Language Development
Unit 6 Money and Economy (QR Code) Class 12 English Exercise And Summary
- A.P.J. Abdul Kalam
This blog provides a complete note on Unit 6 Money and Economy, focusing on QR codes in Class 12 English Exercise. Edubook Ram Kumar Sah is the author, and the source of the Chapter is A.P.J. Abdul Kalam. It covers questions And Answer, Summary, grammar, critical thinking, writing, and comprehension. Share it with friends and follow Edubook Ram Kumar Sah for more study materials on SEE, Class 11, Class 12, and Entrance Level notes. It also includes MCQs for self-assessment.
Are you struggling to understand Unit 6 Money and Economy concepts in Class 12 English Exercise? Look no further than Edubook Ram Kumar Sah's comprehensive blog post.
This article provides a complete note on the topic of QR codes in Unit 6, with a focus on the money and economy aspect of the topic. The author, Edubook Ram Kumar Sah, has created an easy-to-understand guide that covers all aspects of the topic.
The blog post includes a range of resources, including questions and answers, grammar tips, critical thinking exercises, writing prompts, and comprehension exercises. Whether you're preparing for an exam or looking to deepen your understanding of the topic, this post has everything you need.
Don't forget to share this article with your friends and classmates who may be struggling with the topic. Follow Edubook Ram Kumar Sah for more study materials on SEE, Class 11, Class 12, and Entrance Level notes. The post also includes MCQs for self-assessment, helping you test your understanding and track your progress.
In conclusion, if you're looking for a comprehensive guide to Unit 6 Money and Economy in Class 12 English Exercise, look no further than Edubook Ram Kumar Sah's blog post. With a range of resources and trusted sources of information, this post is a must-read for any student seeking to excel on this topic.
Unit 6 Money And Economy Class 12 English Exercise
Summary of Unit 6 Money And Ecology |QR Code|
QR codes are a form of merchant payment that originated in Southeast Asia, particularly in Japan and China. The international standard for QR codes was approved in 2000, and its first use in mobile phones was to extract URLs from posters in public places. Proprietary standards were adopted by Tencent and Alibaba for payments, while EMVCo developed the payments industry standard in 2017. QR codes were adopted for use in Alipay and WeChat Pay services to facilitate payments. Both Alipay and WeChat Pay now support face-to-face and remote payments. There are two broad models for a QR code payment service in a face-to-face environment: either the user presents a QR code for scanning by the merchant, or the merchant presents a QR code for scanning by the user. Visa and Mastercard launched QR code-based payment services in 2017 with a focus on emerging economies. QR code-based payment schemes need a scheme operator, responsible for scheme branding at acceptance points, defining the scheme rules, and providing a mechanism for handling disputes and exceptions.
In addition, the scheme operator must establish and manage relationships with acquirers, issuers, and merchants to ensure that transactions can be processed efficiently and accurately. The scheme operator must also ensure that security measures are in place to protect customer data and prevent fraud.
QR code-based payment schemes have several advantages over traditional payment methods. They are faster, more convenient, and more secure than cash transactions, and they can be used by anyone with a smartphone. They also provide a way for merchants to reach new customers and expand their customer base.
However, QR code-based payment schemes also face several challenges. One of the biggest challenges is interoperability, as there are currently many different QR code standards in use. This can create confusion for merchants and consumers, and can limit the potential for scale and adoption.
Another challenge is the need for widespread acceptance of QR code payments by merchants. While QR code-based payment schemes have been successful in some markets, such as China and India, they have been slower to catch on in other markets. This is partly due to the lack of acceptance infrastructure, as many merchants do not have the necessary equipment to process QR code payments.
In conclusion, QR code-based payment schemes have the potential to revolutionize the way we pay for goods and services. While there are challenges to overcome, such as interoperability and acceptance, the benefits of QR code payments are clear. As more consumers and merchants adopt QR code-based payment schemes, we can expect to see an increase in convenience, speed, and security in our daily transactions.
Critical thinking
a. 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.
Answer: The use of QR code Scan and Pay services has seen a significant rise in Nepal due to the Covid-19 pandemic. As people are more concerned about their hygiene, contactless payment systems have gained popularity. Digital payment service providers such as Fonepay, IMEPay, Khalti, QPay, and Smart QR are also promoting QR code payment by offering Scan and Pay services to their users.
The QR code payment system can have a positive impact on Nepal's economy by transforming informal sectors into the formal economy. However, there are several challenges that need to be addressed before e-payment reaches its full potential in Nepal. The lack of interoperability is a major issue that needs to be resolved to ensure stable digital payment services. The rapid growth of Payment Service Operators (PSOs) and Payment Service Providers (PSPs) can also create an imbalance in the digital economy ecosystem. To overcome these challenges, a unified payment switch is necessary.
The adoption of QR code payments can have a significant impact on Nepal's digital economy. The government and central bank can take the lead in promoting this system by prioritizing digital payment systems. Mass awareness campaigns and promotional events can also help to encourage the transition to QR code payments. Infrastructure development, such as high-speed internet connections and wider user accessibility, must be considered to ensure widespread adoption. Payment service providers, operators, bank and financial institutes, and traders should collaborate to ensure interoperability of their digital payment services.
b. 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.
Answer:The global trend of shifting from cash to digital payments has gained momentum in recent years, and Nepal is no exception. Digital payments offer convenience and ease to consumers, and it is indeed possible to apply such cashless methods in payments in Nepal. However, there are challenges to be addressed before this can become a widespread reality in the country.
One of Nepal's major challenges is its low financial inclusion. According to a World Bank report, only 54% of Nepalese adults have a bank account. This low level of financial inclusion makes it difficult to access digital payment services. Therefore, increasing financial literacy and promoting financial inclusion in Nepal is essential to ensure the widespread adoption of digital payments.
Another challenge is the lack of digital infrastructure in the country. Nepal's internet penetration rate is low, and network coverage is also problematic in rural areas. This lack of digital infrastructure is a significant barrier to digital payment services adoption in Nepal.
Moreover, Nepal has a predominantly cash-based economy, which is deeply ingrained in people's habits and behavior. It will take time and effort to change this mindset and encourage people to adopt digital payment methods.
Despite these challenges, the digital payment industry in Nepal is growing, and various payment service providers are offering their services in the country. For instance, Fonepay, Khalti, IMEPay, QPay, and SmartQR are some of the emerging digital payment service providers in Nepal. These companies offer various digital payment options, including QR code payments, online transfers, and mobile payments, among others.
In conclusion, while it is possible to apply cashless methods in payments in Nepal, several challenges need to be addressed. Increasing financial literacy, promoting financial inclusion, improving digital infrastructure, and changing people's mindsets are essential steps to ensure widespread adoption of digital payment services in the country. Nonetheless, the growth of digital payment service providers in Nepal is promising and offers hope for the future of cashless payments in the country
Writing
B. Write a news article about digital payment systems in Nepal.
Answer:
Digital Payment System in Nepal
In recent years, digital payment systems have rapidly gained popularity in Nepal, especially with the increasing use of smartphones and the internet. This has led to a significant shift from traditional cash-based transactions to digital payment methods. In this news, we will discuss the digital payment system in Nepal, its major uses, future and challenges, and conclusion.
What is Digital Payment?
Digital payment is a cashless mode of payment that enables users to make transactions through digital mediums such as mobile wallets, internet banking, and credit/debit cards. This mode of payment has revolutionized the way people transact, making it more secure, efficient, and convenient.
Major Use of Digital Payment System in Nepal
In Nepal, digital payment systems have been widely adopted in recent years, particularly in urban areas. Mobile wallets like eSewa, Khalti, and IME Pay have become popular among Nepali consumers, enabling them to pay bills, transfer funds, and even purchase goods online. Additionally, banks have introduced internet banking services, allowing customers to make transactions online.
Moreover, the government has also been promoting the use of digital payment systems to reduce cash transactions and promote transparency. The government has launched several initiatives, such as the introduction of QR code-based payments in various government offices and the integration of digital payment systems in public transport. These initiatives have played a significant role in increasing the use of digital payment systems in Nepal.
According to a report by the Nepal Rastra Bank, Digital payment systems in Nepal have experienced a notable surge in popularity in recent months, as people turn to cashless options amid the ongoing pandemic. According to a report by the Nepal Rastra Bank, the number of digital transactions from mid-December 2020 to mid-January 2021 was 372,176, amounting to a total of Rs 1.245 billion. The following month saw a significant increase in the number of transactions, reaching 535,790, and the transactional amount rose to Rs 1.712 billion. These figures indicate a clear rise in the use of digital payment, as more people become accustomed to this convenient and safe mode of payment.
Future and Challenges
Despite the increasing popularity of digital payment systems, Nepal still faces significant challenges in its adoption. The lack of internet connectivity in rural areas, low financial literacy, and limited access to banking services are some of the main obstacles. Furthermore, the lack of a unified payment system and the presence of multiple digital wallets can be confusing for users.
However, the future of digital payment systems in Nepal looks promising. The government and private companies are continuously working to increase internet penetration and financial literacy. With the increasing adoption of smartphones and the internet, the use of digital payment systems is likely to increase rapidly.
Conclusion
Digital payment systems have become a significant part of Nepali society, revolutionizing the way people transact. The adoption of digital payment systems has not only made transactions more efficient but also contributed to the country's economic growth. While there are still challenges to be overcome, the future of digital payment systems in Nepal looks promising, with efforts being made to increase adoption and promote financial literacy.
THE END
Next Unit :
