Money and economy Class 12 English notes

Money and economy


QR Code

  •  Before you read

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

Ans. We pay in hand cash. 

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

Ans. Yes. we have eSewa and we pay online too.

Also, Browse the following:

  • Working with words

A. Match the given words with their meanings.

  1. prominent:-the power opportunity to do something before others do
  2. Vulnerable:-standing out so as to be seen easily, conspicuous
  3. Potentially:-with the capacity to develop or happened in the future
  4. Transaction:-an instance of buying or selling of something
  5. Initiatives:-the act of examining a problem to discover truth
  6. Launched:-to introduce new plan or product
  7. Enduring:-lasting over a period of time; durable
  8. 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:-quick response code
  • ISO:-Independent System Operator
  • IEC:-international electrotechnical commission
  • URLs:-universal resource locator
  • EMVC:-
  • PIN:-personal identification number

  • Comprehension

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. (False)

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

c. All sorts of businesses are aided by the QR code payments. (True)

d. There are several models to the QR code payment service. (True)

e. In countries like Nepal, the QR code paying system is a complete fiasco.(False)

f.The QR codes payment service is not applicable to small business. (False)

B.Answer the following questions.

a.How can one pay with QR codes paying system?

Ans. There are two broad models to a QR code payment service in a face to face environment; either the user presents QR code for scanning by the merchant or the merchant presents a QR code for scanning by the user. Open the R code scan app, scan the QR code, and confirm to process the payment.

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

Ans. Tencent and Alibaba and the payment industry was developed by EMVCO in 2017. QR codes were adopted as an integration service to Tencent social media service WeChat allowing face-to face. Friending by scanning a QR code displayed on friends mobile phone screen. Later QR codes were adopted for use in Alipay service to facilitate. WeChat extended into WeChat payment service directly integrated into social media.

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

Ans. In the wake of the publication of the EMVCO standard both Visa and Mastercard lunched QR code based payment services in 2017 with focus on emerging economices. 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. EMVCO’s activity in this area is providing specification pertaining to the use of QR code for payment purposes. EMVCo’s areas of focus are consumer-presented QR codes and merchant presented QR codes and QR code registered in mastercard and run the operating system. 

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

Ans. Payment system operator (PSO) will be eligible to operate scheme/Network under QR code. Any QR-code based payment scheme needs a scheme operator, responsible for scheme branding at acceptance point, defining the scheme rules and providing mechanism for handling disputes and exceptions.

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

Ans. To use QR code services, you have to enter the text, URL phone number or SMS or Vcard information that you want to be scannable. The website will do the rest of the work. It needs valid merchant ID and digital signature. The code should be static, the transaction is secured using their card PIN. The user must have POS or smart phone capable of displaying QR codes.

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

Ans. Security concerns have often been raised about QR code payment. A static code displayed by a merchant could easily be attacked by an unscrupulous criminal stickling their own code over the merchant’s code, which might be noticed. The primary defense against this attack is the use of merchant ID, registration and real time notification of payment, an attacker would need to have a vaid merchant ID to which payments could be diverted for this attack to be successful and merchant on boarding process would provide sufficient information for the criminal to be identified. It a customer made payment, but the merchant didn’t 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.

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

Ans. The first line defense should be the customer. If the app displayed the merchants trading name, the customer could check it was correct. This could be achieved through the use of a digital signature, so that merchant IP and merchant name are authenticated by the mobile banking app as well as the customer before the payment is made.

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

Ans. Lately, of payment the QR problems? code has Why? revolutionized digital payment services all over the mobile world many banking people operators, have started psos and preferring payment digital service platforms like and e-wallets, payment service platforms (psps) for online financial transactions.

Any QR code based payment scheme needs a scheme operator, responsible for scheme banding at acceptance points, defining the scheme rules and providing a mechanism for handling disputes and exceptions.

  • 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.

Ans. A quick response (QR) code is a 2D barcode that consists of black squares arranged inside a square grid on a white background. The code is integrated with machine readable information which can access through a QR scanner or as many have camera. A QR code is generally used for online financial transactions and has been gaining popularity all over the world.

QR code payment is more than just a quick way of making payment. It has top security, easy set-up and higher liability. Making QR payment provides top level security since you do not need to share any data.

Due to this reason, nowadays some business houses, shops and department stores in city areas in Nepal also have started to adopt QR payment system.

In order to make it more accessible, following things can be done:

  • Simply the concept of QR code must be explained to every individual. Free internet should be accessible in each and every nook and corner of a country. 
  • Mass awareness campaigns and promotional events must be carried out.
  • Payment service providers, operators, banks and financial institutions and traders should work together to make it more accessibles in Nepal.

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.

Ans. Nepal is slowly transferring into a digital world. As we know now more than 90% of population has access to internet, it will directly or indirectly help in digital banking. 

Digital payment brings case and convenience to the consumer. It is absolutely possible to apply cashless methods in payments in Nepal by the following ways:

  • Awareness programs should be launched with concerned topic and sector.
  • People must have easy access to internet.
  • Use of on boarding is to be elaborated.
  • Use of e-banking apps must be promoted.

  • 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

Ans. 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.

Ans. Digital payment has become a hot topic in recent year is. There has been a substantial development in digital transaction with the introduction of new players in the market as well as continuous efforts to promote digital payments. With current scenario of the world due to the outbreak of covid-19 digital payments are now at a pinnacle. This has in turn also made it known that digital transactions are seemingly going to have major influence in the near future with respect to the monetary market. There have been many online payment gateway in Nepal that have risen to the scene in that post. Couple of years. Currently we can say that the leading digital payment gateway in Nepal are eSewa, Khalti and IME pay.

As of now we can use the digital payment or all your cash transctions from paying our electricity bills, school fees, buying bus/airplane tickets etc. Lending and borrowing money bank fund transfer and topping of balance on our phone, everything is just about possible with digital payment. What’s even better is that it is all possible with a few clicks on our phones.

When it comes to the promotion of online payment in Nepal, you might have stumbled upon various campaign from eSewa, Khalti, IME pay, connect IPS and more promotions campaigns are being run by large in the effort to incorporate more and more people into the digital payment system. The ignorance of the people has been a major put off in the path to those campaigns. But there are many efforts made to make people aware of the benefits of the digital platforms.

With the revelation of connect IPS the people have now access to highly sought functions such as payment of Loksewa, Passport, FCGO, IRD payment etc. Now you don’t need to wait in lengthy line or go through unwanted hassles for these producers as well as courtesy of a great initiative brought by connect IPS.

Digital payment is now available in Restaurant, Hotels, Hospitals, Educational institutions, Retailers, Tourism and more complemented with promotional offers it makes ever so appealing for users. Now almost every cash transaction can be done digitally. There is hardly a bank that isn’t connected with digital payment gateway. Even finance and co-operatives are now connected with digital payment gateways through the recent lunch in mDabali.

  • Grammar


A. Look at the following questions and say what type of questions they are.

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? – WE-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

Note: 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.

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 there 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.

C.Make wh-questions so that the words in bold become the answer. 

a.Romeo loves Juliet.

 Ans. Who loves Juliet ? 

b.My mother made a delicious bread yesterday. 

Ans. What did your mother make yesterday ?

c.The music was composed by Narayan Gopal. 

Ans. Who was the music composed by?

d.I’m looking for a new book. 

Ans. What are you looking for ?

e.They were talking about the new movie.

 Ans. What were they talking about ?

f.She got the idea from a story.

Ans. What did she get from the story ?

g.She always goes to school on foot. 

Ans. How does she ever go to school ?

h.She sometimes goes to the cinema. 

Ans. Does she sometimes go to the Cinema ?

i.They have been waiting for three years. 

Ans. How long have they been waiting ?

D. Change these indirect questions into direct ones.

a. Could you tell me where the Market Street is? 

Ans. Where is the Market street please ? 

b. I’m longing to know what time the bank opens. 

Ans. Do you know, what time does the bank open ?

c.Do you have any idea how he’s managed to get in shape so quickly? 

Ans. How has he managed to get in shape so quickly ? 

d.I’d like to know how much this motorcycle costs these days. 

Ans. How much does this motorcycle cost for three days ?

e.Did you notice if he had left the car in the park? 

Ans. Where had he left the car ?

Had he left the car in the park ?

f. Have you found out if the train has left?

 Ans. Has the train left or not ?

g. I was wondering if they speak English well. 

Ans. Can they speak English well ?

h.Would you tell us how we can get to the post office from here?

 Ans. How can we get to the post office from here ?

i.Do you remember if I locked the front door?

 Ans. Did I lock the front door or not ?

  •  Project work

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


 Some of the interesting facts about money are:

  • Money is made in factories called mints.
  • There are more than 1.6 million ATMs in the world.
  • 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 ” numismatica”.
  • First paper money was made in China.
  • Tea bricks were used as money is Siberia until WW2.

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