Digital Banking

1. Which of the following is NOT an online payment method?

Cash

PayPal

Credit/Debit Card

Amazon Pay

2.

Which of the following animals is featured in the meme that inspired the creation of Dogecoin? (the infamous cryptocurrency coin commonly associated with Elon Musk)

Grumpy Cat

Shiba Inu

Golden Retriever

Alpaca

3. ____________ is/are beginning to reshape the financial services landscape by introducing new ways to instantly communicate and share information among international payment service providers, banks, and financial technology (FinTech) companies

APIs

Bitcoins and cryptocurrencies

Chatbots

Virtual Reality

4. What are generally considered the main driver(s) behind electronic payment growth?

Massive growth in Internet and Online Retailing as well as consumer demand for new forms of online payment

Banking Regulations that provide the legal framework for providers to offer alternative payment methods

Innovative payment methods introduced by Banks, Non-Banks (eg FinTech’s) and Payment Companies

All of the Above

5. What role does a payment processor play in the processing and handing of transactions?

A payment processor processes transactions across a number of channels, for CardHolder Issuing Banks

A payment processor authorises payment instructions on behalf of participant card schemes

A payment processor processes the risk and compliance side of the transaction, on behalf of CardHolder Issuing Banks and Merchant Acquiring Banks

A payment processor communicates transaction-related information, between the bank and the merchant

6. Which of the following is NOT a Digital Wallet?

Google Pay

Apple Pay

Netflix

PayPal

7. What is the primary technology behind real-time payments in most modern digital banking systems?

Blockchain

ACH (Automated Clearing House)

Barcodes – the proprietory method patented by Amazon to process payments through its online gateway

Instant Payment Switching

8. Which statement(s) apply to online shopping carts, used by e-commerce websites?

Amazon created the first online shopping cart in 1997

Geoff Bezos, the founder of Amazon, owns patents on several key elements of the standard e-commerce payments process

Shopping carts allows online buyers to select items from an online store, prior to payment

A and C

9. Which statement(s) best describe a Payment Gateway Service Provider?

An entity that connects the online shop and other market participants such as banks or credit card acquirers

An online equivalent of a physical point of sale terminal

An e-commerce application service provider that processes payments for e-businesses online retailers AND traditional brick and mortar businesses.

All of the above

10. Which of the following features would most commonly be found in digital banking apps?

Manual ledger entry

Loan repayment by fax

Checkbook delivery alerts

Virtual financial advisor

11. Which of the following are examples of Wallets (Check all that Apply)

Apple Pay

Android Pay

Visa Checkout

MasterPass

12. What is Apple’s mobile Payment platform called?

iPay

iMoney

Apple Pay

Bank of Apple

13. Which of the following statements can be used to describe “man-in-the-middle” attacks?

A type of fraud that most often targets mobile payment systems

When hackers intercept financial information as it gets transmitted wirelessly, often for later use by fraudsters

possible when using a wireless network at a coffee shop your credit card, data is intercepted and used.

All of the Above

14. Which statement best describes the difference between Stored-Value cards and Prepaid Cards?

Stored Value are issued in the name of individual account holders, while Prepaid cards are anonymous

Prepaid cards are issued in the name of individual account holders, while stored value cards are anonymous

Prepaid cards are not branded, while stored value cards are branded

The former requires KYC the latter doesn’t

15. Which statement best describes an e-Payment?

A method for purchasing goods and services, online or over the internet, without having to use a physical card or cash

A method using cloud-based software systems (such as Google) to process all your financial transactions

The proprietory method patented by Amazon to process payments through its online gateway

A method for paying bills, using a mobile phone or a QR code

16. Which of the following statements describe ‘NFC’? (Check all that apply.)

Near Field Communication. A short-range contactless proximity technology

Near Field Communication. The standards derived from the EMV standards to establish radio communication between an account data holding device (eg. card/mobile) and a payment device (eg. POS)

Near Field Communication. A method of initiating payments, triggered by touching together or bringing two NFC payment capable devices into close proximity, usually no more than a few centimeters.

Not Found Communication. An alert sent out by the user, when no signal is available on a Mobile Phone

17.

Which type of authentication is commonly used in digital banking to verify user identity?

Biometric verification

Magnetic stripe cards

Static passwords only

Captcha puzzles

18. A common payment acceptance device is called a PoS terminal. What does ‘PoS’ stand for?

Present or Sales

Possibly or Sometimes

Payment or Sign

Point of Sale