UNIT-VI

 UNITI-VI

Money and Economy

Working with words

A. Match the given words with their meanings.

Words                                     Meanings

a. prominent                            i. an instance of buying or selling of something

b. vulnerable                           ii. the power or opportunity to do something before others do

c. potentially                           iii. to introduce a new plan or product

d. transaction                          iv. exposed to the possibility of being attacked / harmed

e. initiatives                            v. strong and unlikely to break or fall

f. launched                              vi. standing out so as to be seen easily, conspicuous

g. enduring                              vii. the act of examining a problem to discover truth

h. robust                                  viii. with the capacity to develop or happen in the future

ix. lasting over a period of time; durable

Answer:

a          -           vi

b          -           iv

c          -           viii      

d          -           i

e          -           ii         

f           -           iii

g          -           ix

h          -           v

B. There are different abbreviations used in the text. With the help of the internet, find their full forms.

QR              ISO                 IEC                 URLs              EMVCo            PIN

QR:                        Quick Response

ISO:                        International Organization for Standardization

IEC:                       International Electrotechnical Commission

URLs:                     Uniform Resource Locations

EMVCo:                Europay, Mastercard, and Visa Consortium

PIN:                        Personal Identification Number

C. Pronounce the following words and identify the vowel sounds /ʊ/ and /u:/. You can take help from a dictionary. put, push, boom, fool, food, hood, loose full, bull, book, foot, boost, groom, moon, soon, look, hook, cook, should, soot, room, soothe, stood

                                    /ʊ/                                                                           /u:/

     put, push, full, bull, book, foot, look,                             boom, fool, food, hood, loose, boost,

    hook, cook, should, stood                                                groom, soothe, room

Comprehension

A.      Decide whether these statements are True or False. Write NOT GIVEN if you do not find the information.

a.   The system of QR codes was first launched in South Asia. [ False]

b.   The standards of payments via the QR codes were approved by EMVCo. [False]

c.   All sorts of businesses are aided by the QR code payments. [Not Given]

d.   There are several models to the QR code payment service. [False]

e.   In countries like Nepal, the QR code paying system is a complete fiasco. [Not Given]

f.    The QR codes payment service is not applicable to small business. [False]

B. Answer the following questions.

a.     How can one pay with QR codes paying system?

One can pay with a QR code payment system by scanning a QR code displayed on the screen of a smartphone.

b.     How did Tencent and Alibaba companies utilise the QR code services at the beginning?

Companies like Tencent and Alibaba adopted their own standards to provide QR code services for payments.

c.     How do the QR code-based payment services launched by Visa and Mastercard mitigate payment problems?

In 2017, Visa and Mastercard both introduced QR code-based payment solutions with a focus on emerging economies. They help in solving payment issues by offering considerably easier and safer transactions.

d.     Why do we need a scheme operator to run the QR code-based payment system?

The QR code-based payment system requires a scheme operator since, in the absence of one, no one is responsible for branding the scheme at acceptance points, defining the regulations, or providing a mechanism for handling complaints and special conditions.

e.     What basic requirements are needed to use the QR codes services?

A valid Visa or MasterCard debit or credit card is required, and only banking clients are qualified. In order for the program to be included into their mobile banking app, it is also necessary that their bank has signed up for it. Customers download the mobile banking app from their bank onto their smartphone, then update it with their account information to use the service.

f.      How can security concerns related to payment via QR codes be addressed?

Security concerns related to payment via QR codes can be addressed by using merchant IDs, registration and real-time notification of payment.

g.     Who should be more careful: customer or the merchant in terms of payment issues? Why?

The customer should be more careful in terms of payment issues because the app displays the merchant’s ID and name, so they should check that it is correct. If the merchant does not receive notification despite your making payment, he does not hand over the goods to them.

h.     Do you think the QR code-based payment can be a panacea for all sorts of payment problems? Why?

I think QR code-based payment can be a panacea for all sorts of payment problems because it is based on new technology that allows one to make easy real-time transactions or payments with fewer payment problems, and it is more secure, revolutionizing business.

Critical Thinking

a)     Some business houses, shops and department stores in city areas have started to adopt QR code payment systems in Nepal, too. What should be done to make it more accessible? Discuss.

The use of QR code payment systems in commercial locations, retail stores, and department stores, particularly in urban areas, has begun in many industrialized and developing nations, including Nepal. However, its coverage is limited to only city areas and limited people. In other words, the use of QR code payment system is confined to a certain group of people in urban areas.

There are a number of reasons why the QR code payment system is not accessible to all people living in all parts of the world, despite the fact that it is easier and more secure. For example, publicity may be one of the reasons why it is not available to everyone. For widespread adoption, it is first publicized that the use of the QR code system is a secure payment system that protects people from the possibility of transaction fraud. Secondly, people should be encouraged to use it for payment transactions as it is a safe method. Thirdly, sustainable infrastructure for stable internet should be developed in all remote and urban areas. As a result, customers can have easy access to online payment systems. More importantly, it is critical to educate people on the use of such digital payment systems, as they promote the simplest and safest payment methods, as well as a thriving economy and business. 

b)    The payments landscape is shifting gears from cash to digital mode. Digital payment brings ease and convenience to the consumer. Is it possible to apply such cashless methods in payments in Nepal? Discuss.

Payment in the past was difficult in Nepal when one had to pay a huge amount in quantity as the payment was done in coins. Later, paper money came into practice, making payments easier. Nowadays cashless payment is in existence all over the world, making it safe and secure.

Nepal has already begun to implement cashless payment systems via digital payment systems. Recently, various shopping centers, grocery shops, restaurants, etc. accept payment in digital payment, indicating the adoption of cashless payment. Customers agree that payment in digital mode is easier and more convenient, as it is not necessary to carry cash in their pockets. They complement the online payment system, which prevents them from being robbed while carrying money in their pockets. However, access to cashless payment systems in Nepal is limited to a very small number of people. Its use can be expanded if we can teach people about the importance and convenience of using online payment systems, including the QR code. Furthermore, infrastructure development is critical for its widespread adoption throughout the country. 

Writing

A. Punctuate this paragraph with appropriate punctuation marks.

It was a cold freezing day. It had been snowing all day in New York. Mr Tim cooked, and I went outside to play in the snow. We had not seen much snow since we went skiing in Sweden last year. Mrs Smith was right because she had said, "We’d see snow the next day. We had really a wonderful time there, didn't we?”

B. Write a news article about digital payment systems in Nepal.

Digital payment systems in Nepal

By Kesh Rana

Despite being the least developed nation in South Asia, Nepal has made progress in the area of cashless banking. When we look back at history, the use of money was rare in practice in Nepal. Exchanging goods was dominantly practiced instead of buying and selling goods with money because money was scarce. Rich people today are defined by their bank balances, the number of houses they own in city areas, and so on, whereas in the past they were defined by having enough land to grow crops, a large number of cattle, and so on. Later, people used coins, which were not easy to carry, for purchasing purposes in the past. Gradually, paper notes came into existence, making business easier and more comfortable in comparison of carrying heavy loads of coins for buying purposes. With the advancement of science and technology, nowadays money all over the world is cashless; it is rather digitalized, making payment easier, faster and safer through digital payment systems.

The world has evolved into a digital world as science and technology have advanced. All sectors, including bank, business, health, education, etc., have transformed themselves into digital modes, making them more accessible, easier, safer, and more comfortable. The exchange of money via a digital channel, such as a mobile phone, POS, computer, or computer network, is known as a "digital payment." Digital wallets and payment gateways, e-banking, mobile banking, plastic cards, automated teller machines, point of sale devices, and many others are common forms of digital payment in Nepal. For the vast majority of people in Nepal, digital payments have now become as a part of day-to-day life.

The introduction of credit cards by Nabil Bank at the beginning of the 1990s marked the beginning of digital payment in Nepal. A few additional banks, like Himalayan Bank, Kumari Bank, and Laxmi Bank, gave the practice a boost by introducing relevant services. Later, as internet access expanded throughout Nepal, the usage of digital payments rapidly grew. These days, all digital wallets, including Khalti, IME Pay, eSewa, and others, are increasingly. For any online utility bill payment, domestic airline reservation, online recharge and top-up, online movie reservation, and many other uses, they are more user-friendly and practical.

People avoided going to stores and waiting in queues to pay their bills during COVID-19 for fear of catching the Corona virus. They discovered that online shopping and payments were a more practical, safe, and time-saving solution. Because of this, the adoption of digital payment methods increased quickly as consumers gained accustomed to them. The adoption of digital payment methods increased as a result of consumers becoming more familiar with them. Due to their adaptability, security, ease, and accessibility, digital wallets are unquestionably the most popular worldwide now. In Nepal, e-wallets have made it easier for people to make financial transactions from remote locations. This holds true for urban residents as well because they have a certain amount of time and may make better use of that time by using a variety of e-wallet services.

Grammar

Questions

A. Look at the following questions and say what type of questions they are.

a)     Do you like this country?

b)    Where is she from?

c)     How many eggs do we need for this cake?

d)    Whose children are playing in the yard?

e)     Does she like ice cream or sweets?

f)     She sent him an invitation, didn’t she?

g)    Could you tell me if the doctor is available?

h)    Do you know how tall they are?

English has several types of questions: yes/no questions, wh-questions, choice questions, tag questions and indirect questions.

Answer:

    Yes/No question

    WH-question

    WH-question

    WH-question

    Yes/No question

    Tag question

    Indirect question

    Indirect question

B. Choose the correct words from the box to complete the sentences.

do              you      is         can      where              did       does            did

a. Is your friend a scientist? – No, he's an artist.

b. Does Naresh live in Kathmandu? – No, he lives in Pokhara.

c. When did you get home? – I got home yesterday.

d. What time do you get up? – I get up at 6:00.

e. Did the children go to the park? – Yes, they went there after school.

f. Are you going to school? – No, I'm going home.

g. Can you speak Chinese? – Just a little.

h. Where did you grow up? – I grew up in Okhaldhunga.

C. Make wh-questions so that the words in bold become the answer.

a)     Romeo loves Juliet.

Whom does Romeo love?

b)    My mother made a delicious bread yesterday.

What did your mother make yesterday?

c)     The music was composed by Narayan Gopal.

Who was the music composed by?

d)    I'm looking for a new book.

What are you looking for?

e)     They were talking about the new movie.

What were they talking about?

f)     She got the idea from a story.

Where did she get the idea from?

g)    She always goes to school on foot.

How does she always go to school?

h)    She sometimes goes to the cinema.

How often does she go to the cinema?

i)      They have been waiting for three years.

How long have they been waiting for?

D. Change these indirect questions into direct ones.

a)     Could you tell me where Market Street is?

Where is Market Street?

b)    I'm longing to know what time the bank opens.

What time does the bank open?

c)     Do you have any idea how he's managed to get in shape so quickly?

How has he managed to get in shape so quickly?

d)    I'd like to know how much this motorcycle costs these days.

How much does this motorcycle cost these days?

e)     Did you notice if he had left the car in the park?

Did he leave the car in the park?

f)     Have you found out if the train has left?

Has the train left?

g)    I was wondering if they speak English well.

Do they speak English well?

h)    Would you tell us how we can get to the post office from here?

How can we get to the post office from here?

i)      Do you remember if I locked the front door?

            Did I lock the front door?