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Digital Payments
September 2022 Examination
Q1. Apple Pay is a mobile payment and digital wallet service by Apple Incorporation. It is a type of contactless payment service that allows users to make
payments at all locations where contactless type of payment is accepted. It is a technology (Near Field Technology, NFC) that
stores
the card and bank
details and pulls out the information at
the time of payment. Discuss how the payment is made using
Apple Pay by
mentioning the major advantages of NFC and its areas of applications. Also, discuss the different
security threats to
NFC
in these countries.
(10 Marks)
Ans 1.
Introduction
A couple of years ago from the World Summit on Information
Society, the use of technology and its use has increased affecting today’s
markets positively. Most companies thrive to advance the number of services
using this digital device. According to research made by International
Telecommunication Union, there is an increase in subscribers. In a period of
three years, there has been an increase of approximately five billion
subscribers. Following this trend, Big and Fine
Q2. Digital Payments have become the most preferred mode of instrument for making
payments of goods and services. It has also been observed that more than 80% of
transactions have been done only through this mode only and this trend will increase in future as per the prediction by experts. There are variety of digital payment methods
which are followed and
used
by
different individuals as
per their convenience.
Considering the same scenario, discuss the innovations and future of Digital payments
by mentioning any two innovative technologies which can change the entire traditional way of making payments digitally.
(10 Marks)
Ans 2.
Introduction
Digitalization is defined as the use of technology as part
of everyday life for example a person transacting money from his or her bank
account to payees for his or her day through a digital mode of payment. There
are various modes of digital payment, they include mobile wallets, Point of
Sales, banking cards, Unstructured Supplementary Service Data (USSD) and
digital Currencies. This digital payment is sometimes referred to as cashless,
faceless and paperless. These digital payment modes have enhanced revolution
and created a platform for
Q3. Cryptocurrencies are always in news for one
or the other things. Most of the traders
are also looking
forward and trying to gather more information in these types of currencies
so that they can invest and mine them. The backbone of Cryptocurrencies are the
Blockchain technology which is a type of digital ledger system that maintains the records of
all
transactions done
in mining of these currencies.
With the same
perspective,
discuss the following:
a. Discuss the features of
blockchain
which makes
the
complete management of cryptocurrencies
transparent.
(5 Marks)
Ans 3a.
Introduction.
Block chain technology is among the supply chain technology
that entails distributed network computers. These nodes maintain information
shared with its security and data integrity. Block chain is set of rules and
encryption technologies for securely storing data in distributed ledger and
technology underlining explosion of new digital currencies. Block chain has
Q 3b. Explain the various layers in the
stack of bitcoin blockchain.
(5 Marks)
Ans 3b.
Introduction
Bitcoin is a decentralized digital currency that you can
buy, sell and exchange directly without an intermediary like financial
institutions. There is the need for a new digital payment system basing on
cryptographic proof instead trust. Stack of bitcoin block chain
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