Instruction: Answer ALL Questions (60 marks) QUESTION 1 Malaysia is following close on the heels of Singapore when it comes to adopting alternative payment methods. A report suggests that 40% of the country's use the technology. The top alternative payment service providers in the country are Boost, Touch 'n Go, GrabPay, and PayPal. Boost is widely accepted at over 140,000 locations. According to the Global Payments Report by Worldpay and FIS, 14% of all e-commerce payments in Malaysia were made using digital/mobile wallets. a) Briefly explain cross border payments. Within the balance of payments, are they current or financial account components? (5 marks) b) Remittances could become one of the significant contributors to the economy and overall balance of payments of a country. Discuss the impact(s) of cryptocurrencies on the overall balance of payment with TWO (2) countries as examples. (10 marks) c) The cost of remittances with the current payment system is high. Illustrate the use of alternative payment systems that can potentially reduce the cost of remittances with TWO (2) examples. (10 marks) d) Discuss FOUR (4) factors that drive the use of cryptocurrencies globally with example(s). (20 marks) QUESTION 2