MP2 - Flashcard 3 - Less 2.5 & 2.6

Front

What is direct deposit?

Back

Direct deposit refers to the electronic transfer of a paycheck from an employer directly into an employee's bank account.

Front

What are some tips to ensure secure transactions when using P2P apps?

Back

1. Use a fingerprint, face ID, or PIN to complete transactions. 2. Set alerts for every transaction. 3. Use P2P with people you know.

Front

What does it mean to be 'unbanked'?

Back

Being unbanked means not having a bank account, which limits access to formal financial services and hinders financial inclusion.

Front

What is a person-to-person payment?

Back

A person-to-person payment is a method of transferring money between individuals, typically using a smartphone app.

Front

Which P2P payment service has been around the longest?

Back

PayPal is the oldest person-to-person payment service among the options provided.

Front

What is the importance of financial inclusion?

Back

Financial inclusion ensures that individuals have access to useful and affordable financial products and services.

Front

What is a P2P app?

Back

A P2P app is a mobile application that allows users to send and receive money directly to and from each other.

Front

What should you do if you suspect fraud in a P2P transaction?

Back

Immediately report the transaction to the app provider and monitor your bank account for unauthorized activity.

Front

What is the role of technology in modern banking?

Back

Technology enhances convenience, security, and accessibility of banking services, allowing for online transactions and mobile banking.

Front

What are transaction fees in P2P payments?

Back

Transaction fees are charges that may apply when sending or receiving money through P2P payment services.