LESSON 9-Payment Services

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What does EPFS stand for?

Back

Electronic Payment and Financial Services.

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What are the products or services offered by BSFIs?

Back

To enable customers to receive payments or initiate financial transactions through electronic devices.

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What is electronic payment synonymous with?

Back

Electronic fund transfer (EFT).

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What is a transaction account?

Back

An account held or maintained with a BSFI, which could be a bank or a non-bank.

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What are the two classifications of EPFS?

Back

1. Basic EPFS 2. Advanced EPFS.

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What are Basic EPFS limited to?

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Services allowing only receipt of funds or access to information.

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What additional capabilities do Advanced EPFS provide?

Back

They enable customers to send funds and initiate other financial transactions.

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What is E-money?

Back

Electronically-stored monetary value maintained in a non-interest-bearing non-deposit transaction account.

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What are the characteristics of E-money?

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1. Denominated in or pegged to Philippine Peso or other foreign currencies. 2. Pre-funded by customers. 3. Accepted as a means of payment. 4. Issued against receipt of funds. 5. Withdrawable in cash or cash equivalent.

Front

What are electronic instruments or devices?

Back

Cash cards, prepaid cards, stored value cards, or any digital wallet accessible via mobile phones.