Ultimate Fintech Challenge: Ace the GK Quiz on Financial Tech

February 2, 2024
2 mins read


– Fintech is revolutionizing the financial landscape, and understanding its lingo can be both enriching and helpful.

– This GK quiz on Fintech tests your knowledge on the ever-evolving world of financial technology.

Financial technology, or Fintech for short, is transforming the way we access, manage, and transact finances. With advancements in technology, Fintech has become increasingly prevalent, and it is crucial to understand the concepts and terms associated with this field. To test your knowledge on Fintech, take this engaging GK quiz that covers a wide range of topics, including cryptocurrencies, digital payments, and blockchain.

Here are some of the key questions and answers from the quiz:

1. What does “Fintech” stand for?

  • Answer: a) Financial Technology
  • Explanation: Fintech 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 color often seen on an object?

  • Answer: c) Stripe
  • Explanation: Stripe, like the visual definition of a stripe, refers to a narrow band of color on a surface that differs from its surroundings. The company provides clear and distinct payment processing solutions for businesses.

3. Which country boasts the highest consumer FinTech adoption rate globally?

  • Answer: a) China
  • Explanation: China has an 87% FinTech adoption rate, thanks to its strong digital infrastructure, dominance of mobile payment platforms like WeChat Pay and Alipay, and a tech-savvy population.

4. What is the term for using smartphones to make contactless payments?

  • Answer: a) NFC (Near Field Communication)
  • Explanation: NFC is a method of wireless data transfer that allows smartphones and other devices to share data 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?

  • Answer: d) 1996 – ICICI Bank
  • Explanation: ICICI Bank was the first to offer full-fledged internet banking features in India, although various banks provided initial online services before 1996.

6. What does “API” stand for in the context of Fintech?

  • Answer: a) Application Programming Interface
  • Explanation: API stands for Application Programming Interface, which 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?

  • Answer: d) All of the above (PayPal, Google Pay, Apple Pay)
  • Explanation: While each platform has its own nuances and features, PayPal, Google Pay, and Apple Pay all allow users to send and receive money using their smartphones.

8. What term refers to the use of blockchain technology in financial transactions?

  • Answer: d) All of the above (Cryptocurrency, Smart contracts, Decentralized finance)
  • Explanation: Cryptocurrency, smart contracts, and decentralized finance (DeFi) all utilize blockchain technology in financial transactions. Cryptocurrency refers to digital currencies like Bitcoin and Ethereum, smart contracts are self-executing contracts stored on a blockchain, and DeFi aims to create a financial system built on blockchain technology to eliminate intermediaries like banks.

9. Which of the following banks was the first to introduce an ATM in India?

  • Answer: b) Hong Kong and Shanghai Banking Corporation (HSBC)
  • Explanation: HSBC Bank introduced the first official ATM in India in 1987, marking a significant step in modernizing the country’s banking system.

10. When did mobile banking first become available in India?

  • Answer: a) 2002
  • Explanation: Mobile banking became available in India in 2002, starting with basic SMS-based services and later expanding to include more advanced features.

This GK quiz provides a comprehensive overview of fintech concepts and technologies, allowing you to test your knowledge and learn more about the future of finance. By understanding the forces shaping the financial industry, you can stay informed and make better financial decisions in the digital age.

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