What is a payment gateway in the context of e-commerce?

A physical terminal used for credit card processing.

An online marketplace for buying and selling goods.

A digital equivalent to a credit card processing terminal.

A tool for managing online inventory.

What role does SSL (Secure Socket Layer) encryption play in payment gateways?

It verifies the authenticity of the payment gateway.

It encrypts transaction details for added security.

It generates digital signatures for payment validation.

It communicates directly with credit card companies.

What is the key advantage of using electronic cheques for online payments?

They are suitable for micro payments.

They eliminate the need for encryption.

They provide instant payment processing.

They are backed by physical cash.

What is the purpose of electronic tokens in online payments?

To replace physical cash completely.

To provide customers with physical payment cards.

To serve as digital analogs of various forms of payment.

To establish direct communication between customers and merchants.

In the context of payment gateways, what is the primary purpose of encryption?

To simplify transaction processes.

To enhance communication between merchants.

To ensure the authenticity of the payment gateway.

To add security to the transaction process.

What is the main advantage of a credit card compared to a debit card?

Credit cards are more widely accepted internationally.

Credit cards offer better security features.

Debit cards provide access to cash withdrawals.

Debit cards have no credit limits.

How does a debit card transaction differ from a credit card transaction?

Debit card transactions involve immediate payment from the cardholder's bank account.

Credit card transactions involve immediate payment from the cardholder's bank account.

Debit card transactions involve deferred payment over a specified period.

Credit card transactions involve direct cash withdrawals.

What is the primary advantage of digital cash compared to physical cash?

Digital cash provides better authenticity checks.

Digital cash is backed by the government.

Digital cash is easier to copy and reproduce.

Digital cash improves security and privacy.

Why are payment gateways considered secure for online transactions?

They eliminate the need for credit card information.

They use outdated encryption technology.

They keep credit card data behind firewalls.

They only work with well-known merchants.

What is the main purpose of a payment gateway in an e-commerce transaction?

To replace traditional banking methods.

To enable direct communication between customers and merchants.

To act as an intermediary for transaction authorization and security.

To eliminate the need for online shopping carts.

Business Models and Concepts - 2 Free MCQ Practice Test with Solutions

	E-Commerce 100 videos\|55 docs\|19 tests

	E-Commerce 100 videos\|55 docs\|19 tests

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