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Banking Transactions and Smart Cards Quiz

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Banking Transactions and Smart Cards Quiz

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Questions and Answers

What is a Point of Sale (POS) transaction?

A transaction where the customer has to enter their PIN on a keypad (correct)

A transaction made with a Visa credit card

A transaction involving mobile banking

A transaction made through cash deposit

What does a POS statement typically include?

Customer's phone number and email address

Transaction amount, address, and name of the merchant (correct)

Details about upcoming promotions

List of nearby ATMs

What are some advantages of Phone Banking mentioned in the text?

Provides discounts at partner stores

Reduces the need for physical visits to the bank

Avoid overload of transactions, efficient system (correct)

Enables customers to withdraw cash without an ATM

What service is also known as SMS banking?

Mobile banking Signup and view all the answers

What is a common feature of Mobile Banking?

Ability to make online tax payments Signup and view all the answers

How do cloud-based POS systems benefit merchants?

Allow quick transactions and instant alerts Signup and view all the answers

Which of the following is a type of smart card?

SIM card Signup and view all the answers

What is a mobile wallet primarily used for?

Making cashless transactions Signup and view all the answers

Which of the following is NOT mentioned as a benefit of using mobile wallets?

Requires internet connection Signup and view all the answers

What should users do before making an online payment or transfer?

Cross-check the account details and amount entered Signup and view all the answers

Which of the following is an example of a mobile wallet mentioned in the text?

PayTM Signup and view all the answers

What does the text imply about the convenience of mobile wallets?

Mobile wallets eliminate the need to carry physical cash Signup and view all the answers

What technology is primarily used for at least one part of the transaction's life cycle in modern electronic commerce?

World Wide Web (WWW) Signup and view all the answers

Which of the following is NOT one of the three main areas of e-commerce mentioned in the text?

Physical stores Signup and view all the answers

What does SWIFT stand for in the context of e-banking services?

Society for Worldwide Interbank Financial Telecommunications Signup and view all the answers

What is the purpose of SWIFT in the financial industry?

To facilitate quick and secure information exchange among financial institutions Signup and view all the answers

Which mode of payment allows for easy transfer of money between countries due to its messaging network?

SWIFT Signup and view all the answers

What type of sales involves direct selling to consumers through the World Wide Web, Apps, or chatbots?

Online retailing Signup and view all the answers