Discussion
Which of these payment system can be defined as: Multiple Debit, Single Credit?
Answer: C
Correct answer: ECS
Electronic Clearing Service in its debit variant collects from many accounts and pays into one - multiple debits, single credit - which is how a utility or an insurer collects periodic dues from thousands of customers. The credit variant is the reverse, single debit and multiple credits, used for salary and dividend payments. NEFT, RTGS and UPI are all single debit, single credit transfers.
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