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 transcended its original application, finding utility in diverse
sectors such as transportation, healthcare, retail, and more. Its simplicity, speed, and versatility
have propelled its integration into the fabric of modern society, reshaping how individuals
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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 digital assets.
These cryptocurrencies have not only reshaped how individuals perceive and interact with
money but have also catalyzed significant shifts in regulatory frameworks and technological
advancements. Their impact extends beyond financial transactions, influencing discussions on
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)
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
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)
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 new payment methods.
Concept and application