Module 8 - Electronic Payment and Financial Services

Question 1

products or services offered
by Bangko Sentral-supervised Financial Institutions (BSFIs) to enable customers to
receive payments or initiate financial transactions and other related services through
an electronic device

Answer 1

Electronic Payment and Financial Services

Question 2

an account (e.g., deposit account, e-money, electronic
wallet, etc.) held or maintained with a BSFI, which could be a bank or a non-bank.

Answer 2

Transaction account

Question 3

These are limited to services allowing only receipt of funds or access
to information (e.g., account balance, statement of account, etc.).

Answer 3

Basic EPFS - Electronic Payment and Financial Services

Question 4

enable customers to
send funds and initiate other financial transactions.

Answer 4

Advanced EPFS - Electronic Payment and Financial Services

Question 5

shall mean monetary value as represented by a claim on its issuer,
that is –
a. electronically stored in an instrument or device
b. issued against receipt of funds of an amount not lesser in value than the
monetary value issued;
c. accepted as a means of payment by persons or entities other than the issuer;
d. withdrawable in cash or cash equivalent; and

Answer 5

E-money

Question 6

shall be classified as follows:
a. Banks (hereinafter called EMI-Bank);
b. NBFI supervised by the Bangko Sentral (hereinafter called EMI-NBFI); and
c. Non-bank institutions registered with the Bangko Sentral as a monetary transfer
agent

Answer 6

Electronic Money Issuer (EMI)

Question 7

shall mean cash cards, e-wallets
accessible via mobile phones or other access device, stored value cards, and
other similar products.

Answer 7

Electronic instruments or devices