Digital Payments NMIMS Solved Assignment December 2023

Description

NMIMS Global Access
School for Continuing Education (NGA-SCE)
Course: Digital Payments
Internal Assignment Applicable for December 2023 Examination
Assignment Marks: 30
Instructions:
 All Questions carry equal marks.
 All Questions are compulsory
 All answers to be explained in not more than 1000 words for question 1 and 2 and for question 3 in not more than 500 words for each subsection. Use relevant examples, illustrations as far as possible.
 All answers to be written individually. Discussion and group work is not advisable.
 Students are free to refer to any books/reference material/website/internet for attempting their assignments, but are not allowed to copy the matter as it is from the source of reference.
 Students should write the assignment in their own words. Copying of assignments from other students is not allowed
 Students should follow the following parameter for answering the assignment questions
1) Outline the steps involved in implementing digital wallets, and then evaluate the opportunities they provide to both businesses and customers. (10 Marks)
2) Explain how blockchain technology is utilized in digital payments and evaluate its potential impact on the future of the financial industry. (10 Marks)

3) You are a business consultant working with a small retail store that specializes in handmade crafts. The store primarily operates with cash transactions and has a limited customer base. The store owner is interested in exploring digital payment options to improve customer convenience and expand their business. As a consultant, you need to recommend and analyze the implementation of digital payment solutions.
a) Suggest and justify two suitable digital payment options that the small retail store can implement to enhance customer convenience. Consider factors such as ease of use, security, and cost-effectiveness in your recommendations. (5 marks)
b) Analyze the potential impact of adopting digital payments on the small retail store’s business growth and customer acquisition. Discuss how digital payments can help reach a broader customer base and improve overall sales. (5 Marks).

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