QR Code Notes Grade 12 | Class 12 Unit 6 Notes | Money and Economy Exercise Class 12

QR Code Notes Grade 12

Notes OfAll Units : Language DevelopmentGrade 12
UnitTitleReading
1Critical ThinkingKnow Thyself Exercise
2FamilyFamily Exercise
3SportsEuro 2020 Exercise
4TechnologyHyperloop Exercise
5EducationA Story of My Childhood Exercise
6Money and EconomyQR Code Exercise
7HumourWhy do We Laugh Inappropriately? Exercise
8Human CultureLand of Plenty Exercise
9Ecology and EnvironmentLiving in a Redwood Tree Exercise
10Career OpportunitiesPresenting Yourself Exercise
11HobbiesOn Walking Exercise
12Animal WorldThe Medusa and the Snail Exercise
13HistoryAfter the World Trade Centre Exercise
14Human RightsI am Sorry”- The Hardest Three Words to Say Exercise
15Leisure and EntertainmentA Journey Back in Time Exercise
16FantasyThe Romance of a Busy Broker Exercise
17War and PeaceTrain to Pakistan Exercise
18Music and CreationA Life of Sound and Silence Exercise
19Migration and DiasporaDediasporization: Homeland and Hostland Exercise
20Power and PoliticsAn Open Letter to Mary Daly Exercise

QR Code Exercise Grade 12

QR-CODE

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Unit 6:Money and Economy

                        QR Code

Before you read
a. How do you usually pay for the things you buy?
b. Have you ever paid using QR Codes? Share your experiences
 
Read the following text about QR code and do the given tasks.
Quick Response Codes – more commonly known as QR codes – are an increasingly common form of merchant payment, with its 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 example, extracting URLs from posters in public places). For payments, proprietary standards were adopted by Tencent and Alibaba, and the payments industry standard was developed by EMVCo in 2017.
 
As an important step in increasing customer familiarity with the codes, QR codes were adopted as an integration service for Tencent’s social media service WeChat, allowing face-to-face ‘friending’ by scanning a QR code displayed on a friend’s mobile phone screen. Later QR codes were adopted for use in the Alipay service to facilitate Alibaba payments. At the same time WeChat was extended to include WeChat Pay, a payment service directly integrated into the social media service. Both Alipay and WeChat Pay now support both face-to-face and remote payments, the latter encompassing e-commerce and bill payments, including utilities. 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. On agreement, the QR code is scanned,
and the merchant’s terminal requests payment from the customer’s account, either directly from
the scheme operator or via an acquirer. Both the customer and the merchant receive a notification of the success or failure of the payment, and the merchant then hands over the goods. In this model, the customer is vulnerable to an unscrupulous merchant setting (and obscuring) the wrong transaction value before scanning. Such a scheme therefore needs a robust claims mechanism.
Where the customer scans the merchant’s QR code – which may be useful in some
environments, such as quick service retail or market stalls – 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/acquirer, as
before.
In general, there are then two options: first, and somewhat unsatisfactorily, the
customer scans the code, validates the merchant name and then inputs a transaction
value – which then notifies the merchant, along with 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 device capable of displaying QR codes. In this case, 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, as before.
The most prominent examples of QR code payments are AliPay and WeChat Pay.
However, these are effectively closed loop payments, with all transactions taking place inside the walled garden of the scheme; a similar approach has been taken by bKash
in Bangladesh.
A more open loop approach has been implemented in Singapore, where a series of
initiatives have resulted in the development of a national QR code payment service
based on bank and nonbank DFS accounts. In contrast, 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.
QR Codes – International Card Schemes
In the wake of the publication of the EMVCo standard, both Visa and Mastercard
launched QR code-based payment services in 2017 with a focus on emerging
economies. Both Visa and Mastercard are focusing on merchant presented QR codes,
whether static or dynamic; where the code is static, the customer is required to enter
the transaction amount. The transaction is secured using their card PIN.
Visa and Mastercard have deployed their services in several countries, including India,
Pakistan, Kenya, Nigeria (in partnership with Interswitch), Cambodia, Egypt, Ghana,
Indonesia, Kazakhstan, Malaysia, Pakistan, Rwanda, Tanzania, Thailand, Uganda and
Vietnam. Visa’s service is branded as mVisa QR, and Mastercard’s as Masterpass QR.
In general, these services are only relevant to banked customers who also have an
eligible Visa/Mastercard debit or credit card. It is also a requirement that their bank
has enrolled in the scheme, as it needs to be integrated into their mobile banking app.
To use the service, customers download their bank’s mobile banking app onto their
smartphone and personalize it with their account details. There is no requirement for
specific enrolment to use QR codes.
However, the standards themselves can be used outside the realms of the international
payment schemes – one example being EcoCash in Zimbabwe, which uses the
Masterpass QR standard in the operation of the EcoCash Scan & Pay service.
 
QR based payment scheme
Any 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.
In addition, the scheme operator must provide a mechanism for acquiring and settling
transactions; this can vary substantially, from the walled gardens of WeChat Pay and
AliPay, to the acquiring services provided by the card payment schemes and their
member banks, to the open, push payments developed in Singapore. The scheme
operator is responsible for either operating such a service on behalf of the scheme, or
securing cost-effective, reliable and enduring access to one for use by the scheme’s
participants.
 
QR code payments security
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 own code over the merchant’s code, which might not be noticed. The primary defense against this attack is the use of merchant IDs, registration and real-time notification of payment. Scanning the code simply retrieves the merchant ID, for submission to the scheme/acquirer for payment. An attacker would need to have a valid merchant ID to which payments could be diverted for this attack to be successful, and the merchant onboarding process would provide sufficient information for the criminal to be identified. 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.
 
But this is a time consuming and expensive process (in a busy shop with frequent low
value transactions the lack of a notification might not be noticed), and it would be
better to stop the fraud happening in the first place rather than trying to correct it later.
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. This could be part of more robust protection, achieved through the use
of a digital signature, so that the merchant ID and merchant name are authenticated
by the mobile banking app as well as the customer before the payment is made; in
this way, the app can be sure that the merchant name is correct, that the QR code was
issued by the scheme, and hasn’t been faked (the same approach can be used to secure
dynamic QR codes, by using the signed merchant ID and merchant name, and leaving
the transaction value unsigned)
 

QR Code Notes Grade 12

QR Code Notes Grade 12 | Class 12 Unit 6 Notes | Money and Economy Notes

Working with words

A. Match the given words with their meanings.
Words                             Meanings
a. prominent                     i. an instance of buying or selling of something
b. vulnerable                     ii. the power or opportunity to do something before others do
c. potentially                     iii. to introduce a new plan or product
d. transaction                     iv. exposed to the possibility of being attacked / harmed
e. initiatives                       v. strong and unlikely to break or fall
f. launched                         vi. standing out so as to be seen easily, conspicuous
g. enduring                         vii. the act of examining a problem to discover truth
h. robust                             viii. with the capacity to develop or happen in the future
                                            ix. lasting over a period of time; durable
 
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
 
C. Pronounce the following words and identify the vowel sounds /ʊ/ and /u:/.
You can take help from a dictionary.
put, push, boom, fool, food, hood, loose full, bull, book, foot, boost, groom,
moon, soon, look, hook, cook, should, soot, room, soothe, stood

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.
b. The standards of payments via the QR codes were approved by EMVCo.
c. All sorts of businesses are aided by the QR code payments.
d. There are several models to the QR code payment service.
e. In countries like Nepal, the QR code paying system is a complete fiasco.
f. The QR codes payment service is not applicable to small business.
 
B. Answer the following questions.
a. How can one pay with QR codes paying system?
b. How did Tencent and Alibaba companies utilise the QR code services at
    the beginning?
c. How do the QR code based payment services launched by Visa and
    Mastercard mitigate payment problems?
d. Why do we need a scheme operator to run the QR code based payment
    system?
e. What basic requirements are needed to use the QR codes services?
f. How can security concerns related to payment via QR codes be addressed?
g. Who should be more careful: customer or the merchant in terms of payment
    issues? Why?
h. Do you think the QR code based payment can be a panacea for all sorts of
    payment problems? Why?

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.
b. The payments landscape is shifting gears 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.
 

Writing

A. Punctuate this paragraph with appropriate punctuation marks.
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
 
B. Write a news article about digital payment systems in Nepal.
 
Grammar
Questions
A. Look at the following questions and say what type of questions they are.
a. Do you like this country?
b. Where is she from?
c. How many eggs do we need for this cake?
d. Whose children are playing in the yard?
e. Does she like ice cream or sweets?
f. She sent him an invitation, didn’t she?
g. Could you tell me if the doctor is available?
h. Do you know how tall they are?
English has several types of questions: yes/no questions, wh-questions, choice
questions, tag questions and indirect questions.
 
B. Choose the correct words from the box to complete the sentences.
do you is can where did does did
a. ……… your friend a scientist? – No, he’s an artist.
b. ……… Naresh live in Kathmandu? – No, he lives in Pokhara.
c. When …….. you get home? – I got home yesterday.
d. What time …….. you get up? – I get up at 6:00.
e. ……… the children go to the part? – Yes, they went there after school.
f. Are ……… going to school? – No, I’m going home.
g. ……. you speak Chinese? – Just a little.
h. …….. did you grow up? – I grew up in Okhaldhunga.
 
C. Make wh-questions so that the words in bold become the answer.
a. Romeo loves Juliet.
b. My mother made a delicious bread yesterday.
c. The music was composed by Narayan Gopal.
d. I’m looking for a new book.
e. They were talking about the new movie.
f. She got the idea from a story.
g. She always goes to school on foot.
h. She sometimes goes to the cinema.
i. They have been waiting for three years.
 
D. Change these indirect questions into direct ones.
a. Could you tell me where the Market Street is?
b. I’m longing to know what time the bank opens.
c. Do you have any idea how he’s managed to get in shape so quickly?
d. I’d like to know how much this motorcycle costs these days.
e. Did you notice if he had left the car in the park?
f. Have you found out if the train has left?
g. I was wondering if they speak English well.
h. Would you tell us how we can get to the post office from here?
i. Do you remember if I locked the front door?
 

Speaking                         Expressing necessity

 
A. Observe these sentences carefully. What function do they serve: express
necessity or express lack of necessity?
a. He doesn’t have to get up early.
b. I needn’t have taken my raincoat.
c. You must come here early tomorrow.
d. I don’t need to take my umbrella. It isn’t raining here.
e. They won’t have to take their thick clothes. It won’t be cold there.
 
B. Act out the given conversation in pairs. When you finish, underline the
phrases that express necessity or lack of necessity.
Teacher : You don’t have to write a long essay; a short one would be OK!
Student : What about the grammar exercise? Do we need to revise the lesson?
Teacher : No, you needn’t do the exercise at home as we will surely do it together in
the next English lesson.
Student : OK! Good bye sir.
Teacher : Good bye!
 
C. Choose one word from the box and one phrase from the list, and make
meaningful sentences with a justification. One example has been done for
you.
mustn’t                                          drive fast
You mustn’t drive fast because you might have an accident.
must             mustn’t                     need to                     needn’t
a. lose your keys               b. go to the bank
c. eat too much                 d. be late for class
e. get up early                   f. see the doctor
g. wash your hair             h. study hard
i. stop smoking                 j. have a shower
k. your hair cut                 l. talk loudly

Project work

Browse the internet. Find out the history of money and read. Write some interesting
facts about money and tell your class

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