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Consider the following statements regarding payment aggregators in India.
- A payment aggregator is a service provider that integrates various options of online payments together and brings them into one place for merchants.
- Under the payment aggregator framework, only firms approved by the RBI can acquire and offer payment services to merchants.
Which of the above statements is/are incorrect?
- 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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Most Upvoted Answer
Consider the following statements regarding payment aggregators in Ind...
Explanation:
To answer this question, let's analyze each statement individually:
Statement 1: A payment aggregator is a service provider that integrates various options of online payments together and brings them into one place for merchants.
This statement is correct. A payment aggregator is a platform that allows merchants to accept multiple online payment options (such as credit cards, debit cards, net banking, digital wallets, etc.) by integrating them into a single interface. This simplifies the payment process for merchants and provides customers with a variety of payment options.
Statement 2: Under the payment aggregator framework, only firms approved by the RBI can acquire and offer payment services to merchants.
This statement is incorrect. While it is true that payment aggregators in India need to comply with certain regulations set by the Reserve Bank of India (RBI), it is not necessary for them to be approved by the RBI. The RBI mandates that payment aggregators need to be registered with it and follow the guidelines provided. These guidelines include requirements related to capital adequacy, security measures, dispute resolution, customer protection, etc. However, the RBI does not individually approve or disapprove specific payment aggregators. It is the responsibility of the payment aggregator to ensure compliance with the RBI's guidelines.
Conclusion:
Based on the analysis above, we can conclude that statement 1 is correct, but statement 2 is incorrect. Therefore, the correct answer is option 'D' - Neither 1 nor 2.
To answer this question, let's analyze each statement individually:
Statement 1: A payment aggregator is a service provider that integrates various options of online payments together and brings them into one place for merchants.
This statement is correct. A payment aggregator is a platform that allows merchants to accept multiple online payment options (such as credit cards, debit cards, net banking, digital wallets, etc.) by integrating them into a single interface. This simplifies the payment process for merchants and provides customers with a variety of payment options.
Statement 2: Under the payment aggregator framework, only firms approved by the RBI can acquire and offer payment services to merchants.
This statement is incorrect. While it is true that payment aggregators in India need to comply with certain regulations set by the Reserve Bank of India (RBI), it is not necessary for them to be approved by the RBI. The RBI mandates that payment aggregators need to be registered with it and follow the guidelines provided. These guidelines include requirements related to capital adequacy, security measures, dispute resolution, customer protection, etc. However, the RBI does not individually approve or disapprove specific payment aggregators. It is the responsibility of the payment aggregator to ensure compliance with the RBI's guidelines.
Conclusion:
Based on the analysis above, we can conclude that statement 1 is correct, but statement 2 is incorrect. Therefore, the correct answer is option 'D' - Neither 1 nor 2.
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Consider the following statements regarding payment aggregators in India. A payment aggregator is a service provider that integrates various options of online payments together and brings them into one place for merchants. Under the payment aggregator framework, only firms approved by the RBI can acquire and offer payment services to merchants.Which of the above statements is/are incorrect?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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