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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
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