Payments 4.x – Final Assessment in T-factor (Tfactor)

Payments 4.x – Final Assessment Questions & Answers by increasing T-factor Rating / iEvolve points….

The following are the multiple choices Payments 4.x – Final Assessment Questions & Answers – increasing T-factor Rating / iEvolve points.

Payments 4.x – Final Assessment to increase T-factor Rating / iEvolve points

What was the primary factor that drove retailers to upgrade their point-of-sale hardware ?

  • The adoption of Near Field Communication (NFC) technology
  • The associated increase in security
  • The introduction of contactless point-of-sale terminals
  • The adoption of EMV chip technology

What type of transactions is 3-D Secure 2.0 designed to protect ?

  • Cash transactions
  • On-site transactions
  • Card-not-present (CNP) transactions
  • ATM transactions

Which type of payment is associated with digital wallets and mobile payments ?

  • E-money
  • Credit card
  • Check
  • Cash

What is the most significant effect of advancements in biometric technology on consumer perceptions of payment processing security issues ?

  • Consumers perceive payment processing as more secure overall.
  • E-commerce, in-app, mobile wallet, and MOTO payment methods are no longer supported.
  • Biometric screening technologies are seen as more user-friendly and secure than other identity verification techniques.
  • Consumers are less likely to use biometric technology for payment processing.

What is causing the acceleration of digital payments adoption by customers ?

  • The rising popularity of direct debits
  • The COVID-19 pandemic
  • A decrease in the number of physical retail locations.
  • A lack of trust in traditional banks.
Payments 4.x - Final Assessment
Payments 4.x – Final Assessment Questions & Answers

What is Digital ID used for in the wired world of 2022 ?

  • To protect against online scams
  • To ensure a frictionless customer experience
  • To remote identification and authentication
  • To provide access to digital content

How do Peer-to-Peer (P2P) apps like Venmo and Cash App allow two parties to complete a transaction ?

  • Almost instantly without the need for account information
  • With a physical credit card for in-person transactions
  • By entering numbers when making purchases online
  • They do not require any information

What is FedNow ?

  • A government- to-citizen (G2C) transaction technology.
  • A peer- to-peer (P2P) transaction technology.
  • A real-time payment and settlement service for individuals and businesses.
  • A B2B transaction technology.

What is the RTP network introduced by The Clearing House in 2017 ?

  • An immediate fund disbursement and settlement system.
  • A platform for banks and other financial institutions which enables them to develop and offer cutting-edge goods and services.
  • A way for federally insured depository institutions to clear and settle payments in real time.
  • A way to enhance the speed of conventional ACH payments.

What has become more sophisticated due to the popularity of contactless payments ?

  • Payment software
  • Unattended retail terminals
  • EMV technology
  • Large retailers

What are the payment types that can be made using the Federal Reserve Bank’s new FedNow real-time payment and settlement service ?

  • Cash payments
  • B2B, B2C, C2B, P2P, G2C, and A2A
  • Check payments
  • Credit card payments

What is the RTP network used for ?

  • Developing and offering goods and services to clients.
  • Enhancing the speed of conventional payments.
  • Clearing and settling payments in real time.
  • Allowing federally insured depository institutions to access the network.

What is a major reason for the increasing acceptance of contactless payments ?

  • Increased health risks at the checkout
  • Speed and convenience
  • Increase in global pandemic
  • To avoid physical contact

What happens to the interchange charge after it is deducted ?

  • The interchange charge is forwarded by the acquiring bank to the cardholder’s issuing bank.
  • The funds are transferred to the cardholder’s issuing bank.
  • The interchange charge is transmitted to the credit card network for settlement.
  • The funds are transmitted from the issuing bank to the merchant’s acquiring bank.

Why do customers prefer the pairing of big tech and banking ?

  • It offers better interest rates for customers.
  • It helps them save time and money while giving them a sense of control over their finances.
  • It provides higher security for financial transactions.
  • It makes the process of making payments simpler.

What information is required when making a peer-to-peer transaction ?

  • Credit card information
  • Account numbers
  • A name, email address, or phone number.
  • Payment processor details

What needs to be done to provide a frictionless customer experience in the Payments 4.X era ?

  • Increase the processing time of payments.
  • Add more steps to the authentication process.
  • Implement stricter ID requirements
  • Overhaul the authentication process

The interchange fee is taken out before the funds are transmitted to the merchant’s acquiring bank ?

  • The interchange fee is taken out from the acquiring bank
  • The interchange fee is not applicable in this situation
  • Yes
  • No, the interchange fee is taken out afterwards

Which payments instrument mix is becoming more popular among customers ?

  • Instant and e-money payments
  • Cash, checks, direct debits, and credit transfers
  • Traditional credit cards
  • None of the above

Which of the following can be used to make payments for purchases ?

  • Smart speakers
  • Wristbands
  • Smartwatches
  • Smartphones

What is capture in the context of the agreement process ?

  • A Process by which the payment processor sends information to the acquiring bank.
  • The process by which customers pay for goods and services they have purchased.
  • The process by which the merchant starts the transfer of money to their account.

What is 3-D Secure 2.0 ?

  • An encryption method for digital payments.
  • An authentication process for online purchases.
  • A security protocol that adds an extra layer of security to card-not-present (CNP) transactions.
  • A system that verifies customer’s identity.

What technology are almost all POS terminals using today ?

  • Sophisticated software
  • Unattended retail terminals
  • EMV technology
  • Contactless payments

What is the impact of mergers and acquisitions on the payments sector ?

  • It limits payment options.
  • It reduces the impact of payment technology businesses.
  • It contributes to the continued evolution of the payments sector.
  • None of the above

What happens if the credit card transaction is approved by the issuing bank ?

  • The payment processor sends approval to the buying bank.
  • The credit card network forwards the transaction to the cardholder’s bank for approval.
  • The merchant’s terminal prints a receipt for the customer to sign.
  • The issuing bank assigns an authorization code and holds the funds.

Who sends the approval to the merchant’s payment processor after the transaction has been approved by the issuing bank ?

  • The merchant’s terminal
  • The buying bank
  • The cardholder’s bank
  • The credit card network

What is the process called when the cardholder’s bank approves or denies a transaction based on the availability of funds and the status of the cardholder’s account ?

  • Authentication
  • Authorization
  • Validation
  • Verification

What is driving the development of payment propositions that are specifically tailored to customers ?

  • A lack of interest in traditional payment options.
  • The increasing influence of banks.
  • Government regulations
  • The rising propensity of retail customers to share their data with non-banks.

With what type of organizations are payment technology businesses combining to adapt to the newest client and merchant demands ?

  • Existing banking institutions
  • Healthcare institutions
  • Non-profit organizations
  • Educational institutions

Which of the following is true about fintech ?

  • Accessibility of fintech is currently unavailable.
  • Fintech has attained mass adoption.
  • Apple, Amazon, and other tech giants are unable to meet demand.
  • Traditional financial institutions are better able to meet demand than tech giants.

The above multiple choices is only for Payments 4.x – Final Assessment Questions & Answers – increasing T-factor Rating / iEvolve points

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