UNIT - 6
Money and Economy
QR code
Working with words
A. Match the given words with their meanings.
a. prominent ------->ix. standing out so as to be seen easily, conspicuous
b. vulnerable -------> iv. exposed to the possibility of being attacked / harmed
c. potentially -------> viii. with the capacity to develop or happen in the future
d. transaction -------> i. an instance of buying or selling of something
e. initiatives -------> ii. the power or opportunity to do something before others do
f. launched -------> iii. to introduce a new plan or product
g. enduring -------> vi. lasting over a period of time; durable
h. robust -------> v. strong and unlikely to break or fall
B. There are different abbreviations used in the text. With the help of the internet, find their full forms.
a. QR – Quick Response
b. ISO -International Organization for Standardization
c. IEC – International Electrotechnical Commission
d. URLs- Uniform Resource Locator
e. EMVCo – Europay, Mastercard, and Visa Companies
f. 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- /pʊt/
Push- /pʊʃ/
Boom- /buːm/
Fool- /fuːl/
Food- /fuːd/
Hood- /hʊd/
loose - /luːs/v
full- /fʊl/
bull- /bʊl/
book- /bʊk/
foot- /fʊt/
boost- /buːst/
vgroom- /ɡruːm/
moon- /muːn/
soon- /suːn/
look- /lʊk/
hook- /hʊk/
cook- /kʊk/
should- /ʃʊd/
soot- /sʊt/
room- /ruːm/, /rʊm/
Soothe- /suːð/
stood - /stʊd/
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 simply pay with QR codes paying system by scanning QR code through smartphone.
b. How did Tencent and Alibaba companies utilize the QR code services at
the beginning?
At the beginning, Tencent and Alibaba companies utilized the QR code services by adopting proprietary standards developed by EMVCo.
c. How do the QR code based payment services launched by Visa and
Mastercard mitigate payment problems?
The QR code based payment services launched by Visa and Mastercard mitigate payment problems with a focus on emerging economies. Both Visa and Mastercard are focusing on merchant presented QR codes, customers are required to enter the transaction amount. The transaction is secured using their card PIN.
d. Why do we need a scheme operator to run the QR code based payment
system?
We need a scheme operator to run the QR code based payment system for scheme branding at acceptance points, defining the scheme rules and providing a mechanism for handling disputes and exceptions also it provides a mechanism for acquiring and settling transitions.
e. What basic requirements are needed to use the QR codes services?
To use the QR codes services, customers should download their bank’s mobile banking app onto their smartphone and personalize it with their account details.
f. How can security concerns related to payment via QR codes be addressed?
Security concerns related to payment via QR codes can be addressed through the use of 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?
Both customers and merchant should be more careful in terms of payment issues. Attackers can easily divert the transaction if they get merchant's ID.
h. Do you think the QR code based payment can be a panacea for all sorts of payment problems? Why?
No, I don't think the QR code based payment can be panacea for all sorts of payment problems as it requires smartphones which is not viable for some users. Also QR code requires high security system to perform transactions.
0 Comments