Explore topic-wise InterviewSolutions in Current Affairs.

(i) We may face several problems in keeping ants as pets. They are too tiny to keep a watch on. They may bite and cause an itchy skin. Making a suitable and a safe home for them woul not be practically possible. 

(ii) Ants appear to greet each other when they move in a single file but actually they touch the feelers of each other to inform them about the location of food.

Though ants are very small and unassertive they are undoubetedly great teachers for our life. We can learn team work as ants do their work by sharing and contributing without interfering in each other`s work.

 We can learn hard work as ants spend their most of time in doing their respective jobs without hesitation. 

We can learn loyalty, power of cohesive work and discipline as ants live a disciplined life and always follow the rules of their group and are loyal towards it.

Some other creatures that live in anthills are beetles, lesser breeds of ants, and the greenfly.

(ii) too remarkable to be true.

An ant’s life is peaceful because each does it`s work intelligently and bravely and never fights with other members of it`s group.Each member has a designated place to stay and a definite work to do. a soldier ant never goes out to search for food and similarly a worker never enters the domain of a soldier ant. No worker or soldier has ever harmed any grub. Each one loyally and diligently does his duty and relentlessly carries on with their work peacefully. They know sharing and contribution and do not interfere in each other’s work.

(i) An ant is the smallest, the commonest and the wisest insect. 

(ii) We know a number of facts about an ant’s life because people have kept ants as pets and have watched their daily behaviour closely.

EFTPOS is also known as online debit or PIN debit

It takes two or three weeks for a grub to become a cocoon. After another three weeks the cocoon breaks and a complete ant appears.

Credit card number:

The modem credit card number has 16-digit unique identification number.

CVC/CVV is a 3 digit code printed to the left of signature pane to validate the card.

The term electronic payment refers to a payment made from one bank account to another bank account using electronic methods forgoing the direct intervention of bank employees.

(b) A1-B2, A2-B1, A3-B3, A4-B4

There are 4 curved lines in RFID symbol.

IFSC is an 11 digit alpha-numeric code issued Reserve Bank of India

chip and signature, chip and PIN

Rupay is Ipdian domestic open loop card.

1. Bearer

2. Credit Card

CVC2 is used in contact less transactions.

3 card based payment systems are available (based on the transaction settlement method)

(a) (i)-3, (ii)-2, (iii)-1, (iv)-4

europay, Mastercard, Visa

The credit card number has 16 digit unique identification number

Rupay was launched in 2012

Card Verification Code/ Value

(b) I-False, II-True

(a) Mirco and Macro

(c) Buying a laptop

1. Hash chain based micro electronic payment systems.

2. Hash collisions and hash sequences based micro electronic payment systems.

3. Shared secrete keys based micro electronic payment systems.

4. Probability based micro electronic payment systems.

Bharat Interface for Money (BHIM) is an exclusive mobile app for UPI developed by National Payments Corporation of India (NPCI) and launched on 30 December 2016. It is intended to facilitate e-payments directly through banks and drive towards cashless transactions.

In general, the parties involved in the micro on-line payments are Customer, Service Provider and Payment processor.

The Micro electronic payment transactions can be explained in the following way.

Step 1: Customer proves his authentication and the payment processor issues micro payments.

Step 2: Customer pays the micro payments to the online service provider and gets the requested goods or services form them.

Step 3: Service provider deposits micro payments received from the customer to the payment processor and gets the money.

1. Credit Card

2. Edward Beltamy

Micro Electronic Payment System:

1. Payments of small system amount

2. Less Security

3. Eg. Subscriptions of online games Macro Electronic

Payment System:

1. Payments of higher value

2. Highly Secured

3. Electronic account transfer

4 micro electronic payments systems are there based on simple cryptographic algorithms.

The Cryptocurrency units are created by the solution of cryptographic tasks called mining

1. Double Spend

2. Unconditional, Irrevocable

(d) I, II-both are false

(a) paper-cardboard

The Diners Club Card was created in 1950

Answer is (c) (i), (ii)

The credit card limit, approval of transactions, default charges are issued by issuer

paypal is an electronic wallet services

(c) SHA-254-crytographic Hash function

Mining:

The cryptocurrency units are created by the solution of cryptographic tasks called mining. The miners not only generate new monetary units, but also initiate new transactions to the blockchain. As a reward, they will receive new Bitcoins.

(a) EFPOS – PIN debit

With the advent of computers, network technologies and electronic communications a large number of alternative electronic payment systems have emerged. These include ECS (Electronic Clearing Services), EFT (Electronic funds transfers), Real Time Gross Settlement system (RTGS) etc.

1. Electronic Clearing Services (ECS):

Electronic Clearing Service can be defined as repeated transfer of funds from one bank account to multiple bank accounts or vice versa using computer and Internet technology. Advantages of this system are bulk payments, guaranteed payments and no need to remember payment dates. ECS can be used for both credit and debit purposes i.e. for making bulk payments or bulk collection of amounts.

2. ECS credit:

ECS credit is used for making bulk payment of amounts. In this mode, a single account is debited and multiple accounts are credited. This type of transactions are Push transactions.

Example:

if a company has to pay salary to its 100 employees it can use ECS credit system than crediting every employees’ account separately.

3. ECS debit:

ECS debit is an inverse of ECS credit. It is used for bulk collection of amounts. In this mode, multiple accounts are debited and then a single account is credited. This type of transactions are Pull transactions.

Example:

The insurance premium of bulk number of customers

4. Electronic Funds Transfer:

Electronic Funds Transfer (EFT) is the “electronic transfer” of money over an online network. The amount sent from the sender’s bank branch is credited to the receiver’s bank branch on the same day in batches.

5. Real Time Gross Settlement:

Real Time Gross Settlement system (RTGS) is a payment system particularly used for the settlement of transactions between financial institutions, especially banks.

Real-time gross settlement transactions are:

1. Unconditional –

the beneficiary will receive funds regardless of whether he 242 fulfills his obligations to the buyer or whether he would deliver the goods or perform a service of a quality consistent with the order.

2. Irrevocable –

a correctly processed transaction cannot be reversed and its money cannot get refunded (the so-called settlement finality).

Credit Card:

Credit card is an electronic payment system normally used for retail transactions. A credit card enables the bearer to buy goods or services from a vendor, based on the cardholder’s promise to the card issuer to payback the value later with an agreed interest. Every credit card account has a purchase limit set by the issuing bank or the firm. A credit card is different from a debit card where the credit card issuer lends money to customer instead of deducting it from customer’s bank account instantly.

The term credit card was first mentioned in 1887 in the sci-fi novel “Looking Backward” by Edward Bellamy. The modem credit cards concept was bom in the U.S.A, in the 1920s, when private companies began to issue cards to enable their customers to purchase goods on credit within their own premises.

The term credit card was first mentioned in 1887 in the sci-fi novel “Looking Backward” by Edward Bellamy. The modem credit cards concept was bom in the U.S.A, in the 1920s, when private companies began to issue cards to enable their customers to purchase goods on credit within their own premises.

Advantages of credit card:

1. Most credit cards are accepted worldwide.

2. It is not necessary to pay physical money at the time of purchase. The customer gets an extra period to pay the purchase.

3. Depending on the card, there is no need to pay annuity.

4. Allows purchases over the Internet in installments.

5. Some issuers allows “round up” the purchase price and pay the difference in cash to make the transactions easy.

Key players in operations of credit card:

1. Bearer:

The holder of the credit card account who is responsible for payment of invoices in full (transactor) or a portion of the balance (revolver) the rest accrues interest and carried forward.

2. Merchant:

Storekeeper or vendor who sell or providing service, receiving payment made by its customers through the credit card.

3. Acquirer:

Merchant’s bank that is responsible for receiving payment on behalf of merchant send authorization requests to the issuing bank through the appropriate channels.

4. Credit Card Network:

 It acts as the intermediate between the banks. The Company responsible for communicating the transaction between the acquirer and the credit card issuer. These entities operate the networks that process credit card payments worldwide and levy interchange fees.

E.g. Visa, MasterCard, Rupay

5. Issuer:

Bearer’s bank, that issue the credit card, set limit of purchases, decides the approval – of transactions, issue invoices for payment, charges the holders in case of default and offer card-linked products such as insurance, additional cards and rewards plan.

1. Satosi Nakamoto

2. Namecoin

(c) Ethereum

Cash on delivery (COD) also called as collection on delivery, describes a mode of payment in which the payment is made only on receipt of goods rather in advance.