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Consider the following statements regarding the Digital/Electronic Wallet (e-wallet):
In India, e-wallet comes under the Pre-paid Payment Instruments.
Only companies incorporated in India are permitted to issue wallets in India.
Use of e-wallets substantially increases the cost of doing banking transactions.
Which of the statements given above is/are correct?
- a)1 only
- b)2 and 3 only
- c)3 only
- d)1 and 2 only
Correct answer is option 'D'. Can you explain this answer?
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Most Upvoted Answer
Consider the following statements regarding the Digital/Electronic Wa...
Statement 1: In India, e-wallet comes under the Pre-paid Payment Instruments.
Statement 2: Only companies incorporated in India are permitted to issue wallets in India.
Statement 3: Use of e-wallets substantially increases the cost of doing banking transactions.
Explanation:
Statement 1: In India, e-wallets fall under the category of Pre-paid Payment Instruments (PPIs). Pre-paid Payment Instruments are defined as payment instruments that facilitate the purchase of goods and services against the value stored on such instruments. E-wallets are one of the types of Pre-paid Payment Instruments available in India. Therefore, statement 1 is correct.
Statement 2: According to the Reserve Bank of India (RBI) guidelines, only companies incorporated in India are permitted to issue wallets in India. This is to ensure that the e-wallet providers are regulated by Indian laws and can be held accountable for any financial irregularities. Therefore, statement 2 is correct.
Statement 3: The use of e-wallets does not substantially increase the cost of doing banking transactions. In fact, e-wallets are often considered more cost-effective compared to traditional banking methods. E-wallets eliminate the need for physical infrastructure, such as bank branches and ATMs, reducing operational costs for both the users and the service providers. Additionally, e-wallets offer various benefits like cashback offers, discounts, and rewards, which can further reduce the overall cost of transactions. Therefore, statement 3 is incorrect.
Conclusion: Therefore, the correct statements are 1 and 2 only. Hence, the correct answer is option 'D' - 1 and 2 only.
Statement 2: Only companies incorporated in India are permitted to issue wallets in India.
Statement 3: Use of e-wallets substantially increases the cost of doing banking transactions.
Explanation:
Statement 1: In India, e-wallets fall under the category of Pre-paid Payment Instruments (PPIs). Pre-paid Payment Instruments are defined as payment instruments that facilitate the purchase of goods and services against the value stored on such instruments. E-wallets are one of the types of Pre-paid Payment Instruments available in India. Therefore, statement 1 is correct.
Statement 2: According to the Reserve Bank of India (RBI) guidelines, only companies incorporated in India are permitted to issue wallets in India. This is to ensure that the e-wallet providers are regulated by Indian laws and can be held accountable for any financial irregularities. Therefore, statement 2 is correct.
Statement 3: The use of e-wallets does not substantially increase the cost of doing banking transactions. In fact, e-wallets are often considered more cost-effective compared to traditional banking methods. E-wallets eliminate the need for physical infrastructure, such as bank branches and ATMs, reducing operational costs for both the users and the service providers. Additionally, e-wallets offer various benefits like cashback offers, discounts, and rewards, which can further reduce the overall cost of transactions. Therefore, statement 3 is incorrect.
Conclusion: Therefore, the correct statements are 1 and 2 only. Hence, the correct answer is option 'D' - 1 and 2 only.
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Consider the following statements regarding the Digital/Electronic Wallet (e-wallet): In India, e-wallet comes under the Pre-paid Payment Instruments. Only companies incorporated in India are permitted to issue wallets in India. Use of e-wallets substantially increases the cost of doing banking transactions. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1 and 2 onlyCorrect answer is option 'D'. Can you explain this answer?
Question Description
Consider the following statements regarding the Digital/Electronic Wallet (e-wallet): In India, e-wallet comes under the Pre-paid Payment Instruments. Only companies incorporated in India are permitted to issue wallets in India. Use of e-wallets substantially increases the cost of doing banking transactions. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1 and 2 onlyCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Digital/Electronic Wallet (e-wallet): In India, e-wallet comes under the Pre-paid Payment Instruments. Only companies incorporated in India are permitted to issue wallets in India. Use of e-wallets substantially increases the cost of doing banking transactions. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1 and 2 onlyCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Digital/Electronic Wallet (e-wallet): In India, e-wallet comes under the Pre-paid Payment Instruments. Only companies incorporated in India are permitted to issue wallets in India. Use of e-wallets substantially increases the cost of doing banking transactions. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1 and 2 onlyCorrect answer is option 'D'. Can you explain this answer?.
Consider the following statements regarding the Digital/Electronic Wallet (e-wallet): In India, e-wallet comes under the Pre-paid Payment Instruments. Only companies incorporated in India are permitted to issue wallets in India. Use of e-wallets substantially increases the cost of doing banking transactions. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1 and 2 onlyCorrect answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements regarding the Digital/Electronic Wallet (e-wallet): In India, e-wallet comes under the Pre-paid Payment Instruments. Only companies incorporated in India are permitted to issue wallets in India. Use of e-wallets substantially increases the cost of doing banking transactions. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1 and 2 onlyCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding the Digital/Electronic Wallet (e-wallet): In India, e-wallet comes under the Pre-paid Payment Instruments. Only companies incorporated in India are permitted to issue wallets in India. Use of e-wallets substantially increases the cost of doing banking transactions. Which of the statements given above is/are correct?a)1 onlyb)2 and 3 onlyc)3 onlyd)1 and 2 onlyCorrect answer is option 'D'. Can you explain this answer?.
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