Electronic Payment Systems Surprise Quiz

They are modeled on paper checks except that they are initiated electronically. They use digital signatures for signing and endorsing and require the use of digital certificates to authenticate they payer, the payer's bank and bank account.

• Electronic token

• Digital Cash

• Electronic Cheques

• Cryptocurrency

PIN stands for

• Personal Identity Number

• Physical Identification Number

• Personal Identification Number

• Personal Ideally Notice

This refers to a software or an online application that allows users to store money and make transactions.

• Credit card

• Digital wallet

• Debit card

• Physical wallet

A short-range wireless connectivity technology that uses magnetic field induction to enable communication between devices when they are touched together or brought within a few centimeters of each other

• NFC

• FCN

• FFN

• CNF

NFC stands for

• Near Force Comparability

• Near Field Communication

• No Field Competition

• Near Force Communication

Which of the following is not a common component of an electronic payment system?

• Payment gateway

• Point of sale (POS) terminal

• Automated teller machine (ATM)

• Physical cash register

Payments made using electronic systems and not by traditional payment methods such as cash and checks

• Cashfull payments

• Cashless payments

• Mobile payments

• PC payments

What is the term for the process of transferring money electronically between bank accounts?

• Wire transfer

• ACH transfer

• EFT

• All of the above

Which of the following is a common security measure used in electronic payment systems?

• Two-factor authentication

• Biometric verification

• Tokenization

• All of the above

Which of the following is not an advantage of using digital payment systems?

• 24/7 accessibility

• Security

• Vulnerable to theft

• Faster payments