💰 Money and Economy / पैसा र अर्थतन्त्र

📌 Key Takeaways / सारांश

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  Vocabulary & Abbreviations: Essential financial, technological, and economic terminology alongside standard acronyms like QR, ISO, and PIN.

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  Digital Payment Mechanics: Understanding how QR code payment systems function, their operational security requirements, and the role of scheme operators.
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  Economic Impact in Nepal: The transition from cash to digital modes, the role of PSOs/PSPs, and the need for interoperability to formalize informal economic transactions.

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  Grammar Focus: Classification and transformation of direct, indirect, tag, and Wh-questions.
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  नेपाली सारांश: यो पाठ डिजिटल भुक्तानी प्रणाली (विशेष गरी QR कोड), यसको कार्यविधि, फाइदाहरू र नेपालमा यसको प्रयोगको अवस्थाबारे चर्चा गर्दछ। साथै, यस पाठमा व्याकरण अन्तर्गत प्रश्नका प्रकारहरू (Wh-questions, Indirect questions) र तिनको प्रयोग समावेश गरिएको छ।

🔤 Working with Words

📝 A. Match the Words with Their Meanings

🏷️ B. Full Forms of Abbreviations

🔊 C. Pronunciation

Identify the vowel sounds /ʊ/ and /u:/.

🔊 /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. True, False, or Not Given

✍️ B. Short Answers

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

Customers can complete a transaction using the QR framework via two mechanisms: presenting a personal QR code to be scanned by the merchant, or directly scanning the vendor's displayed code.

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

During their initial rollouts, Tencent integrated QR functionality into WeChat primarily for contact additions, whereas Alibaba embedded the technology within Alipay to streamline financial payments.

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

Payment networks like Visa and Mastercard resolved operational hurdles by directly linking QR transaction infrastructure with existing debit and credit card accounts.

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

Scheme operators are vital to establish operational guidelines, maintain brand acceptance standards, and provide a structured framework for handling transaction exceptions and disputes.

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

The primary prerequisite for utilizing these digital transactions is a reliable, secured scheme operator managing the underlying network.

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

Security protocols can be fortified by mandating verified merchant identifiers, formal business registrations, and real-time transaction alerts.

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

The customer must exercise greater caution, as preventing unauthorized or fraudulent charges at the point of sale is far more effective than seeking dispute resolutions afterward.

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

Yes, QR systems offer a comprehensive solution for daily commerce because they are rapid, highly secure, cost-effective to generate, and user-friendly for both parties.

🧠 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 health safety protocols during the COVID-19 outbreak served as a major catalyst for contactless financial methods across Nepal. Domestic platforms such as Fonepay, IMEPay, Khalti, QPay, and SmartQR expanded rapidly, helping bridge the gap between traditional retail and digital wallets.

Transitioning to QR transactions offers a viable path to bring vast portions of Nepal's informal commercial sector under the formal banking system. However, key systemic bottlenecks must be eliminated to achieve widespread national coverage.

A primary technical hurdle remains the fragmentation of payment service operators (PSOs) and providers (PSPs). Establishing a centralized, unified national payment switch is critical to guarantee seamless cross-platform interoperability.

Furthermore, state authorities and the central bank must prioritize digital infrastructure expansion, pair infrastructure rollouts with extensive public financial literacy drives, and incentivize vendor adoption to ensure high-speed internet and digital services reach beyond urban centers.

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.

Establishing a fully cashless financial ecosystem within Nepal presents significant logistical challenges, yet remains entirely attainable through strategic planning. While smartphone adoption and internet connectivity continue to rise, infrastructure deficits and cash-reliant behavioral habits must still be addressed.

Digital transactions allow informal micro-transactions to enter the regulated national economy. Support from municipal authorities combined with policy backing from Nepal Rastra Bank can dramatically speed up this structural transition.

Success depends heavily on building consumer confidence through targeted digital safety campaigns and upgrading telecommunication networks across rural regions.

Simultaneously, financial entities, commercial banks, and tech providers must establish interoperable frameworks. The ultimate objective should focus on delivering an integrated one-stop digital payment network capable of handling diverse financial services seamlessly.

✍️ Writing

📝 A. Punctuation Correction

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 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. News Article: Digital Payment Systems in Nepal

📰 Digital Payment Systems in Nepal

Growing Popularity of Digital Payments

Electronic transactions are experiencing rapid growth across urban Nepal, accelerated significantly by social distancing measures introduced during the COVID-19 pandemic. As consumer habits shift toward contactless methods, the national financial sector is moving decisively toward a digital-first model.

What Is Digital Payment?

A digital payment involves executing financial settlements through electronic channels without relying on physical currency. Its main appeal stems from instant transaction speeds, operational safety, and user convenience, making it an essential tool for contemporary commerce.

Major Uses of Digital Payment Systems in Nepal

QR display boards are now standard fixtures across diverse businesses, from large department stores and BFI branch networks to small grocery outlets. Digital wallets allow consumers to pay for goods, produce, and services instantly by scanning merchant codes.

Statistical indicators released by Nepal Rastra Bank show dramatic growth: between mid-December 2020 and mid-January 2021, the system processed 372,176 digital transactions valued at Rs 1.245 billion. The subsequent month saw volume rise to 535,790 transactions, while total value surged to Rs 1.712 billion.

[Mid-Dec to Mid-Jan]   ───►  372,176 Transactions  │ Rs 1.245 Billion
[Mid-Jan to Mid-Feb]   ───►  535,790 Transactions  │ Rs 1.712 Billion

Future and Challenges

Major payment gateways like eSewa have sped up vendor adoption by waiving merchant fees on select QR operations.

While public adoption is expanding, structural challenges persist—most notably the lack of full interoperability across competing wallet platforms and banks. Addressing this issue remains vital for long-term sustainability.

Conclusion

Expanding QR infrastructure is a key driver for advancing Nepal's formal digital economy. Continued regulatory support from the central bank, combined with an integrated one-stop payment platform, will ensure electronic options become a reliable default for all consumers.

📘 Grammar

❓ A. Identify the Type of Question

✏️ B. Choose the Correct Words

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  a. Is your friend a scientist? — No, he’s an artist.
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  b. Does Naresh live in Kathmandu? — No, he lives in Pokhara.
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  c. When did you get home? — I got home yesterday.
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  d. What time do you get up? — I get up at 6:00.
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  e. Did the children go to the part? — Yes, they went there after school.
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  f. Are you going to school? — No, I'm going home.
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  g. Can you speak Chinese? — Just a little.
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  h. Where did you grow up? — I grew up in Okhaldhunga.

🔄 C. Make Wh-Questions

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  a. Romeo loves Juliet.
  → Whom does Romeo love?
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  b. My mother made a delicious bread yesterday.
  → What did your mother make yesterday?
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  c. The music was composed by Narayan Gopal.
  → Who composed the music?
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  d. I'm looking for a new book.
  → What are you looking for?
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  e. They were talking about the new movie.
  → What were they talking about?
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  f. She got the idea from a story.
  → Where did she get the idea?
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  g. She always goes to school on foot.
  → How does she go to school?
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  h. She sometimes goes to the cinema.
  → How often does she go to the cinema?
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  i. They have been waiting for three years.
  → How long have they been waiting for?

🔁 D. Change Indirect Questions into Direct Questions

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  a. Could you tell me where the Market Street is?
  → Where is Market Street?
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  b. I'm longing to know what time the bank opens.
  → What time does the bank open?
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  c. Do you have any idea how he's managed to get in shape so quickly?
  → How has he managed to get in shape so quickly?
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  d. I'd like to know how much this motorcycle costs these days.
  → How much does this motorcycle cost these days?
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  e. Did you notice if he had left the car in the park?
  → Had he left the car in the park?
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  f. Have you found out if the train has left?
  → Has the train left?
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  g. I was wondering if they speak English well.
  → Could they speak English well?
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  h. Would you tell us how we can get to the post office from here?
  → How can we get to the post office from here?
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  i. Do you remember if I locked the front door?
  → Did I lock the front door?