Plastic Payoffs
What starts a card payment?
User swipes, taps, or enters card details
What must a user link to their PayPal account to add funds?
A bank account or debit/credit card
Who created Bitcoin, the first cryptocurrency?
Satoshi Nakamoto
Which currency is primarily used in UnionPay transactions?
Chinese Yuan (CNY)
What global network routes most international wires?
SWIFT
What does authorization involve in card processing?
Issuer checks for funds and approves/denies transaction
What happens after the funding source is charged?
Linked funding source (bank/card) is charged
How is a crypto transaction verified on the blockchain?
Miners or validators confirm the transaction
What technology does UnionPay use for contactless payments?
NFC (Near Field Communication)
How long does an international wire transfer usually take?
1 to 5 business days
When does card settlement typically occur?
Depends on the vendor, but could be same day or upon request
How long does it usually take for PayPal to confirm a deposit from a bank?
1 to 3 business days
When does a crypto platform credit the user’s account?
After blockchain confirmations are complete
Which mobile payment platform integrates UnionPay QR codes?
Alipay
What is “correspondent banking” in wire transfers?
Using intermediary banks to route funds
What was the first major U.S. card network?
BankAmericard (became Visa)
In what year did we launch PayPal?
2022
What was the first documented Bitcoin purchase?
Buying two pizzas for 10,000 BTC in 2010
What year did UnionPay become the largest card issuer worldwide by number of cards?
2015
What does SWIFT stand for?
Society for Worldwide Interbank Financial Telecommunication
In what year was 3Ds V1 implemented?
2001
Who acquired PayPal in 2002?
Ebay
What is the term for the process of verifying transactions in a blockchain?
Mining or staking
In what year was FXCM launched for clients?
1999.
What 2015 event forced FXCM out of U.S. markets?
Swiss franc flash crash causing $225M losses