Discussion
Which of the following is an example for Closed System Payment Instruments?
Answer: C
Correct answer: Both (A) and (B)
A closed system instrument can be spent only with the company that issued it. Amazon’s and Cleartrip’s own wallets are both of that kind - the balance buys goods or tickets from that company alone, and no cash can be taken out. Such instruments need no RBI authorisation, precisely because no third party is exposed.
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