Money and economy

QR Code

Before You Read

1. How do you usually pay for things you buy?

   • Traditionally, we pay in cash. Cash transactions are simple and immediate, but they can be inconvenient for larger amounts and do not leave a digital trail.

2. Have you ever paid using QR Codes? Share your experiences.

   • Yes, QR codes are widely used in Nepal through platforms like eSewa, Khalti, and IME Pay. I have used QR codes to pay for groceries, school fees, and utility bills. Payments via QR code are faster than traditional methods, secure, and reduce the need for carrying cash.

Working with Words

A. Vocabulary

B. Abbreviations

Comprehension

A. True/False/Not Given

B. Short Answer Questions

1. How can one pay using QR code systems?

   • There are two models:

     • Merchant-presented QR code: The merchant displays a code, and the customer scans it to pay.

     • Customer-presented QR code: The customer shows a QR code for the merchant to scan.

   • Payment is processed through apps like eSewa, Khalti, or mobile banking apps, and confirmed digitally.

2. How did Tencent and Alibaba use QR codes initially?

   • Tencent integrated QR codes with WeChat to allow users to add friends and make face-to-face payments.

   • Alibaba used QR codes in its Alipay service to enable cashless payments for goods and services.

3. How do Visa and Mastercard QR code services mitigate payment problems?

   • They focus on merchant-presented QR codes (static or dynamic).

   • Static codes require customers to enter the transaction amount; dynamic codes generate a unique code for each transaction.

   • Transactions are secured using PINs. EMVCo ensures standardization and reliability.

4. Why is a scheme operator required?

   • A scheme operator manages branding, sets rules, handles disputes, and ensures smooth operation of QR-based payments.

5. What are the basic requirements to use QR code services?

   • A smartphone or POS device capable of displaying/scanning QR codes.

   • Valid merchant ID and digital signature for authentication.

   • A registered account with a mobile wallet or bank app.

6. How can security concerns be addressed?

   • Using registered merchant IDs prevents fraudulent code replacement.

   • Digital signatures verify the merchant’s authenticity.

   • Real-time notifications alert customers of successful or failed transactions.

7. Who should be more careful: the customer or merchant? Why?

   • The customer should verify the merchant name and details before payment.

   • Merchants also need to ensure correct registration and secure display of QR codes.

8. Can QR code-based payments be a universal solution?

   • QR codes are revolutionizing digital payments globally.

   • While effective in many scenarios, universal adoption depends on internet access, public awareness, and standardization.

Critical Thinking

Question: How can QR code payments become more accessible in Nepal?

Answer:

1. Education and awareness: Simplify the concept of QR codes and explain its advantages to everyone.

2. Infrastructure: Provide free or affordable internet access in remote and rural areas.

3. Government support: Encourage banks and financial institutions to promote QR payments.

4. Collaboration: Payment service providers, merchants, and operators should work together to improve adoption.

5. Security assurance: Build trust by informing customers about authentication, PIN security, and fraud prevention measures.

6. Promotion in public services: QR codes can be used for school fees, utility bills, transportation tickets, and government services.

Impact:

• Reduces cash handling, increases transaction speed, promotes digital economy, and enhances financial inclusion for small and large businesses alike.

Practical Example

Scenario: Buying a cup of coffee at a café

1. Customer opens mobile banking or wallet app.

2. Scans the QR code displayed on the cashier counter.

3. Confirms the amount and enters PIN.

4. Payment is processed, and both merchant and customer receive instant notification.

Benefits:

• No need for cash

• Immediate digital record

• Reduces human errors

• High security

Q: The payments landscape is shifting 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.

Ans: Nepal is gradually moving toward a digital world. Over 90% of the population now has internet access, which directly supports digital banking.

Digital payments bring ease and convenience to consumers. Cashless payment methods can be successfully applied in Nepal through:

• Launching awareness programs about digital payments.

• Ensuring easy access to the internet.

• Explaining onboarding procedures clearly.

• Promoting the use of e-banking apps.

Writing Exercise: Punctuation

Original Paragraph:
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 to skiing in sweden last year mrs smith was right because she had said that we’d see snow the next day we had really a wonderful time there didn’t we

Corrected Paragraph:
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 that we’d see snow the next day. We had a really wonderful time there, didn’t we?

News Article: Digital Payment Systems in Nepal

Digital payments have become a hot topic in recent years. There has been significant development in digital transactions with the introduction of new players and continuous efforts to promote cashless payments. The COVID-19 pandemic accelerated this shift, making digital transactions even more essential.

Leading digital payment gateways in Nepal include eSewa, Khalti, and IME Pay. These platforms allow users to:

• Pay electricity bills and school fees.

• Buy bus or airplane tickets.

• Transfer funds and top-up mobile balances.

Promotional campaigns by eSewa, Khalti, IME Pay, and Connect IPS encourage more people to use digital payment systems. Awareness programs help overcome ignorance about these platforms.

Connect IPS provides access to services like Loksewa payments, Passport fees, FCGO, IRD payments, eliminating long queues. Digital payments are now widely used in restaurants, hotels, hospitals, educational institutions, retail, and tourism. Almost every bank and finance cooperative is connected to digital payment gateways, including platforms like mDabali.

Grammar: Types of Questions

Identify the type of question:
a. Do you like this country? – Yes/No question
b. Where is she from? – Wh-question
c. How many eggs do we need for this cake? – Wh-question
d. Whose children are playing in the yard? – Wh-question
e. Does she like ice cream or sweets? – Choice question
f. She sent him an invitation, didn’t she? – Tag question
g. Could you tell me if the doctor is available? – Indirect question
h. Do you know how tall they are? – Indirect question

Grammar: Sentence Completion

Choose correct answers:
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 after school.
f. Are you going to school? – No, I’m going home.
g. Do you speak Chinese? – Just a little.
h. Where did you grow up? – I grew up in Okhaldhunga.

Wh-Questions

Transform the sentences:
a. Romeo loves Juliet. – Who loves Juliet?
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. – What did she get from the story?
g. She always goes to school on foot. – How does she go to school?
h. She sometimes goes to the cinema. – Does she sometimes go to the cinema?
i. They have been waiting for three years. – How long have they been waiting?

Direct Questions from Indirect Questions

a. Could you tell me where the Market Street is? – Where is the Market Street, please?
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? – Had he left the car in the park? / Where had he left the car?
f. Have you found out if the train has left? – Has the train left or not?
g. I was wondering if they speak English well. – Can 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 or not?

Project Work: Interesting Facts About Money

• Money is made in factories called mints.

• There are more than 1.6 million ATMs worldwide.

• The U.S. dollar is the most commonly used currency in the world.

• The Romans were the first to stamp the image of a living person on a coin.

• The study of money is called numismatics.

• The first paper money was made in China.

• Tea bricks were used as money in Siberia until WW2.