Digital Literacy Course Assessment

A payment processor is a company that manages the credit card transaction process, acting as a kind of mediator between the bank and the merchant. Put simply, the payment processor communicates information from your customer’s card to your bank and the customer’s bank.

• Mobile Wallets e.g., Apple Pay, Google Pay, Samsung Pay – allow users to pay via smartphones using NFC technology
• Buy Now, Pay Later (BNPL) Services like Afterpay, Klarna, and Affirm allow consumers to split purchases into installment payments.
• CNP (Card-Not-Present) Acceptance allows card payments where the card-holder is not physically present

The payments industry is a really exciting one and is seeing huge amounts of innovation and change. Keeping up with it all can be a hard task. Advances in technology are facilitating this fast-paced payments scene with FinTech gaining massive amounts of investment and growth right now.  FinTech firms are forecast to more than double by 2030 – many who are changing the way consumers and retailers manage their payments.

Consumers want multiple payment options; fast, convenient, flexible payments that fit around their spending habits. It’s vital that banks keep on top of trends in payments to keep customers happy and loyal to their business. There are a unique set of challenges that come with payments for retailers and eCommerce businesses. 

Dogecoin was inspired by the “Doge” meme, which features a Shiba Inu dog with comic sans captions like “such wow” and “very crypto”—making it one of the most lighthearted cryptocurrencies!

Certain banking and payment apps can process a QR code for payment processing or bank transfers and is usually used to identify and confirm the amount to pay and any payment processing instructions

Digital banks often use fingerprint, facial recognition, or voice ID for faster and more secure access

Satoshi Nakamoto is the pseudonym who penned the original Bitcoin whitepaper and is the identity credited with inventing Bitcoin itself.

Payment authentication is the process of confirming a cardholder’s card number or other personal data isn’t being used to make payments without their knowledge. Banks and card issuers, merchants, and payment processors typically use a combination of authentication factors, including any mix of the following:

● Something a person knows, e.g., login information or secret question answers
● Something a person has, e.g., a mobile phone or computer
● Something a person is, e.g., using biometric technology such as fingerprint scanning

In this case the responsibility lies with the Card Issuer

Mobile Banking