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Digital Payments
December 2023 Examination
1) Outline the
steps involved in
implementing digital wallets,
and then evaluate
the opportunities they provide to both businesses and customers. (10 Marks)
Ans 1.
Introduction
Digital
wallets, often referred to as e-wallets or mobile wallets, represent the next
wave in the evolution of monetary transactions. Serving as an electronic
version of a physical wallet, they provide a centralized platform to store
payment information, such as credit/debit cards and bank account details,
making transactions simpler and swifter. As technology continuously drives the
world towards a cashless society, digital wallets have emerged as the
forerunners of this transformative move.
2) Explain how blockchain technology is utilized in
digital payments and evaluate its potential impact on the future of the
financial industry. (10 Marks)
Ans 2.
Introduction
In the digital
realm, the way money moves, changes hands, and is accounted for has seen
revolutionary advancements, primarily due to the advent of blockchain
technology. Originating as the underpinning technology for cryptocurrencies,
like Bitcoin, blockchain has evolved to become a foundational tool in various
financial applications, particularly in digital payments. Essentially a
decentralized, immutable ledger system, blockchain promises increased
transparency, security, and efficiency – traits that are highly coveted in the
financial world. As the digital payment landscape has transformed from
traditional card-based transactions to instantaneous, cross-border digital
exchanges, blockchain is heralded as the
3) You are a business consultant working with a small retail
store that specializes in handmade crafts. The store primarily operates with
cash transactions and has a limited customer base. The store owner is interested
in exploring digital payment
options to improve customer convenience and expand their business. As a
consultant, you need to recommend and analyze the implementation of digital
payment solutions.
a) Suggest and justify two suitable digital payment options
that the small retail store can implement
to enhance customer
convenience. Consider factors
such as ease
of use, security, and
cost-effectiveness in your recommendations.
(5 marks)
Ans 3a.
Introduction
In today's
fast-paced digital age, consumers increasingly seek convenience and efficiency
in their purchasing experiences. For small businesses, such as a retail store
specializing in handmade crafts, adapting to these changes isn't just about
modernization; it's about capturing a larger audience and offering heightened
convenience. Implementing digital payment
b) Analyze the potential impact of adopting digital payments
on the small retail store's business growth and customer acquisition. Discuss
how digital payments can help reach a broader customer base and improve overall
sales. (5 Marks)
Ans 3b.
Introduction
The digital
wave has transformed consumers' buying behaviors and expectations, turning
digital payments from a mere luxury to an essential component of retail. For a
small retail store, adapting to this trend isn't merely about convenience—it's
an imperative for growth and competitiveness. Delving into the implications of
adopting digital payments showcases the potential this shift holds for the
store's business growth and the acquisition of a more diverse
Dear students, get fully solved assignments by professionals
Do send your query at :
or call us at : 08263069601
(Plagiarism
proofed assignments available with 100% surety and refund)
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