Fintech & Digital Payment Systems: 2026
Study Notes
Banking Evolution, Payments & Security (100 Questions)
1. What is "Open Banking"?
A) Keeping bank doors open 24/7
B) A system where banks share customer data with third-party providers via APIs, with the
customer's consent
C) Allowing anyone to see your bank balance without permission
D) A bank that has no walls or physical offices
Correct Answer: B) A system where banks share customer data with third-party
providers via APIs, with the customer's consent
2. "CBDC" stands for:
A) Central Bank Digital Currency
B) Crypto Banking Data Center
C) Consumer Bill Deposit Code
D) Certified Binary Deposit Credit
Correct Answer: A) Central Bank Digital Currency
3. What is a "Neobank"?
A) A bank that only lends money for new cars
B) A digital-only bank without traditional physical branch networks
C) A bank that uses only neon signs for marketing
D) A traditional bank that recently changed its name
Correct Answer: B) A digital-only bank without traditional physical branch networks
,4. "Embedded Finance" is the integration of financial services into:
A) Only banking apps
B) Non-financial platforms (e.g., getting insurance while buying a flight on a travel site)
C) The physical structure of a bank building
D) A computer's hardware
Correct Answer: B) Non-financial platforms (e.g., getting insurance while buying a flight
on a travel site)
5. "DeFi" (Decentralized Finance) aims to:
A) Make banks more powerful
B) Remove intermediaries from financial transactions using blockchain and smart contracts
C) Use only physical cash for all transactions
D) Create a single global bank controlled by one person
Correct Answer: B) Remove intermediaries from financial transactions using blockchain
and smart contracts
6. What is a "Payment Gateway"?
A) A security guard at a bank
B) A technology that captures and transfers payment data from the customer to the
merchant's bank
C) A physical gate where you pay to enter a city
D) A list of all the things you have bought
Correct Answer: B) A technology that captures and transfers payment data from the
customer to the merchant's bank
7. "Contactless Payments" use which technology?
A) Bluetooth only
B) NFC (Near Field Communication)
C) GPS tracking
D) High-speed satellite signals
, Correct Answer: B) NFC (Near Field Communication)
8. "P2P Payments" (Peer-to-Peer) allow:
A) Governments to send money to each other
B) Individuals to send money directly from their bank account or app to another person
C) Computers to pay each other for electricity
D) Companies to buy other companies
Correct Answer: B) Individuals to send money directly from their bank account or app to
another person
9. "RegTech" refers to technology that helps companies:
A) Register for new social media accounts
B) Comply with financial regulations and laws efficiently
C) Regulate the temperature in the office
D) Find regular customers online
Correct Answer: B) Comply with financial regulations and laws efficiently
10. "InsurTech" is the use of technology to:
A) Ensure that everyone has a job
B) Modernize and simplify the insurance industry
C) Inspect the quality of a computer
D) Predict the future with 100% accuracy
Correct Answer: B) Modernize and simplify the insurance industry
11. "KYC" (Know Your Customer) is a process used to:
A) Remember a customer's birthday for a gift
B) Verify the identity of clients to prevent fraud and money laundering
C) Track how many times a customer visits a store
D) Call every customer by their first name
Study Notes
Banking Evolution, Payments & Security (100 Questions)
1. What is "Open Banking"?
A) Keeping bank doors open 24/7
B) A system where banks share customer data with third-party providers via APIs, with the
customer's consent
C) Allowing anyone to see your bank balance without permission
D) A bank that has no walls or physical offices
Correct Answer: B) A system where banks share customer data with third-party
providers via APIs, with the customer's consent
2. "CBDC" stands for:
A) Central Bank Digital Currency
B) Crypto Banking Data Center
C) Consumer Bill Deposit Code
D) Certified Binary Deposit Credit
Correct Answer: A) Central Bank Digital Currency
3. What is a "Neobank"?
A) A bank that only lends money for new cars
B) A digital-only bank without traditional physical branch networks
C) A bank that uses only neon signs for marketing
D) A traditional bank that recently changed its name
Correct Answer: B) A digital-only bank without traditional physical branch networks
,4. "Embedded Finance" is the integration of financial services into:
A) Only banking apps
B) Non-financial platforms (e.g., getting insurance while buying a flight on a travel site)
C) The physical structure of a bank building
D) A computer's hardware
Correct Answer: B) Non-financial platforms (e.g., getting insurance while buying a flight
on a travel site)
5. "DeFi" (Decentralized Finance) aims to:
A) Make banks more powerful
B) Remove intermediaries from financial transactions using blockchain and smart contracts
C) Use only physical cash for all transactions
D) Create a single global bank controlled by one person
Correct Answer: B) Remove intermediaries from financial transactions using blockchain
and smart contracts
6. What is a "Payment Gateway"?
A) A security guard at a bank
B) A technology that captures and transfers payment data from the customer to the
merchant's bank
C) A physical gate where you pay to enter a city
D) A list of all the things you have bought
Correct Answer: B) A technology that captures and transfers payment data from the
customer to the merchant's bank
7. "Contactless Payments" use which technology?
A) Bluetooth only
B) NFC (Near Field Communication)
C) GPS tracking
D) High-speed satellite signals
, Correct Answer: B) NFC (Near Field Communication)
8. "P2P Payments" (Peer-to-Peer) allow:
A) Governments to send money to each other
B) Individuals to send money directly from their bank account or app to another person
C) Computers to pay each other for electricity
D) Companies to buy other companies
Correct Answer: B) Individuals to send money directly from their bank account or app to
another person
9. "RegTech" refers to technology that helps companies:
A) Register for new social media accounts
B) Comply with financial regulations and laws efficiently
C) Regulate the temperature in the office
D) Find regular customers online
Correct Answer: B) Comply with financial regulations and laws efficiently
10. "InsurTech" is the use of technology to:
A) Ensure that everyone has a job
B) Modernize and simplify the insurance industry
C) Inspect the quality of a computer
D) Predict the future with 100% accuracy
Correct Answer: B) Modernize and simplify the insurance industry
11. "KYC" (Know Your Customer) is a process used to:
A) Remember a customer's birthday for a gift
B) Verify the identity of clients to prevent fraud and money laundering
C) Track how many times a customer visits a store
D) Call every customer by their first name
