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:
Match the following payment processing steps with their descriptions:
Match the following payment processing steps with their descriptions:
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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