Fintech & Digital Money: Checkpoint 1

Covers what fintech is, digital wallets, and peer-to-peer payment apps.

Five questions on the basics of fintech, digital wallets, and sending money to other people.

Question 1 of 5 'Tokenization' in a digital wallet means:

Your card number is stored openly in the app Your real card number is replaced with a unique code for each transaction You must use a cryptocurrency token to pay Your bank account is closed and reopened

Question 2 of 5 One of fintech's most significant effects has been on:

Eliminating all bank fees worldwide Financial inclusion for people traditional banking has underserved Making cash the only accepted payment method Removing the need for any regulation

Question 3 of 5 Compared to a traditional ACH bank transfer, a P2P payment (like Venmo or Zelle) is typically:

Slower and easier to reverse Faster to settle and much harder to reverse Only available between banks Free of any scam risk

Question 4 of 5 If someone you don't know asks you to send them a P2P payment urgently to 'verify' a deal, you should:

Send it quickly to avoid losing the deal Treat it as a serious warning sign of a scam Only send half the amount Ask them to call your bank directly

Question 5 of 5 A digital wallet that draws directly from a linked bank account, rather than holding its own balance, is:

Illegal in most countries A pass-through tool with no stored balance The same as a savings account Always more expensive to use

← Back to Peer-to-Peer Payments: Venmo, Zelle and Friends Next lesson → Contactless Payments and Card Security

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