Digital Banking

1. Regulatory ____________ in countries like Singapore, Egypt, UK and elsewhere provide a ‘safe space’ where companies can test new FinTech services, in a controlled regulatory environment

Playgrounds

Sandcastles

Sandboxes

SeaWorlds

2. What are the most important factors that a Merchant Acquirer should consider when setting up an online payment system?

Payment and Delivery

Customer Experience

Trust & Security

All of the Above

3.

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

4. What type of banking allows users to make transactions through the use of their smartphone or tablet?

Online banking

Mobile banking

Branch Teller banking

ATMs

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

Cash

PayPal

Credit/Debit Card

Amazon Pay

6. 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

7.

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

Biometric verification

Magnetic stripe cards

Static passwords only

Captcha puzzles

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

iPay

iMoney

Apple Pay

Bank of Apple

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

Apple Pay

Android Pay

Visa Checkout

MasterPass

10. 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

11. What is the difference between a payment service provider and a payment processor?

Payment Service Providers offer services to accept payments. Payment Processors facilitate all or most of the transaction

Payment Processors offer services to accept payments. Payment Service Providers facilitate all or most of the transaction

Both A and B

Neither A or B

12. ____________ 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

13. 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

14. 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

15. Credit or debit card transactions in which the merchant does not handle the physical card are called

Card-not-Processed (CNP) transactions

Card-not-present (CNP) transactions

Could-not-pay (CNP) Transactions

Credit-not-possible (CNP) Transactions

16. Which statements correctly apply to the term “QR code’?

The letters “QR” stands for “Quick Response”

It’s an oblong vertical barcode of lines and numbers, that can be easily scanned for price information

It’s used today in conjunction with smartphone cameras to obtain coupons and make purchases

A and C

17. 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

18. What does the term API mean, when used in software development?

Application Programming Interface

Any Program Instructor

Area Police Instructor

All Policy Interface

19. Blockchain, also known as distributed ledger technology (DLT), can act as a complete and irrevocable record of all international payment transactions, offering full traceability.

TRUE

FALSE

Neither True nor False

None of the Above

20. 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