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Digital Payments NMIMS Assignment Solution

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Digital Payments NMIMS Assignment Solution

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Q1. After the onset of current pandemic situation, most of individuals are using various types of Digital Payment methods. Discuss the different types of Digital Payment methods (Any 5) and which method you find more suitable for usage and why (Discuss the same by stating benefits with example). Have you or your acquaintances faced  issues while performing the transactions? What measures have you taken to make that transaction smooth? Discuss the same with the help of an example.  (10 Marks)

Q2. Cryptocurrencies is a currency which is secured by using cryptographic techniques. These currencies were in news recently due to the taxes levied upon it in the Budget announced on 1st  Feb,2022. Find out how much tax has been levied upon by Indian Government on same in the Annual Budget-2022 and what are the other measures thought of by the Government in the same regard. Also, discuss what are the risks and legal regulatory issues associated with these currencies and the factors one should take care of while investing in these types of currencies.

Q3. A blockchain is a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Banking sector is the sector wherein one can see the potential of using this technology at wide scale. Considering the above scenarios, discuss the following:

  1. Explain the features and contracts in Blockchains and why most of the organizations are adopting this technology? (5 Marks)
  2. Discuss how Blockchains can help the Banking Sector in maintaining the databases and providing other advanced services and facilities to its customers. (5 Marks)

Old Question Paper

1. Demonetization has changed the attitude of people towards the digital payments. Digital Payments are very popular among the youth, but still the ratio of the population who regularly use the digital payments is very less. To increase the inclination of the people towards adopting the digital payments, Govt. of India has decided to introduce another round of demonetization. The currencies of denomination Rs. 500 and Rs. 2000 will be withdrawn from circulation and the new rule says that any payment above Rs. 200 will need to be done through digital medium. Your parents and grandparents have never used digital payments. Explain to them what are different digital payment options available to them and how to use it.

Q2. The second round of demonetization has created a lot of chaos, and as and when more and more people are adopting it, the frauds are also increasing and discouraging people from using it. Again, your parents and grandparents are confused about the above aspects and concerned about the security of the transactions they do using digital payment systems. Explain to them the security threats associated with digital payments and provide them guidelines to remain careful while using digital payment systems.

3. Mr. Sagra is a businessperson and understands technology very well. He envisions that the future of digital payments is bitcoins. However, he doesn’t have any experience of trading in bitcoins. He consulted you as an expert in crypto currencies and requests you to provide your valuable services on
a. How to buy and store bitcoins.
b. To understand different features of block chain.

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