Digital Payments June 2024

Description

Digital Payments

June 2024 Examination

 

 

1. Discuss the evolution,  applications,  and  security  concerns  surrounding  Near  Field Communication (NFC) technology, highlighting its impact on modern society. Provide examples of NFC-enabled devices and industries benefiting from its adoption. Assess the potential future advancements and challenges for NFC technology.     (10 Marks)

Ans 1.

Introduction:

Near Field Communication (NFC) technology stands as a cornerstone in the landscape of modern digital interactions, offering seamless connectivity and convenience across various domains. Originating in the early 2000s, NFC has swiftly evolved from a niche technology to a ubiquitous feature in smartphones, wearables, and various IoT (Internet of Things) devices. At its core, NFC enables short-range communication between devices, allowing data exchange when brought into close proximity, typically within a few centimeters. Initially popularized for contactless payments, NFC has

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2. Discuss the impact of major cryptocurrencies like Bitcoin and Ethereum on traditional banking systems, regulatory frameworks, and emerging trends in decentralized finance. Evaluate the prospects and risks associated with widespread adoption of cryptocurrencies, considering factors such as scalability, security, and regulatory compliance. (10 Marks)

Ans 2.

Introduction:

The advent of major cryptocurrencies such as Bitcoin and Ethereum has ushered in a new era of financial innovation, challenging traditional banking systems and regulatory paradigms worldwide. Bitcoin, introduced in 2009 as a decentralized digital currency, disrupted conventional notions of money by enabling peer-to-peer transactions without the need for intermediaries. Ethereum, launched in 2015, further revolutionized the space by introducing smart contract functionality, laying the groundwork for decentralized applications (DApps) and programmable

 

3. XYZ Company, a medium-sized retail business in utilities, recently decided to transition from traditional cash-based transactions to digital payments. This decision was driven by the increasing demand for contactless payment options from customers and the desire to streamline financial operations.
4. Discuss the factors that motivated XYZ Company to shift towards digital payments. Analyze the benefits and potential drawbacks of adopting digital payment systems for businesses like XYZ Company. (5 Marks)

Ans 3a.

Introduction:

The transition from traditional cash-based transactions to digital payments has become increasingly common among businesses seeking to meet evolving consumer preferences and streamline financial operations. XYZ Company, a medium-sized retail business in utilities, recently made the strategic decision to embrace digital payments in response to growing demand for contactless payment options from customers and the need for operational

 

1. Evaluate how the shift to digital payments may impact XYZ Company’s customer base. Discuss strategies for XYZ Company to enhance the customer experience during the transition to digital payments. (5 Marks)

Ans 3b.

Introduction:

As XYZ Company transitions to digital payments, it is crucial to assess the potential impact on its customer base and devise strategies to enhance the customer experience during this transition. Embracing digital payments presents both opportunities and challenges for XYZ Company in catering to the evolving needs and preferences of its customers while ensuring a seamless transition to