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With reference to the e-Rupee, consider the following statements:
1. e-RUPI is a cashless and contactless instrument for digital payment.
2. It is a QR code or SMS string-based e-Voucher.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
With reference to the e-Rupee, consider the following statements:1. e-...
Explanation:
1. e-RUPI is a cashless and contactless instrument for digital payment:
e-RUPI is indeed a cashless and contactless digital payment solution developed by the National Payments Corporation of India (NPCI) in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority. It is designed to be a secure and easy way to make digital payments without the need for physical contact.
2. It is a QR code or SMS string-based e-Voucher:
e-RUPI operates as an SMS or QR code-based e-Voucher that is delivered to the mobile phones of beneficiaries. This voucher can then be redeemed by the beneficiaries at the service provider without the need for a card, digital payments app, or internet banking access. The voucher system ensures that the payment is made only for the specific purpose it was intended for, providing a secure and transparent transaction process.
Therefore, both statements are correct as they accurately describe the nature and functionality of the e-RUPI digital payment instrument.
1. e-RUPI is a cashless and contactless instrument for digital payment:
e-RUPI is indeed a cashless and contactless digital payment solution developed by the National Payments Corporation of India (NPCI) in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority. It is designed to be a secure and easy way to make digital payments without the need for physical contact.
2. It is a QR code or SMS string-based e-Voucher:
e-RUPI operates as an SMS or QR code-based e-Voucher that is delivered to the mobile phones of beneficiaries. This voucher can then be redeemed by the beneficiaries at the service provider without the need for a card, digital payments app, or internet banking access. The voucher system ensures that the payment is made only for the specific purpose it was intended for, providing a secure and transparent transaction process.
Therefore, both statements are correct as they accurately describe the nature and functionality of the e-RUPI digital payment instrument.
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Community Answer
With reference to the e-Rupee, consider the following statements:1. e-...
The Reserve Bank of India (RBI) will soon commence pilot launches of Central Bank Digital Currency (CBDC), referred to as Digital Rupee (e₹), for specific use cases.
- The RBI in its concept note detailed various aspects including the technological measures to operationalise its electronic currency, its underlying digital infrastructure and various technological options the central bank is exploring.
E-Rupee
- e-RUPI is a cashless and contactless instrument for digital payment.
- It is a QR code or SMS string-based e-Voucher, which is delivered to the mobile of the beneficiaries.
- The users of this seamless one-time payment mechanism will be able to redeem the voucher without a card, digital payments app or internet banking access, at the service provider.
- It has been developed by National Payments Corporation of India on its UPI platform, in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.
Hence both statements are correct.
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With reference to the e-Rupee, consider the following statements:1. e-RUPI is a cashless and contactless instrument for digital payment.2. It is a QR code or SMS string-based e-Voucher.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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