Money and Economy (QR Code)

Working with words

Match the given words with their meanings.

There are different abbreviations used in the text. With the help of the internet, find their full forms.

• QR: Quick Response
• ISO: International Organization for Standardization
• IEC: International Electrotechnical Commission
• URLs: Uniform Resource Locators
• EMVCo: Europay Mastercard Visa
• PIN: Personal Identification Number

Pronounce the following words and identify the vowel sounds /ʊ/ and /u:/. You can take help from a dictionary.

Comprehension

Decide whether these statements are True or False. Write NOT GIVEN if you do not find the information.

a. The system of QR codes was first launched in South Asia. → True
b. The standards of payments via the QR codes were approved by EMVCo. → True
c. All sorts of businesses are aided by the QR code payments. → False
d. There are several models to the QR code payment service. → True
e. In countries like Nepal, the QR code paying system is a complete fiasco. → False
f. The QR codes payment service is not applicable to small business. → False

Answer the following questions.

a. How can one pay with QR codes paying system?

One can pay with QR codes by either the user presents a QR code for scanning by the merchant, or the merchant presents a QR code for scanning by the user.

b. How can one pay with QR codes paying system?

Tencent and Alibaba companies first utilized the QR code services by adopting proprietary standards for QR code payments and later using QR codes as an integration service for their social media service WeChat, and Alipay service respectively, to facilitate payments.

c. How do the QR code based payment services launched by Visa and Mastercard mitigate payment problems?

The QR code based payment services launched by Visa and Mastercard mitigate payment problems by linking QR code payments to debit and credit card accounts.

d. Why do we need a scheme operator to run the QR code based payment system?

A scheme operator is needed to run the QR code based payment system to forward the transaction to the scheme operator/acquirer and to validate the merchant name and the transaction value.

e. What basic requirements are needed to use the QR codes services?

The basic requirements to use the QR codes services include a smartphone or a POS device capable of displaying QR codes and an active account with a participating merchant.

f. How can security concerns related to payment via QR codes be addressed?

Security concerns related to payment via QR codes can be addressed by having a robust claims mechanism and a dynamic QR code that incorporates the transaction value as well as the details of the merchant.

g. Who should be more careful: customer or the merchant in terms of payment issues? Why?

The customer should be more careful in terms of payment issues as they are vulnerable to an unscrupulous merchant setting (and obscuring) the wrong transaction value before scanning.

h. Do you think the QR code based payment can be a panacea for all sorts of payment problems? Why?

The QR code based payment can be a convenient option for making payments, but it may not be a panacea for all sorts of payment problems as it may not be supported by all merchants or be available in all countries.

Critical thinking

Some business houses, shops and department stores in city areas have started to adopt QR code payment systems in Nepal, too. What should be done to make it more accessible? Discuss.

To make QR code payment systems more accessible in Nepal, several steps can be taken:

1. Increase awareness and education: Many people in Nepal may not be aware of the benefits of using QR code payment systems or how to use them. It is important to increase awareness and educate people about the convenience and security of these systems. This can be done through campaigns, workshops, and training programs.
2. Increase merchant adoption: To make QR code payment systems more accessible, more businesses need to adopt these systems. This can be done by providing incentives for merchants to adopt the system, such as lower transaction fees or offering discounts for customers who use QR code payments.
3. Improve infrastructure: To make QR code payment systems more accessible, the infrastructure needs to be improved. This can include increasing the number of merchants with QR code payment capabilities, as well as ensuring that the system is reliable and secure.
4. Develop a standard: To make QR code payment systems more accessible, a standard should be developed that is accepted by all merchants. This will make it easier for customers to use the system, as they will not have to worry about compatibility issues between different systems.
5. Government support: Government support is crucial to make the QR code payment system more accessible. Government policies can help create a favorable environment for the adoption of the system. Government can also provide subsidies or tax exemptions to merchants who adopt the system, thus encouraging more and more merchants to adopt it.
6. Promoting and encouraging the use of mobile banking apps that have the QR code feature integrated. This will be helpful for people who are not familiar with QR codes and help them to understand and use the payment system easily.

By taking these steps, the QR code payment system can become more accessible and widely adopted in Nepal, making it more convenient for customers to make payments and for merchants to accept payments.

The payments landscape is shifting gears from cash to digital mode. Digital payment brings ease and convenience to the consumer. Is it possible to apply such cashless methods in payments in Nepal? Discuss.

It is possible to apply cashless methods in payments in Nepal, but it would require a significant shift in the current payments landscape. Nepal has a high rate of cash transactions, with many people still preferring to use cash for their daily transactions. However, with the increasing adoption of smartphones and internet access in the country, there is an opportunity to shift towards digital payments.

To make this shift, several factors need to be considered:

1. Access to technology: A significant proportion of the population in Nepal does not have access to smartphones or internet. To make digital payments more accessible, efforts must be made to increase the availability of technology, such as providing subsidies for smartphones or expanding internet access in rural areas.
2. Financial literacy: The lack of financial literacy is a major barrier to the adoption of digital payments in Nepal. People need to be educated on how to use digital payments, such as how to set up an e-wallet, how to make payments using a QR code, and how to manage their digital transactions.
3. Government support: Government support is crucial to make cashless payments more accessible in Nepal. Government policies can help create a favorable environment for the adoption of the system. Government can also provide subsidies or tax exemptions to merchants who adopt the system, thus encouraging more and more merchants to adopt it.
4. Security: Security of digital payments is a concern for many people in Nepal. Measures must be taken to ensure that transactions are secure, such as implementing encryption and authentication protocols, and providing dispute resolution mechanisms.
5. Interoperability: To make digital payments more accessible, it is important to ensure that different digital payment systems are interoperable. This will allow customers to use any digital payment system, regardless of which system the merchant uses.
6. Financial inclusion: Digital payments can also play a crucial role in promoting financial inclusion, by providing access to banking services to the unbanked population.

By addressing these factors, it is possible to shift towards cashless methods of payments in Nepal and bring ease and convenience to the consumers. However, it is important to note that this shift is a gradual process, and it will take time to achieve a fully cashless payments landscape.

Writing

Punctuate this paragraph with appropriate punctuation marks.

it was a cold freezing day it had been snowing all day in new york mr tim cooked and i went outside to play in the snow we had not seen much snow since we went to skiing in sweden last year mrs smith was right because she had said that we’d see snow the next day we had really a wonderful time there didn't we.

Answer

It was a cold, freezing day. It had been snowing all day in New York. Mr. Tim, cooked and I went outside to play in the snow. We had not seen much snow since we went to skiing in Sweden last year. Mrs. Smith was right because she had said that we'd see snow the next day. We had really a wonderful time there, didn't we?

Write a news article about digital payment systems in Nepal.

Digital Payment Systems in Nepal

Kathmandu, Nepal - With the increasing adoption of smartphones and internet access in Nepal, the country is seeing a shift towards digital payments. This shift towards cashless methods is bringing ease and convenience to consumers, while also promoting financial inclusion.

The Nepalese government has been actively promoting the use of digital payments, with the launch of several initiatives aimed at increasing the availability of technology and financial literacy. The government has also implemented policies to create a favorable environment for the adoption of digital payments, such as providing subsidies for smartphones and expanding internet access in rural areas.

One of the most popular digital payment methods in Nepal is mobile banking. Many banks in Nepal have developed mobile banking apps that allow customers to make payments, transfer money, and check their account balance using their smartphones. Additionally, several mobile wallets such as Khalti, eSewa, and IME Pay have been launched which are being widely adopted by the people of Nepal.

To ensure the security of digital transactions, the government has implemented encryption and authentication protocols and has provided dispute resolution mechanisms. The government has also made sure that different digital payment systems are interoperable, allowing customers to use any digital payment system, regardless of which system the merchant uses.

Despite the progress made in the shift towards digital payments, there are still challenges to be addressed. Financial literacy and internet access remain a concern in some rural areas, and the lack of infrastructure in some areas has also been an obstacle.

Overall, the shift towards digital payments in Nepal is bringing convenience and ease to consumers, promoting financial inclusion and fostering economic growth. The government and the private sector will continue to work together to overcome the challenges and make digital payments more accessible to all citizens.

Grammar

Choose the correct words from the box to complete the sentences.

do, you, is, can, where, did, does, did

a. Is your friend a scientist? – No, he's an artist.
b. Where does Naresh live? – No, he lives in Pokhara.
c. When did you get home? – I got home yesterday.
d. What time do you get up? – I get up at 6:00.
e. Did the children go to the part? – Yes, they went there after school.
f. Are you going to school? – No, I'm going home.
g. Can you speak Chinese? – Just a little.
h. Where did you grow up? – I grew up in Okhaldhunga.

Make wh-questions so that the words in bold become the answer.

a. Romeo loves Juliet.
Whom does Romeo love?

b. My mother made a delicious bread yesterday.
What did my mother make yesterday?

c. The music was composed by Narayan Gopal.
Who composed the music?

d. I'm looking for a new book.
What am I looking for?

e. They were talking about the new movie.
What were they talking about?

f. She got the idea from a story.
Where did she get the idea from?

g. She always goes to school on foot.
How does she always go to school?

h. She sometimes goes to the cinema.
How often does she go to the cinema?

i. They have been waiting for three years.
How long have they been waiting?

Change these indirect questions into direct ones.

a. Could you tell me where the Market Street is?
Where is the Market Street?

b. I'm longing to know what time the bank opens.
What time does the bank open?

c. Do you have any idea how he's managed to get in shape so quickly?
How has he managed to get in shape so quickly?

d. I'd like to know how much this motorcycle costs these days.
How much does this motorcycle cost these days?

e. Did you notice if he had left the car in the park?
Did he leave the car in the park?

f. Have you found out if the train has left?
Has the train left?

g. I was wondering if they speak English well.
Do they speak English well?

h. Would you tell us how we can get to the post office from here?
How can we get to the post office from here?

i. Do you remember if I locked the front door?
Did I lock the front door?