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Digital Payments
June 2021
1. Online modes of payments have become the
most preferred mode of instrument for making payments of goods and services. It
has also been observed that more than 50% of transactions have been done only
through this mode only and this trend has increased over the period of time as
per the prediction by experts
There are number of payment
gateway providers who help in managing the online transactions using debit or credit cards. Discuss the features of Google Pay and Paytm
payment gateway providers. Also, discuss the services and flow of work for
Amazon Payments. (10 Marks)
Answer:
Introduction:
India
moved a stage nearer towards turning into a credit only economy with the
dispatch of Unified Payment Interface (UPI). With this installment technique,
your mobile phones have doubled up as virtual debit cards and you have the option
to send or get money quickly. The Unified Payment Interface (UPI) can be
considered like an email ID for your money. It is an exceptional identifier
that your bank uses to move cash and make installments utilizing the IMPS
(Immediate Payments Service). IMPS is quicker than NEFT and allows you to move
cash promptly and dissimilar to NEFT, it works 24×7. This implies that the
online installments have turned out to be a lot simpler without requiring an
2. Near Field Communication (NFC) is a
contactless payment service which can be done at all locations where this type
of payment is accepted. It is a technology that stores the card and bank
details and pulls out the information at the time of payment. The same
technology is also considered by most of the countries; discuss the major
advantages of NFC and its areas of applications. Also, discuss the different
security threats to NFC.
Answer:
Introduction:
NFC stands for “Near Field Communication” and, as the name implies, it
enables short-range communication between compatible devices. This needs in any
event one transmitting gadget, and another to get the sign. A range of devices
can utilize the NFC standard and will be viewed as one or the other passive or
dynamic. passive NFC gadgets incorporate labels, and other little transmitters,
that can send data to other NFC devices without the need for a power source of
their own. Be that as it may, they don't
deal with any data sent from different sources, and can't interface with other
latent segments. These regularly appear as intuitive signs on walls or
advertisements. Active devices can both send and get information, and can speak
with one another just as with passive devices. Smartphones are by far the most
common form of active NFC device. Public transport card readers and touch
payment terminals are
3. A Grocery store GMart has started accepting
payments through digital modes after more stress on accepting digital payments
was given by Indian Government. Digital Payments offer the ease in making
financial transactions by eliminating the need for carrying plastic cards,
cheque books and cash every time. With the same perspective, discuss the
following:
a. Discuss how GMart would be benefitted by
accepting payments by digital mode as compared to paper based payments. (5
Marks) .
Answer:
Introduction:
Digital payment is an exchange that happens by means of advanced or
online modes, with no actual trade of cash included. This implies that the two
parties, the payer and the payee, utilize electronic mediums to trade cash. It
is to be noted that advanced installments can happen on the internet just as on
actual premises.
Concept and application:
Paper-based installments are an issue for the two organizations and
the clients they serve. Among various weaknesses, gathering
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