The Future of Payment Technologies Coursera Quiz Answers

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The Future of Payment Technologies Week 01 Quiz Answers

Quiz : Case Discussion Participation

Q1. I certify that I participated in the case discussion and that my own original thinking is shown in my discussion post(s).

  • Yes, I participated in the case discussion for this lesson.
  • No, I did not participate in the case discussion for this lesson.

End of Module Quiz

Q1. What role do financial intermediaries like banks play in facilitating transactions between untrusted parties?

  • They help these parties to easily finance each other’s activities
  • They reduce fees that the parties need to pay to ascertain each other’s risk levels
  • They provide help for the parties to become more financially stable
  • They provide safeguards that reduce adverse selection due to information asymmetry

Q2. How would you characterize the relationship between paytech innovators and payment channels used by incumbent financial institutions, particularly banks?

  • Banks provide the payment rails on which the paytech innovations ride
  • Banks provide important financing to the paytech innovators
  • Paytech innovators help incumbent banks address important IT challenges such as security and fraud detection
  • Paytech innovators completely leapfrog the banks to bring in the next generation of cashless, mobile payment solutions

Q3. How many main players does the ACH network have?

  • Two
  • Three
  • Five
  • Seven

Q4. What is the key limitation of existing payment solutions such as the ACH system?

  • Their processing fees are too high
  • They are not very easy to use by the average consumer
  • Their infrastructure is too prone to cyberattacks and fraudulent activities
  • Transactions on these systems are irreversible

Q5. What is the key value added by mobile wallet innovators?

  • More accurate fraud detection
  • Significantly lower processing fees
  • Easy-to-use user interface
  • Lower cost of record-keeping between different banks

Q6. Suppose you are starting a fintech product that specialize in facilitating payments that are both large in value and transact in fixed, predictable intervals. Which payment rail would you be most likely to partner with?

  • Cross-border settlement facilities
  • ACH
  • Card networks
  • Blockchain/cryptocurrencies

Q7. Many mobile wallet providers, such as PayPal and AliPay, promise instant payments between accounts. In this setting, what does “instant” actually mean?

  • The “in-app” balance transfer is instant
  • Users can instantly deposit/withdraw money from the “app”
  • Money in the users’ bank accounts would be transferred instantly

Q8. In mobile payment applications such as PayPal/Venmo and AliPay/WeChat, where could the actual money behind the account balances be held at? Please select all that apply.

  • Custodian bank accounts designated in the users’ name
  • Other investment accounts such as money markets in the users’ name
  • The payment solution provider’s bank account
  • Commodities such as precious metals and energy

Q9. Many mobile payment solutions rely on QR codes. In a transaction, what do the QR codes do?

  • They provide a social media tool for buyers and sellers to interact, thereby allowing for more marketing and promotions
  • They identify the banks that hold the account balances
  • They encrypt the transaction information so that it can be transmitted more securely
  • They embed the users’ account information so that it doesn’t have to be physically put in during transactions, thereby increasing the efficiency for offline transactions

The Future of Payment Technologies Week 02 Quiz Answers

Quiz : Case Discussion Participation

Q1. I certify that I participated in the case discussion and that my own original thinking is shown in my discussion post(s).

  • Yes, I participated in the case discussion for this lesson.
  • No, I did not participate in the case discussion for this lesson.

End of Module Quiz

Q1. Which of the following risks can be significantly reduced with EMV cards and tokenized transactions? Please select all that apply.

  • Stealing credit card account information stored by merchants
  • Capturing card information using skimming devices installed at gas pumps
  • Identity theft through phishing emails
  • Imposter scams by posing as government officials such as law enforcement and IRS agents

Q2. Which party bears the most financial risk in a credit card transaction?

  • Networks
  • Acquirers
  • Processors
  • Issuers

Q3. In 2019 Apple launched a credit card. The following is the promotion text from the announcement web site:

“A new kind of credit card. Created by Apple, not a bank. Apple Card is the newest way to pay with Apple Pay. It’s built on the principles of simplicity and transparency. It actually encourages you to pay less interest. And it gives you a whole new level of security and privacy.”

Which of the statements in the above announcement could potentially be misleading?

  • A whole new level of security and privacy
  • Built on the principles of simplicity and transparency
  • Created by Apple, not a bank
  • The newest way to pay with Apple Pay

Q4. Which of the following is NOT an advantage of credit card payments (relative to other systems like the ACH)?

  • Enhanced security and reduced risk of fraud
  • Faster transaction processing
  • Revolving line of credit provided by the bank
  • Networks and issuers can offer many value-added services and perks for consumers such as dispute resolution, travel insurance, etc.

Q5. Why might many of the online payment gateway—like PayPal and Venmo—are encouraging users to use debit cards and are now promoting co-branded debit cards?

  • Debit card transactions are prepaid, therefore have lower default risks and lower processing fees
  • Debit cards allow the gateway providers to charge a higher fee for merchants
  • Debit card transactions are significantly faster to process than credit card transactions

Q6. Which of the following statements about the business model of online payment gateways—e.g. Braintree and Stripe—is NOT correct?

  • They often collect a fixed percentage fee from merchants and pay variable percentage fees to other processing parties.
  • They could lose money on a particular transaction depending on the interchange fees charged.
  • They set the overall transaction fee structure and, as a result, have the largest bargaining power among all the agents in the processing business.

Q7. In an EMV card transaction, what information is transmitted through the card terminal to the networks?

  • Current and projected credit balances
  • Encrypted card number information
  • User identifiers such as names and addresses
  • Unencrypted card numbers

Q8. What are examples of strategies that card payment gateways can employ to boost profitability and mitigate transaction risks?

  • Encouraging debit card processing
  • Offering value-added services for merchants such as sales data analytics, lending, etc.
  • Developing a parallel payment rail that sidesteps legacy systems such as bank transfers
  • Providing better screening tools to select more credit-worthy customers

The Future of Payment Technologies Week 03 Quiz Answers

Quiz : Case Discussion Participation

Q1. I certify that I participated in the case discussion and that my own original thinking is shown in my discussion post(s).

  • Yes, I participated in the case discussion for this lesson.
  • No, I did not participate in the case discussion for this lesson.

End of Module Quiz

Q1. Consider a local M-PESA agent located in a convenience store in Kisumu, Kenya.

What is the agent’s primary operational decision?

  • Ensure the efficiency of the Safaricom telecommunication network ​
  • Competitively price his money exchange services
  • Manage the inventory of physical and e-money float ​
  • Identify key customer segments and aggressively target them ​

Q2. Consider a local M-PESA agent located in a convenience store in Kisumu, Kenya.

Suppose a new agent decides to open up shop just down the street. What are the effective actions that the existing agent could consider in response?

  • Improve relationship with master agents and obtain more frequent visits to the region
  • Minimize stock-out rates of physical and e-money inventories and maintain a high service level
  • Work with his bank to become a preferred customer

Q3. Consider a local M-PESA agent located in a convenience store in Kisumu, Kenya. What are examples are strategies that M-PESA uses to maintain a high service level among local agents? Please select all that apply.

  • Close monitoring of the local agents with incentives for good performance
  • Teams of master agents that roam an area and provide liquidity to the local agents

Q4. In many developing countries such as India, what might be a primary driver of fintech innovations?

  • Low penetration of mobile phone services and high usage/data fees
  • Strong financial infrastructure
  • Population with high levels of financial literacy
  • Government intervention

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