Podcast
Questions and Answers
Match the following types of payment cards with their descriptions:
Match the following types of payment cards with their descriptions:
Credit cards = deduct funds directly from the user's account Debit cards = allow users to borrow money from the issuer to make purchases Prepaid cards = funds are loaded onto the card and decrease with each use Charge cards = require full payment of the balance each month
Match the following card security features with their descriptions:
Match the following card security features with their descriptions:
EMV chip = stores card information Magnetic stripe = stores and processes data securely PIN = card verification value/code for online transactions CVV/CVC = personal identification number for secure transactions
Match the following types of online payments with their descriptions:
Match the following types of online payments with their descriptions:
Card-not-present (CNP) transactions = sensitive card information is replaced with a token Tokenization = card information is entered online Digital wallets = store payment information for online transactions Mobile payments = store payment information for online transactions
Match the following types of contactless payments with their descriptions:
Match the following types of contactless payments with their descriptions:
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Match the following payment processing steps with their descriptions:
Match the following payment processing steps with their descriptions:
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Match the following payment trends with their descriptions:
Match the following payment trends with their descriptions:
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Study Notes
Payment Cards
- Types of payment cards:
- Credit cards: allow users to borrow money from the issuer to make purchases
- Debit cards: deduct funds directly from the user's account
- Prepaid cards: funds are loaded onto the card and decrease with each use
- Charge cards: require full payment of the balance each month
Card Networks
- Major card networks:
- Visa
- Mastercard
- American Express
- Discover
- Card networks facilitate transactions between merchants and banks
Payment Processing
- Steps involved in payment processing:
- Authorization: merchant verifies card details and requests payment
- Authentication: cardholder verifies identity
- Clearing: transaction is processed and funds are transferred
- Settlement: funds are deposited into the merchant's account
Card Security Features
- EMV chip: stores and processes data securely
- Magnetic stripe: stores card information
- PIN: personal identification number for secure transactions
- CVV/CVC: card verification value/code for online transactions
Online Payments
- Types of online payments:
- Card-not-present (CNP) transactions: card information is entered online
- Tokenization: sensitive card information is replaced with a token
- Digital wallets: store payment information for online transactions
Contactless Payments
- Types of contactless payments:
- Tap-to-pay: card or device is tapped on a reader
- Mobile payments: payments made using a mobile device
- Wearable payments: payments made using a wearable device
Payment Trends
- Increasing adoption of contactless payments
- Growing use of digital wallets and mobile payments
- Development of new payment technologies, such as biometric authentication
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Description
Test your knowledge of payment systems, including types of payment cards, card networks, payment processing, security features, online payments, contactless payments, and emerging trends. Learn about the different ways people make transactions and how they are processed. From credit cards to digital wallets, this quiz covers it all.
