Give a real-life scenario where SKNBI would be more appropriate than BI-FAST or RTO. Justify your answer.
When we want to transfer a retail nominal but to many destinations, the fees are cheaper.
What is Money?
Money is any means of facilitating exchange (money was made to facilitate business transactions), which is generally accepted in the form of purchasing goods or
What are the benefits and challenges of using digital payment systems?
The benefits of digital payment systems include faster transactions, challenges include the risk of cyberattacks.
The function of money as ________________ allows people to buy and sell goods and services.
medium of exchange
Explain the difference between BI-FAST and SKNBI in terms of operation time and transaction speed.
BI Fast Instant and 24/7, SKNBI operates only during banking hours
Money serves to determine the value of a good or service, as well as to determine the amount of the price. This is the function of money as....
unit of account
Money must be __________ to fulfill its requirements.
durable/ acceptable/ divisibility/ stable
A payment system that involves no physical cash is called a __________ payment system.
cashless
A coin that contains metal worth less than its face value is an example of __________ money.
token
What is the function of BI-RTGS and in what kind of transactions is it used?
BI-RTGS is used for transferring large-value funds between banks or institutions in real time.
A type of money that has no intrinsic value but is accepted because of government regulation is called __________ money.
fiat money/ uang kartal
SKNBI stands for...
Sistem Kliring Nasional Bank Indonesia
Describe how a QR code payment system works.
e buyer scans a QR code displayed by the seller using a mobile payment app. The app then connects to the buyer’s bank or digital wallet and sends to seller
Explain the difference between cash and cashless payment systems. Give at least one examples of each.
Cash payment systems use physical currency like coins and paper money, Cashless payment systems do not involve physical money like e-money
Make an example of activity that describe the function of money as a means of payment
Pay services
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