3
AssignmentMultiple Choice

Understanding Checking and Debit Accounts

Question 3 • Personal Finance - EL3403

How are digital wallets and peer-to-peer payment services similar?

Answer
A
Both provide loyalty points and rewards with every transaction.
B
Both charge a standard flat rate fee regardless of the transaction amount.
C
Both require a waiting period of several days before funds become available.
D
Both can be used to send money directly to other individuals.

Explanation

Digital wallets and peer-to-peer payment services can both let users send money directly to another person. Loyalty rewards, fees, and transfer timing vary by service, so they are not features shared by both in every case. The correct choice is “Both can be used to send money directly to other individuals.”

AI-written and checked against the verified answer.

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