connectIPS e-Payment Quiz

What is the purpose of the connectIPS electronic payment services?

• To offer investment advice

• To provide loans to customers

• To manage customer complaints

• To link bank accounts for electronic payments

Answer explanation

The purpose of connectIPS electronic payment services is to link bank accounts for electronic payments, enabling seamless transactions between users and merchants.

Which organization operates the connectIPS System?

• Nepal Clearing House Ltd. (NCHL)

• Nepal Rastra Bank (NRB)

• International Monetary Fund (IMF)

• Bank of Nepal

Answer explanation

The connectIPS System is operated by Nepal Clearing House Ltd. (NCHL), which is responsible for facilitating electronic payment systems in Nepal, unlike the other options listed.

What is required from the user to access connectIPS services?

• A passport

• A bank statement

• A credit card

• A valid photo-bearing identity

Answer explanation

To access connectIPS services, users must provide a valid photo-bearing identity, which serves as proof of identity. Other options like a passport or bank statement are not required for this service.

What does the term 'Username' refer to in connectIPS?

• The user's email address

• The user's bank account number

• The user's mobile number

• The user identification code/name

Answer explanation

In connectIPS, 'Username' refers to the user identification code/name, which uniquely identifies the user within the system, distinguishing it from email addresses, bank account numbers, or mobile numbers.

What is the role of the 'OTP' in the connectIPS System?

• To provide a second layer of security

• To verify the user's email

• To link bank accounts

• To authorize loans

Answer explanation

The 'OTP' in the connectIPS System serves as a second layer of security, ensuring that only authorized users can complete transactions, thereby protecting sensitive information and preventing unauthorized access.

What happens if a customer does not have sufficient funds in their account?

• The account will be suspended

• The customer will be charged a fee

• The transaction will be processed anyway

• The transaction will be declined

Answer explanation

If a customer does not have sufficient funds, the transaction will be declined. This prevents overdrawing the account and ensures that only available funds are used for transactions.

What must a customer do to link their bank account with connectIPS?

• Call customer service

• Fill out a paper form

• Visit the bank in person

• Apply for a one-time enrollment

Answer explanation

To link their bank account with connectIPS, a customer must apply for a one-time enrollment. This process is specifically designed for account linking, unlike the other options which are not required.

What is the consequence of unauthorized disclosure of Username and Password?

• The account will be automatically closed

• The customer is fully responsible for any loss

• The customer will receive a warning

• The bank will cover the losses

Answer explanation

Unauthorized disclosure of Username and Password means the customer is liable for any resulting losses. This highlights the importance of keeping login credentials secure.

What does the term 'Payment Instruction' refer to?

• A request for account closure

• An unconditional instruction to effect a payment

• A request for a loan

• A complaint about a transaction

Answer explanation

The term 'Payment Instruction' specifically refers to an unconditional instruction to effect a payment, meaning it directs the payment to be made without any conditions attached.

What is the bank's right regarding fees and charges?

• To charge fees as prescribed by NCHL

• To waive all fees for customers

• To charge fees only for international transactions

• To charge fees only for account maintenance

Answer explanation

The bank's right to charge fees is governed by the regulations set by NCHL, ensuring that all fees are transparent and standardized. This makes 'To charge fees as prescribed by NCHL' the correct choice.