31. Which of the following is not a benefit of electronic funds transfer (EFT) in payment systems?
a) Faster settlement of transactions
b) Lower processing costs
c) Paperless transactions
d) Ability to make cash withdrawals
32. Which of the following is not considered as a part of the traditional banking system?
a) Credit cards
b) Debit cards
c) Cheques
d) E-wallets
33. What is the purpose of a Know Your Customer (KYC) process in banking payment systems?
a) To verify the identity of the customer
b) To prevent money laundering and terrorism financing
c) To ensure compliance with regulations
d) All of the above
34. Which of the following is not a type of electronic payment system?
a) E-wallet
b) Digital currency
c) Online banking
d) Cash on delivery
35. What is the purpose of an IFSC (Indian Financial System Code) in banking payment systems?
a) To identify the bank
b) To identify the branch
c) To enable electronic funds transfers
d) All of the above
