Alternative Payments Quiz

The Libra project was first announced in June 2019 as a bold yet risky endeavour to revolutionise money transfer and position Facebook and its partners on the ground floor of a new, blockchain-based digital payments industry. It had two parts: a Libra token, designed broadly similar to other cryptocurrencies like Bitcoin but with fundamental differences intended to make it more stable and less of a speculative asset, and a blockchain network that would be the technical foundation of the token and the tool for verifying transactions and token ownership. Facebook has altered its plans for its Libra cryptocurrency project following severe regulatory pressure and political pushback

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.

In simple terms, a payment gateway is a network through which your customers pay for goods and services, online. Payment gateways are very similar to the point-of-sale terminals used at most brick and mortar stores. When using a payment gateway, customers, banks, payment providers, businesses and other related entities, all work together to complete the end-to-end transaction

An electronic payment (e-payment), in short, can be simply defined as paying for goods or services on the internet. It includes all financial operations using electronic devices, such as computers, smartphones or tablets. E-payments come with various methods, like credit or debit card payments and Mobile

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

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

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

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. 

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