IT A4

Assignment 4

Assignment Instructions

For this assignment and any others that require research you must answer in your own words and cite your references correctly . A cut-and-paste answer will earn a zero for the entire assignment and may earn a course grade of F for plagiarism. For each question, a comprehensive answer is required with 60 – 150 words.

Part 1: Answer the following questions based on the references provided or any others you preferred:

1. What are the major trends—mobile apps, digital wallets, open banking, and enhanced methods of bank transfers & authentication—in payment systems today?

2. What lessons can be drawn from non-blockchain payment innovations, such as Alipay, WeChat Pay, M-Pesa, India’s IMPS, and U.S. mobile payment apps?

3. What are the challenges and opportunities in the current cross-border payment system architecture?

‘ The Federal Reserve Payments Study: 2017 Annual Supplement’ Federal Reserve

‘Global Payments Report’ Worldpay (November 2017)

‘ The Best Mobile Payment Apps of 2018’ PC World (April 2, 2018)

‘ Why China’s Payment Apps Give U.S. Bankers Nightmares’ Bloomberg (May 23, 2018)

‘M-PESA: how Kenya revolutionized mobile payments’ N26 Magazine (April 9, 2018)

‘ Cross-border retail payments’ (PDF - 1.2MB) Bank of International Settlements Committee on Payments and Market Infrastructures (February 2018) (Required: page 6 –15, sections 2 -2.3.5 & Box B;and page 39, Annex 3)