Financial Technology - Midterm Quiz 3

What is a mobile wallet?

• A physical wallet used for cash storage

• An app that stores and manages digital currencies

• A digital version of credit and debit cards used on mobile devices

• A type of cryptocurrency wallet

Which of the following is an example of a mobile payment app?

• PayPal

• Cash App

• GCash

• All of the above

Which technology is most commonly used in contactless payments?

• Bluetooth

• NFC (Near Field Communication)

• QR codes

• Wi-Fi

Which of these is a key benefit of contactless payments?

• Increased transaction speed

• Higher transaction fees

• Security risks due to data exposure

• It requires an internet connection for all transactions

NFC technology allows data transfer between devices at a distance of:

• 5 meters

• 1 meter

• 10 centimeters

• 50 centimeters

What is InsurTech?

• A type of cryptocurrency used in insurance

• The use of technology to disrupt the insurance industry

• A new form of life insurance

• A mobile wallet for insurance claims

Which of the following is a common feature of digital insurance platforms?

• Automated claim processing

• Physical insurance cards

• In-person agent consultations

• No data encryption

Which of the following is the main advantage of digital insurance platforms?

• Higher premiums

• Convenience and accessibility

• Face-to-face interaction with agents

• Limited options for policyholders

Which of the following describes the role of data analytics in insurance?

• To replace human agents

• To predict insurance claims and optimize pricing

• To collect premiums from customers

• To provide financial advice

Which of the following is an emerging trend in mobile finance?

• Decrease in the use of mobile wallets

• Use of biometric authentication for transactions

• Phasing out of online banking apps

• Increased reliance on traditional banking