Fintech & Digital Money: Checkpoint 2

Covers contactless payments, buy now pay later, and cryptocurrency basics.

Five questions on payment security and two newer financial tools: BNPL and cryptocurrency.

Question 1 of 5 Contactless (tap-to-pay) transactions are generally more resistant to skimming because:

They use the same magnetic stripe as a swipe They don't use the magnetic stripe and generate a one-time transaction code They require a PIN every time Skimming has been made illegal

Question 2 of 5 Buy Now, Pay Later (BNPL) is best understood as:

A type of savings account A short-term loan, even when advertised as interest-free A government benefit program A credit score improvement tool

Question 3 of 5 A risk of using multiple BNPL plans at once is that:

They automatically merge into one bill It's easy to lose track of the total amount owed across separate plans Retailers ban customers who use more than one Interest is always waived after two plans

Question 4 of 5 A key difference between cryptocurrency and a bank deposit is that cryptocurrency:

Is insured by the same government programs as bank deposits Generally has no government-backed insurance if lost or stolen Cannot lose value Is always more stable in price

Question 5 of 5 'Cold storage' for cryptocurrency means:

Keeping funds in a bank vault Keeping a wallet disconnected from the internet, with no password reset if the key is lost A type of cryptocurrency exchange Freezing an account for security

← Back to Cryptocurrency Basics Next lesson → Robo-Advisors: Investing on Autopilot

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