What is the primary goal of the innovations in payments mentioned in the excerpt?

C) To provide consumers with frictionless services and customize (split payments) to enhance the value they derive

A) To increase the complexity of payment methods

B) To reduce the value that consumers derive from their consumption

D) To limit the customization options for consumers

What is a key advantage of payment systems integrated within mobile devices, like Apple Pay?

D) Users do not need to download additional apps or learn additional systems. sometimes they issue credit lines to users.

A) They require users to download additional apps.

B) They are not built into the operating systems.

C) Users need to learn how to use additional systems.

What has enabled wearable devices to be used for payment purposes? popular in India and china

C) Their development and ability to work without a smartphone connection

A) Their reliance on being constantly connected to smartphones

B) Their inability to work independently

D) Their exclusive use in the United States

What is the primary focus of most transactions in the hospitality industry?

B) Business-to-consumer transactions

A) Business-to-business transactions

C) Consumer-to-business transactions

local vendors find it difficult to find straightforward secured methods of payments. Therefore, P2P was created through mobile devices

true. they allow all consumers to accept payments for products or services that they provide, and increase the flexibility of transactions, which brings value to all parties engaged in transactions

Which major sporting venue is mentioned as having retail outlets where consumers can use contactless purchasing and payment?

A) Madison Square Garden in New York

How do consumers enroll with the contactless purchasing and payment service?

D) By creating a profile that includes a method of payment with sensors and cameras

A) By enrolling in a loyalty program

B) By creating a profile with their fingerprint

What is a significant advantage of blockchain technology for the hospitality and travel industries?

C) It facilitates direct transactions between parties

A) It increases the need for intermediaries

B) It disrupts peer-to-peer commerce

How is the use of mobile wallets described in the excerpt?

C) Straightforward and requiring payment method input and secure authentication

B) Requiring extensive input of personal information

D) Only available for specific smartphone brands

In comparison to magnetic stripe swipe or chip card transactions, what advantage do NFC payments offer, as highlighted in the excerpt?

A) NFC payments are less secure.

C) NFC payments are not widely accepted.

What does the excerpt suggest about the authentication process in QR code payments on the merchant's device?

C) It is not required for QR code payments.

A) It is a standard practice for all QR code payments.

D) It is the primary source of security.

What option do consumers have when they accept to pay for products through the payment links sent via SMS text messages, as mentioned in the excerpt?

C) The cost of the products is added to their mobile carrier bill.

A) They can only pay the business directly.

B) They cannot pay for the products.

D) They must use a credit card for payment.

In which context do mobile payments work well, as highlighted in the excerpt?

C) In hospitality vendors such as food trucks

A) In traditional sit-down restaurants

B) In contexts characterized by immobility

D) In exclusively cash-based businesses

Why are NFC payments considered highly secure, as mentioned in the excerpt?

C) The information exchanged between the user's NFC-enabled device and the POS terminal is encrypted. needs to be 1-2 inches away from the pos reader to follow prompts

A) They rely on unencrypted data exchange.

B) Transactions are conducted in plain text.

What is the primary role of the financial institution that a merchant uses, known as the acquirer (or acquiring bank), as mentioned in the excerpt?

A) Validating cardholder accounts

B) Managing cardholders' transactions

C) Establishing the merchant's account

D) Providing cardholders with payment options

How are mobile payments different from other e-payments, as described in the excerpt? they are a subgroup

B) Mobile payments use standalone transaction protocols and mobile devices. offer convenience with mobility

A) Mobile payments are not related to e-payments.

C) Mobile payments require carrying a physical wallet.

D) Mobile payments are less convenient for consumers.

What is the primary factor that has driven the development of mobile payments, as mentioned in the excerpt?

C) Increasing computing power of mobile/wearable devices

A) Decreasing computing power of mobile/wearable devices

B) Increased preference for carrying a physical wallet

In what way does the ability to respond immediately to changes in market dynamics increase the value of a transaction for consumers, as mentioned in the excerpt?

D) It allows consumers to pay at favorable prices during specific time intervals.

A) It does not impact the value of the transaction.

B) It decreases the value of the transaction.

C) It allows consumers to pay at unfavorable prices.

What is the commonality among the various types of payment systems available to hospitality businesses, as mentioned in the excerpt?

C) Their processes are relatively similar.

A) They offer distinct processes for each system.

B) They are entirely different from e-commerce payment systems.

Why is it inconvenient for consumers to carry cash or plastic cards, especially during stays at destinations, as mentioned in the excerpt?

C) The high frequency of low-value transactions makes carrying cash or cards cumbersome.

A) Consumers prefer carrying cash for security reasons.

B) The use of mobile devices for transactions is not available at destinations.

D) Consumers do not prefer e-payments.

How have multiple vendors responded to the convenience of consumers being able to engage in e-payments, as described in the excerpt?

D) They have developed products or services that require low-value payments, which are less risky if conducted electronically and convenient for consumers.

A) They have increased the risk associated with electronic transactions.

B) They have discouraged consumers from using mobile devices for payments.

C) They have developed products or services that require low-value payments, making electronic transactions less convenient.

What impact does this level of integration (with banks) have on consumer trust in new payment platforms, as mentioned in the excerpt?

C) It makes it easier for consumers to trust these new businesses.

A) It decreases consumer trust.

B) It has no impact on consumer trust.

D) It discourages consumers from using new payment platforms.

How do some current pricing models for products and services, including hospitality, operate?

C) They use algorithms to adjust prices based on market dynamics.

A) They rely on fixed prices that do not change.

B) They are unaffected by market conditions.

Why are electronic payments particularly important in the hospitality industry? what do they track?

C) they track: Time, value, and method of payment used

D) Many hospitality transactions are frequent and of low value.

A) They help reduce the need for transactions.

B) They are a source of revenue for the hospitality sector.

What is the primary benefit of ubiquity in e-payments for consumers?

B) Wide availability for electronic transactions the technology is evolving the rate of adoption of e-payments is still not 100% in all geographical areas.”

A) Limited access to e-payment options

C) Reduced complexity in payment methods

D) Higher costs associated with e-payments

How do new e-payment market entrants design their platforms, according to the excerpt?

C) They take advantage of novel technologies, consumer behaviors, and social norms.

A) They replicate existing technologies and behaviors.

B) They disregard social norms and consumer preferences.

D) They prioritize complex and traditional payment methods.

What factors influence the continuous evolution of e-payments, according to the excerpt?

B) Technological, managerial, and societal advancements

A) Historical events and political changes

C) Economic fluctuations and consumer attitudes

How did new IT developments change the landscape of payments, as mentioned in the excerpt?

C) They allowed the creation of payment protocols that enhanced convenience and reduced the need for cash or physical cards.

A) They made cash more popular and convenient.

B) They had no impact on the payment methods.

D) They eliminated the need for any form of payment.

Why do e-payments typically have preset limits for transactions, as mentioned in the excerpt?

D) To limit the risk of fraud, theft, or other unauthorized activity

A) To encourage unauthorized activity

B) To complicate the transaction process

C) To enhance convenience for users

What advantages did cards offer, making them popular as a method of payment?

C) They provided the ability to build credit history and accrue rewards points or miles.

A) They were designed to fit in a wallet and were cash replacements.

B) They required consumers to carry a wallet with cash.

Why is traceability important for businesses, according to the excerpt?

C) It provides accurate information for managerial purposes. also consumers want accurate information of expenses or future spending

A) It simplifies transaction processes.

B) It allows businesses to hide financial data.

D) It increases transaction complexity.

Factors that contribute to the development of e- payments: CASH

• Businesses and consumers are moving away from cash and traditional payment methods (e.g., plastic cards).

• New methods of payment (e.g., digital wallets) are becoming increasingly popular.

• New partnerships are formed among companies that provide extra value to consumers (e.g., mile/points associated with spending).

Factors that contribute to the development of e- payments: ENHANCED SECURITY

Due to continuous security threats, payments need to be increasingly secure

• New network types require new types of security protocols (e.g., transmission of payment data over mobile networks).

New management measures are put in place (e.g., limiting transactions amounts).

Factors that contribute to the development of e- payments: Low value transactions and micropayments

• Hospitality is characterized by many low-value transactions.

• The nature of hospitality consumption requires frequent purchasing/payment.

Consumers’ high rate of adoption of secure devices that can facilitate Payments

hospitality technology quiz 8

Quiz

•

Other

•

University

•

Practice Problem

•

Easy

ashlie blanco

Used 15+ times

FREE Resource

63 questions

Show all answers

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Role and advantages
of electronic
payments

• Role of e-payments = facilitate

the completion of transactions

using IT infrastructures and

protocols

• Transaction speed

• Innovativeness

• Ubiquity

• Traceability

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can blockchain technology potentially disrupt segments within the hospitality industry?

A) By increasing the number of intermediaries

B) By making transactions more complex

C) By allowing for direct transactions without intermediation

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which industry sectors within hospitality may be disrupted by the mass adoption of blockchain technology?

C) Distribution of hotel, car rental, or airline ticket products

B) Food and beverage

A) Entertainment and tourism

D) they also facilitate Peer to Peer commerce without intermediation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does encryption affect the security of transactions conducted through mobile wallets?

A) It doesn't have any impact on transaction security.

B) It decreases the security of transactions.

C) It significantly increases the security of stored data.

D) It only affects the convenience of transactions.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are mobile wallets used in conjunction with airline apps for boarding pass management?

A) Mobile wallets replace airline apps for boarding pass management.

B) Mobile wallets have no relation to boarding pass management.

C) Mobile wallets store and secure electronic boarding passes from airline apps.

D) Mobile wallets are used for in-flight entertainment.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following companies has shown intent to invest significantly in the development of e-payments?

B) PayPal, Apple, and Amazon

A) Small startups

C) Local businesses

D) Traditional banks

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What impact has the integration of social media and mobile payments in China had on the industry?

A) It has hindered the development of e-payments.

B) It has led to the decline of Alipay and WeChat Pay.

C) It has opened opportunities for more integration between social media and mobile commerce.

D) It has reduced the use of mobile payments in China.

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hospitality technology quiz 8

63 questions

Role and advantagesof electronicpayments

How can blockchain technology potentially disrupt segments within the hospitality industry?

Which industry sectors within hospitality may be disrupted by the mass adoption of blockchain technology?

How does encryption affect the security of transactions conducted through mobile wallets?

How are mobile wallets used in conjunction with airline apps for boarding pass management?

Which of the following companies has shown intent to invest significantly in the development of e-payments?

What impact has the integration of social media and mobile payments in China had on the industry?

What is the primary goal of the innovations in payments mentioned in the excerpt?

What is a key advantage of payment systems integrated within mobile devices, like Apple Pay?

What has enabled wearable devices to be used for payment purposes? popular in India and china

Create a free account and access millions of resources

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Popular Resources on Wayground

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Role and advantages
of electronic
payments