Fintech is revolutionising the financial landscape, and understanding its lingo can be both enriching and helpful. Are you curious about the exciting world of fintech, where technology disrupts and transforms traditional financial services? Put your knowledge to the test with this engaging GK quiz on Fintech!
1. What does "Fintech" stand for?
a) Financial Technology
b) Finalised Technology
c) Financial Technics
d) Fast Innovation Technologies
Answer: a)
Explanation: Fintech stands for financial technology. It refers to any software, app, or technology that allows people or businesses to access, manage, or gain insights into their finances or make financial transactions digitally.
2. What Irish company involved in online payments shares its name with a thin line of colour often seen on an object?
a) Guinness
b) Dublin Docks
c) Stripe
d) The Pale
Answer: c)
Explanation: Stripe, like the visual definition of a stripe, refers to a narrow band of colour on a surface that differs from its surroundings. The company's name likely reflects its focus on providing clear and distinct payment processing solutions for businesses.
3. Which country boasts the highest consumer FinTech adoption rate globally?
a) China
b) India
c) United States
d) United Kingdom
Answer: a)
Explanation: China boasts an 87% FinTech adoption rate, according to reports like Tipalti's Fintech Adoption Hotspots. China's strong digital infrastructure, dominance of mobile payment platforms like WeChat Pay and Alipay, and a tech-savvy population contribute to this widespread adoption.
4. What is the term for using smartphones to make contactless payments?
a) NFC
b) QR code
c) POS terminal
d) ATM transactions
Answer: a)
Explanation: According to FIS Global, “NFC is a method of wireless data transfer that allows smartphones, laptops, tablets and other devices to share data when in close proximity. NFC technology powers contactless payments via mobile wallets like Apple Pay and Google Pay, as well as contactless cards.”
5. In which year did the first internet banking service become available in India? And which bank offered it?
a) 2005 - Citibank
b) 2000 - HDFC Bank
c) 2002 - SBI
d) 1996 - ICICI Bank
Answer: d)
Explanation: While various banks provided initial online services like account balances and statements prior to 1996, ICICI Bank was the first to offer full-fledged internet banking features
6. What does "API" stand for in the context of Fintech:
(a) Application Programming Interface
(b) Automated Platform Integration
(c) Artificial Programming Interface
(d) Advanced Payment Infrastructure
Answer: a)
Explanation: In the context of Fintech, API stands for Application Programming Interface. Essentially, it acts as a translator and intermediary between different software applications, allowing them to connect and exchange data securely.
7. What popular mobile payment platform allows users to send and receive money using their smartphones:
(a) PayPal
(b) Google Pay
(c) Apple Pay
(d) All of the above
Answer: d)
Explanation: While each platform has its own nuances and unique features, all three listed options - PayPal, Google Pay, and Apple Pay - allow users to send and receive money using their smartphones.
8. What term refers to the use of blockchain technology in financial transactions:
(a) Cryptocurrency
(b) Smart contracts
(c) Decentralised finance (DeFi)
(d) All of the above
Answer: d)
Explanation: Cryptocurrency: This refers to digital currencies like Bitcoin and Ethereum that use blockchain technology to record transactions and ensure security. While cryptocurrency is a major use case of blockchain in finance, it's not the only one.
Smart contracts: These are self-executing contracts stored on a blockchain that automatically execute when certain conditions are met. They offer a secure and transparent way to automate financial transactions and agreements.
Decentralised finance (DeFi): This refers to a financial system built on blockchain technology, aiming to eliminate the need for intermediaries like banks and create an open and accessible financial ecosystem. DeFi utilises both cryptocurrency and smart contracts to achieve this goal.
9. Which of the following banks was the first to introduce an ATM in India?
(a) State Bank of India (SBI)
(b) Hong Kong and Shanghai Banking Corporation (HSBC)
(c) ICICI Bank
(d) Axis Bank
Answer: b)
Explanation: While there were early trials and initiatives before this, the first official ATM in India was introduced by HSBC Bank in 1987. They installed it in Mumbai, marking a significant step in modernising India's banking system.
10. When did mobile banking first become available in India?
a) 2002
b) 2000
c) 2005
d) 2008
Answer: a)
Explanation: Mobile banking first became available in India in 2002. It started with basic SMS-based services like checking account balance and requesting mini statements.
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