PIN stands for

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

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 stands for

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

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

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

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

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

A type of barcode that stores information as a series of pixels. This can be used in electronic payment systems.

QR stands for

Allows you to borrow money up to a certain limit set by the provider

A physical card that is directly tied to your bank account. It uses a PIN to complete the transaction.

What is the primary advantage of electronic banking over traditional banking?

Encompasses various applications, software, and technological tools that enable individuals or organizations to digitally access, manage, analyze, or execute financial transactions

Does not require the ownership of a bank account. Bare minimum requirement is a phone number

What is the primary advantage of using a contactless payment card?

A hardware system for processing electronic payments at retail transactions

Allows consumers to pay for goods and services using their debit/credit cards or other payment devices without the need to swipe, enter a PIN, or sign for a transaction