Class 12 English Unit 6: Money and Economy: QR Code Critical Thinking Language Development Section

 

Critical Thinking

a.     Some business houses, shops, and department stores in city areas have started to adopt QR code payment systems in Nepal, too. What should be done to make it more accessible? Discuss.

The Covid-19 pandemic has immensely boosted the Scan and Pay service through the QR code in Nepal too. People concerned with their hygiene are supporting the contactless payment system. Evolving digital payment service providers like Fonepay, IMEPay, Khalti, QPay, and SmartQR also encourage QR code payment by offering their users Scan and Pay services.

QR code payment systems can play an impactful role in changing informal sectors into the formal economy. However, Nepal needs to tackle challenges in many infrastructural and behavioral traits before reaching the full potential of e-payment. The lack of interoperability is another major issue for a stable digital payment service. Rapid growth in several PSOs and PSPs may result in an imbalance in the ecosystem of the digital economy. To avoid this hurdle, a unified payment switch is necessary. QR code payment can be a vital factor in uplifting Nepal’s digital economy. The government giving more priority to digital payment systems and the central bank promoting this system can be a head start for QR code payment.

Mass awareness campaigns and promotional events can also influence this transition. Infrastructural development like high-speed internet connection and wider user accessibility must be considered. Payment service providers, payment service operators, bank and financial institutes, and traders should work together to bring interoperability to their digital payment services.

b.     The payments landscape is shifting gears from cash to digital mode. The digital payment brings ease and convenience to the consumer. Is it possible to apply such cashless methods in payments in Nepal? Discuss.

It’s hard but not impossible to apply a Digital payment system in Nepal. Nepal needs to tackle challenges in many infrastructural and behavioral traits before reaching the full potential of e-payment. The number of internet users is impressively growing but still not enough to process an established digital economy.

QR code payment systems can play an impactful role in changing informal sectors into the formal economy. The government giving more priority to digital payment systems and the central bank promoting this system can be a head start for QR code payment. Mass awareness campaigns and promotional events can also influence this transition. Infrastructural development like high-speed internet connection and wider user accessibility must be considered. Payment service providers, payment service operators, bank and financial institutes, and traders should work together to bring interoperability to their digital payment services.

The ultimate goal should be offering a one-stop solution for consumers to access all sorts of e-payment services, including QR code payment.

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