18 Questions
What is a Point of Sale (POS) transaction?
A transaction where the customer has to enter their PIN on a keypad
What does a POS statement typically include?
Transaction amount, address, and name of the merchant
What are some advantages of Phone Banking mentioned in the text?
Avoid overload of transactions, efficient system
What service is also known as SMS banking?
Mobile banking
What is a common feature of Mobile Banking?
Ability to make online tax payments
How do cloud-based POS systems benefit merchants?
Allow quick transactions and instant alerts
Which of the following is a type of smart card?
SIM card
What is a mobile wallet primarily used for?
Making cashless transactions
Which of the following is NOT mentioned as a benefit of using mobile wallets?
Requires internet connection
What should users do before making an online payment or transfer?
Cross-check the account details and amount entered
Which of the following is an example of a mobile wallet mentioned in the text?
PayTM
What does the text imply about the convenience of mobile wallets?
Mobile wallets eliminate the need to carry physical cash
What technology is primarily used for at least one part of the transaction's life cycle in modern electronic commerce?
World Wide Web (WWW)
Which of the following is NOT one of the three main areas of e-commerce mentioned in the text?
Physical stores
What does SWIFT stand for in the context of e-banking services?
Society for Worldwide Interbank Financial Telecommunications
What is the purpose of SWIFT in the financial industry?
To facilitate quick and secure information exchange among financial institutions
Which mode of payment allows for easy transfer of money between countries due to its messaging network?
SWIFT
What type of sales involves direct selling to consumers through the World Wide Web, Apps, or chatbots?
Online retailing
Test your knowledge on banking transactions like buying general insurance, paying taxes, ordering cheque book, tracking deliverables, and using smart cards for personal identification and authentication.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
