Class 12 English Unit 6: Money & Economy Reading: QR Code Language Development Section

 

Unit 6: Money and Economy Reading: QR Code

Video: https://www.youtube.com/watch?v=GaO-FXX8Lik

Reflection of the Essay

QR (Quick Response) codes are an increasingly common form of merchant payment, with their origins in South East Asia, in particular, Japan and, later, China. The international standard ISO/IEC 18004 for QR codes was approved in 2000. Its first adoption and use in mobile phones came with the rise of the smartphone when it was used to access information. For payments, proprietary standards were adopted by Tencent and Alibaba, and the payments industry standard was developed by EMVCo in 2017 (Global Technical Body). QR codes were adopted as an integration service for Tencent’s social media service WeChat and later QR codes were adopted for use in the Alipay service to facilitate Alibaba payments. 

There are two broad models to a QR code payment service in a face-to-face environment: either the user presents a QR code for scanning by the merchant, or the merchant presents a QR code for scanning by the user. Where the customer presents a QR code, the transaction value can be set by the merchant before scanning and communicated to the customer. Both the customer and the merchant receive a notification of the success or failure of the payment. When the customer scans the merchant’s QR code, the transaction is potentially more complex. If the transaction value is fixed, the customer can scan the code, review the transaction details (including the merchant name and value), and agree to the transaction, which is then forwarded to the scheme operator. There are then two options: first, the customer scans the code, validates the merchant name, and then inputs a transaction value – which then notifies the merchant, along with the transaction status. If all is well, the merchant hands the goods to the customer; otherwise, a dispute arises. The second option is to use a dynamic QR code, which necessitates the merchant having either a smartphone or a POS(point of sale) device capable of displaying QR codes. The merchant enters transaction details into their device, which generates a QR code that incorporates the transaction value as well as the details of the merchant. After scanning the code, the customer reviews the details, and approves payment, and the transaction is then forwarded to the scheme operator/acquirer.

 

The International Card Payment Schemes: Visa and Mastercard have launched multiple services around the word linking QR code payments to debit and credit card accounts. To use the service, customers download their banking app onto their smartphone and personalize it with their account details. The transaction is secured using their card PIN. Visa and Mastercard have deployed their services in several countries. Both Visa and Mastercard are focusing on merchant-presented QR codes, whether static or dynamic. QR Code-based Payment Scheme needs a scheme operator, responsible for scheme branding at acceptance points, defining the scheme rules, and providing a mechanism for handling disputes and exceptions. Security concerns have often been raised around QR code payments. There is little security around the codes as currently used; a static code displayed by a merchant could easily be attacked by an unscrupulous criminal sticking their code over the merchant’s code, which might not be noticed.

If a customer made a payment, but the merchant did not receive notification, then the merchant would not hand over the goods and an investigation would be initiated to see where the customer’s funds had gone – leading directly to the criminal. The first line of defense should be the customer; if the app displayed the merchant’s name (the “trading as” name, not the company name), the customer could check that it was correct. 

Working with words

A.   Match the given words with their meanings.

Answers:

Words	Meanings
prominent	standing out to be seen easily, conspicuous
vulnerable	exposed to the possibility of being attacked/harmed
potentially	with the capacity to develop or happen in the future
transaction	an instance of buying or selling something
initiatives	the power or opportunity to do something before others do
launch	to introduce a new plan or product
enduring	lasting over some time; durable
robust	strong and unlikely to break or fall

 

B.    There are different abbreviations used in the text. With the help of the internet, find their full forms. QR, ISO, IEC, URLs, EMVCo, PIN

QR – Quick Response

ISO - International Organization for Standardization

ICE - International Electro-technical Commission

URLs - Uniform Resource Locators

EMVCo - Europay, Mastercard, and Visa Company

PIN - Personal Identification Number

C.    Pronounce the following words and identify the vowel sounds /ʊ/ and /u:/. You can take help from a dictionary.

/ʊ/ = put, push, hood, full, bull, book, foot, look, hook, cook, should, soot, stood

/u:/ = boom, fool, food, loose, boost, groom, moon, soon, room, soothe

Comprehension

A.   Decide whether these statements are True or False. Write NOT GIVEN if you do not find the information.

a.      The system of QR codes was first launched in South Asia. True

b.     The standards of payments via the QR codes were approved by EMVCo. True

c.      All sorts of businesses are aided by QR code payments. False

d.     There are several models for the QR code payment service. True

e.      In countries like Nepal, the QR code payment system is a fiasco. False

f.       The QR codes payment service does not apply to small businesses. False

B.        Answer the following questions.

a.      How can one pay with QR code payment system?

One can pay with a QR code payment system either by presenting a QR code for scanning to the merchant or by scanning the merchant’s QR code.

b.     How did Tencent and Alibaba utilise the QR code services at the beginning?

At the beginning, Tencent utilized the QR code services in its social media WeChat for friending and Alibaba utilized it to facilitate Alipay payment services.

c.   How do the QR code-based payment services launched by Visa and Mastercard mitigate payment problems?

The QR code-based payment services launched by Visa and Mastercard mitigate payment problems by linking QR code payments to debit and credit card accounts.

d.     Why do we need a scheme operator to run the QR code-based payment system?

We need a scheme operator for scheme branding at acceptance points, defining the scheme rules and providing a mechanism for handling disputes and exceptions.

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

A suitable, secure scheme operator is required to use the QR code services.

f.       How can security concerns related to payment via QR codes be addressed?

Security concerns related to payment via QR codes can be addressed by the use of merchant IDs, registration and real-time notification of payment.

g.     Who should be more careful: the customer or the merchant in terms of payment issues? Why?

A customer should be more careful in terms of payment issues because it would be better to stop the fraud from happening in the first place rather than trying to correct it later by the merchant.

h.     Do you think the QR code based payment can be a panacea for all sorts of payment problems? Why?

Yes, I think the QR code based payment can be a panacea for all sorts of payment problems because it is fast, secure and easy to create. 

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