Module 10: Payment apps

According to the video, which payment app requires the user to have an FNB bank account?

• Wise

• PayPal

• Both Wise and PayPal

• The video does not specify

What is the main benefit of using the Wise app mentioned in the video?

• Low fees

• Easy setup

• Faster transfers

• Wide acceptance by companies

How does the speaker describe the process of withdrawing money from the Wise app?

• Complicated and time-consuming

• 
  Quick and straightforward

• Requires visiting an FNB branch

• Can be done entirely online

What information does the speaker provide about the fees charged by Wise?

• Wise charges a flat fee of 90 cents

• Wise charges a percentage of 3-4% of the total amount

• Wise charges a fee of 128.65 Rand

• The video does not provide specific details about Wise's fees

What is the primary reason the speaker dislikes using PayPal?

• The fees are too high.

• The withdrawal process is slow.

• The setup is complicated.

• The exchange rates are unfavorable.

What is required to withdraw money from a PayPal account, according to the video?

• A Forex account

• An FNB bank account

• 
  Agreeing to PayPal's terms and conditions

• 
  Both B and C

How does the speaker describe the digital payment option called "pay fast"?

• It has lower fees than PayPal.

• It allows sending a payment request for a specific amount in rand.

• It is easier to use than PayPal.

• It allows withdrawing money directly to a bank account.

What is the main benefit of using PayFast for receiving payments, according to the video?

• 
  It has low fees, around 3.7% of the total amount.

• Payments are processed instantly.

• It allows you to save money by keeping a balance in the account.

• It is a convenient option for South African clients.

When setting up a PayFast account, what does the speaker recommend doing?

• Send all required documents immediately.

• Wait for PayFast to contact you about any missing documents.

• Contact PayFast after a few days to check the status of your application.

• Both A and C.

According to the video, what is the process for withdrawing money from PayFast?

• The money is available in your balance immediately after receiving a payment.

• It takes two days for the money to reflect in your available balance, and then two more days to transfer to your bank account.

• The money is transferred to your bank account within two days of receiving a payment.

• There is no option to withdraw money from PayFast, as it is only for receiving payments.