ACTIVITY 6.1 Many organizations pay salaries by depositing the funds into custom

Question

ACTIVITY 6.1

Many organizations pay salaries by depositing the funds into customers' accounts directly instead of paying by cheque or cash. Discuss the benefits to:

the bank

an organization that pays hundreds of employees, and

the employees themselves

ACTIVITY 6.2

Can you describe the type of shopper would use the Internet for supermarket shopping. List some disadvantages of Internet shopping.

ACTIVITY 6.3

Share your opinion on whether electronic money could be the money of the future. Conduct research using the Internet on electronic money, or e-money, and digital cash. Argue for or against the usefulness of e-money and digital cash. (Tryhttp://www.digicash.com, and http://www.cybercash.com, among others)

ACTIVITY 6.4

If you have a cellular phone, think about what you use it for - simply making or receiving a call, or for text messaging, e-mail, Internet access, taking pictures? Share the latest features on your cell phone compared with previous phones you may have owned. Is your mobile phone only a mobile phone or is it a computer?

Explanation / Answer

Activity 6.1

Activity 6.2

Activity 6.3
It is unlikely that cash will become completely obsolete, but it will definitely become far less important in the future than it is today.
It also depends on which geograhicall region your are - In the USA, most transactions are already carried out through cards. Cash is used very less compared to Europe and Asia.

Electronic money, or e-money, is the money balance recorded electronically on a stored-value card. These cards have microprocessors embedded which can be loaded with a monetary value. Examples of electronic money are bank deposits, electronic funds transfer, direct deposit
It provides
1.Anonymity- E-money transactions mostly happen on the Internet through an online gateway where the identity of the payer is secured and behind the screens.
2.Anytime, Anywhere - E-money can be used anytime and anywhere. It is probably the best form of money to use for international transactions, as there are no hassles of currency exchange. It is reliable, faster than paper checks and drafts, and has low costs of transaction
3.Safety: When you carry a large amount of money, there is always a chance of it being lost or stolen. E-money is safer than currency in this regard.
4.Record of Transactions:Each and every transaction made with electronic money is recorded in the bank's and the user's online records. These records have all the essential information about the transaction: the name of the payer, the name of the receiver, the date, place and time it took place.
4. Low commissions. while making online payments
5. User-friendly Usually every service is designed to reach the widest possible audience, so it has the intuitively understandable user interface.

But Disadvantages are
1. Restrictions. Each payment system has its limits regarding the maximum amount in the account, the number of transactions per day and the amount of output.
2. The risk of being hacked. If you follow the seurity rules the threat is minimal, it can be compared to the risk of something like a robbery. The worse situation when the system of processing company has been broken, because it leads to the leak of personal data on cards and its owners. Even if the electronic payment system does not launch plastic cards, it can be involved in scandals regarding the Identity theft.
3. The problem of transferring money between different payment systems. Usually the majority of electronic payment systems do not cooperate with each other. In this case, you have to use the services of e-currency exchange, and it can be time-consuming if you still do not have a trusted service for this purpose. Our article on how to choose the best e-currency exchanger greatly facilitates the search process.
4. The lack of anonymity( from intelligence agencies). The information about all the transactions, including the amount, time and recipient are stored in the database of the payment system. And it means the intelligence agency has an access to this information. You should decide whether it's bad or good.
5. The necessity of Internet access. If Internet connection fails, you can not get to your online account.

Digital Cash acts much like real cash, except that it’s not on paper. Money in your bank account is converted to a digital code. This digital code may then be stored on a microchip, a pocket card (like a smart card), or on the hard drive of your computer.The future vision is that Digital Cash be a true Internet e-commerce structure with virtual banks created solely for the purpose of transactions clearing.
Digital cash brings with it clear advantages over traditional money. For the user, electronic money is precise, efficient, green (paperless), cost effective (no wear & tear replacement and cash logistics cost) and convenient. It can take advantage of reward program for small purchases and accrue shopping savings over the year. Its existence opens up new business opportunities, especially for small businesses in e-commerce space. For banks, it could mean the elimination of thousands of paper transactions and, in turn, the reduction in user fees. For corporations, it could mean the ability to circumvent banks entirely to create direct company to company transfers.
Mobile money is a form of digital cash that allows individuals to make financial transactions using cell phone technology
On the other side of the coin, the problems of digital cash are fourfold: taxation and money laundering, instability of the exchange rate, disturbance of the money supply, and the possibility of a Black Monday in cyberspace in light of digial vulnerability.Digital cash is anonymous and can flow freely across national borders.Criminals could use untraceable digital cash to evade taxes or launder money owing to the fact that digital cash could flow instantly via bit streams (a token file in cyberspace) between countries without being traced. It cash will increase the instability of exchange rates. Since digital cash is a proxy for real currency, there has to be an exchange rate applied to it, or there must be a foreign exchange market in cyberspace.

Activity 6.4
Main purpose is to make and receive calls . Then for messaging (Whatsapp., SMS and so on) and checking emails.Yes , check for interent access .
New features used in new phones are - Mail ,Whatspp Messaging , Facebook , GPRS and lot more latest apps for everyday needs
Yes , thru mobile phone can do lot of task nows a day , which was earlier possible through computer only . Still calling mobile phone a computer might not be correct as for large processing and big task you still rely on computer. Using mobile phone for a longer period has more impact on the health in long run

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