Alternative Payments Quiz

Digital Innovation in Banking Masterclass

Alternative Payment Methods (or ‘APM’s’) are no longer considered as ‘alternatives. Consumers are attracted to the concept of choice as they feel like they have more control and power over their spending. It’s a way for consumers to purchase goods or services without traditional payment methods like cash or cards and include prepaid cards, e-wallets, bank transfers, and payment instalment options (i.e, buy now, pay later). So answer these questions to find out how much you really know about Alternative Payment Methods

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


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


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


4. What role does the ‘Token Service’ play in Payment Tokenisation?


5. Which statement best describes an e-Payment?


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


7. What are some of the overriding concerns, customers have when it comes to new electronic payment methods?


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


9. Which of the following is NOT a type of cryptocurrency?


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


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


12. Which of the following are considered alternative payment methods?


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


14. What has ‘Libra’ got to do with payments?


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


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


17. The pseudonym used by the author of the famous Bitcoin whitepaper is ____________?


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


19. When a customer purchases an item via an online website using Android Pay, the responsibility for authentication lies with…


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


21. Which of the following is current NOT a valid method of making purchases via your mobile?


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


23. What is VCPS and what does it refer to?


24. ____________ 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


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


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


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


28. What is a QR code? (Select all correct answers)


29. Which country is the leading Mobile Payments market by value?


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


31. What does the legislative requirement outlined in PSD2, in summary, require Banks to do


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


33. 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



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Digital Innovation in Banking Masterclass
The Cards & Payments Industry professional Course is designed to help you understand the dramatic way in which product and payment services have changed