Financial inclusion is seen as a impossible dream because of mobile and smartphone penetration across the countryWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both 1 and 2d) Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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