Copy of Mobile Banking and Payment Apps PDF

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i dont really think I need ot be to descriptive but I just want the answers to a worksheet for free. Kind of fun if you think about it....

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2.4 Mobile Banking & Payment Apps Please use colored font to answer the questions. In this lesson, you will learn to: ● ● ●

Differentiate between person-to-person apps, messenger-based payments, and digital wallets Assess the adoption rates and conveniences of various mobile banking products Identify ways you can protect your money in a digital world

Resources

Questions Estimated time: 8 mins

1

What Are Peer-to-Peer Payments? One type of mobile payment app Gen Z is using is a peer-topeer or person-to-person app. Popular options are Venmo, Cash App, or PayPal to send money to friends and family. Read this article and answer the questions.

1. Summarize how the P2P payment process typically works. One person pays for something and then to pay them back the other opens an app like venmo and transfers money to their account.

2.

Which of NerdWallets safety recommendations do you think is MOST important for protecting your money when using P2P apps? Why? Adding a pin. I think this the most important because even if someone logs into your account they will still need a pin to enter

3.

If you’re not careful, it can become costly to use P2P payments. Name at least 2 ways you could LOSE money using person-to-person apps. Making a transfer might cost you money and if you mistype their name it could go to the wrong person and then you would have to pay them again.

www.ngpf.org

Last updated: 9/5/19 1

Estimated time: 7 mins

2

Apple Pay VP: Why We're Different than Venmo Watch this video that shows how Apple Pay Cash works as well as goes into the details of what else you can do with Apple’s digital wallet. Then, answer the questions.

1.

What is the difference between Apple Pay and Apple Pay Cash? Apple pay is paying for items at a store and apple pay cash is paying person to person.

2.

What prevents someone who randomly picks up your phone from sending money to themselves using a messenger-based payment? You have to authenticate using face or touch ID

3. Where is the Apple Pay Cash recipient’s money stored? In apple wallet or you can transfer it to your bank account

4.

What else can a digital wallet be used for?

You can put in boarding passes, tickets, and gift cards.

5.

Do you think Apple will eventually meet their goal of becoming a replacement for a physical wallet? Why or why not? Yes I do think that Apple will eventually meet their goal of becoming a replacement for a physical wallet because they're basically already there they just need to be able to find a way of putting in other things like your ID.

Estimated time: 7 mins

3

Apple Pay vs. Samsung Pay vs. Google Pay: Which is Best? Watch this video through 3:40 and answer these questions.

1.

What is the technology that allows these devices to work?

Near Field Communication (NFC)

2.

Why do Samsung devices allow MORE access than the other two phone manufacturers? They have MST which other manufacturer do not have which allows you to use it almost everywhere

3.

www.ngpf.org

If you’re at the grocery store, how is checking out with one of these mobile payment methods different than paying with a traditional credit card? Last updated: 9/5/19 2

The store might not take mobile payment, so you have to ask if they do where as with a credit card you don't have to ask cause the majority of places take credit cards

Estimated time: 8 mins

4

10 Online and Mobile Security Tips Review this website’s tips for online and mobile banking safety. .

1.

www.ngpf.org

Write 3 tips that are particularly relevant to you and why. Use strong passwords, be mindful of the numbers you use, and be mindful of how much you share online. Ithink these are relevant to me because I usually use really simple passwords and numbers and I use social media a good amount.

Last updated: 9/5/19 3...