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)
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)
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.
a. 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)
b. 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)