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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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