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Advantages And Disadvantages Of E-Payment In Nigeria

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Advantages And Disadvantages Of E-Payment In Nigeria
E–PAYMENT; CHALLENGES AND EXPECTATIONS IN NIGERIA PUBLIC SECTOR
INTRODUTION
Trade generally involves the exchange of goods and services for corresponding abstract value like
money. [1] Money is been used as an abstract way to represent value and a system for making
payments. Development brought about new abstract ways to represent value, [2] this progressive
trend started from the barter through bank notes, payment order, cheques and later on credit cards
which climaxed to the electronic payment system. A payment system is one used for the transfer of
money. The emergence of computers and information systems brought about other alternate
electronic payment systems such as debit cards, credit cards, Internet banking and e–commerce
payments. ... Show more content on Helpwriting.net ...
Various risks associated with carrying huge sum of money, such as threat from armed robbers, fraud,
thefts and others.
Improves the quality of financial reporting system in the public sector.
Realization of an economy with a more efficient financial transaction system by government. Types
Of e–Payment
Dankwambo [3] identified that there are two types of e–Payment in the Nigerian context, which
includes:
1.End–to–End Processing Here, all the processes from approvals to the receipt of value by the
beneficiary are completed electronically.
2.Manual e–Payment or use of Mandate. It is the combination of manual and electronic process
where the infrastructures present cannot support the End–to–End processing. Challenges of e–
Payment in Nigeria.
The glitches militating against e–Payment as registered by Sumanjeet [4] mostly rotate around.
Integrity: to determine that transmitted financial information is unaltered in transit.
Non–repudiation: to determine that each party has a non– deniable evidence of receipt.
Confidentially: to ascertain that transactions are safeguarded from potential
... Get more on HelpWriting.net ...
Advantages And Disadvantages Of E-Payment In Nigeria
Advantages And Benefits Of The Bharat Bill Payment System
Bharat Bill Payment System eases the payment of bills and improves the security & speed of
payments through the central unit (BBPCU) & operating units (BBPOUs).
The Bharat Bill Payment System has recently been launched by the Reserve Bank of India as a
mandatory system, for easing the payments of bills across geographies. The BBPS offers integrated
and interoperable bill payment service with security, certainty and reliability of transactions.
The service is available in multiple payment modes, online and through a network of agents. An
instant confirmation is generated for the bill payments. The BBPS will transform the society from
cash to electronic payment system, making it less dependent on cash.
Objectives of BBPS
The system is accessible anytime from anywhere, making it convenient for the customers.
The system increases the trust of the customers by providing reliable services.
The multiple numbers of payment modes is an added advantage.
The system provides on the spot payment confirmation making it easily verifiable.
Benefits of BBPS
The benefits of the Bharat Bill Payment System can be divided into two categories, namely
customer benefits and participant benefits.
Customer Benefits
The ... Show more content on Helpwriting.net ...
The BBPS services will be provided 24X7, so the participants must maintain their connectivity
accordingly. The billers will be provided with an online and offline mode of connection. The
transactions will be sent across through authorised network connecting all the participants of the
system with the BBPCU. Proper care will be taken for protecting the customers' data, and strict
security measures will be set for the same. The settlement of ON–US and OFF–US transactions will
be monitored appropriated as per the Settlement Guarantee Fund mechanism. The transaction and
settlement reports should be retrieved on a daily basis from BBPCU for ensuring accounts are
... Get more on HelpWriting.net ...
Advantages And Disadvantages Of E-Payment In Nigeria
A Future For Mobile Payments
Businesses see a future for mobile payments soon. More and more industries are being presented
with the profits of mobile payments and those industries are viewing them as opportunities in the
modern day world. The competition is on for who is the biggest and most bad. Now, the millennials
are the ones to decide that. "According to new surveys, 72 percent of business executives believe
that smartphone payments on a large scale, are inevitable and 58 percent of businesses have already
implemented a mobile payment system." (Big Think Editors, 2012) In late 2011, Google came up
with Google Wallet in business with Citibank and MasterCard. Google Wallet allows its users to
store payment information in the cloud and pay for things at industries ... Show more content on
Helpwriting.net ...
For the reason that consumers only need to carry a mobile device rather than multiple forms of
paper and plastic, mobile wallets will be considerably useful. Also, because they can track users'
shopping and purchases, mobile payment systems can offer advanced "personal shopper" services
such as endorsements and new deals based on one's location and past purchasing history.
"According to a recent Pew Research survey, nearly 66 percent of participants believe their
smartphones will replace traditional payment options like credit cards and cash by 2020."
(Gramigna, K. 2015). Therefore, a few people do believe that they will be using their phones instead
of cash. Cash may not disappear completely, but it will not be used as much. As claimed by those
that doubt cash will truly disappear, mobile payments will never replace cash. "Data from Intuit
shows that 55 percent of the nation's 27 million small businesses do not accept credit cards. Despite
study after study proving otherwise, many merchants believe it is too expensive to take credit. Given
this, the likelihood of those merchants adopting mobile payment technology in the near future seems
slim." (Quinn, M. 2014) It is too unlikely to expect cash payments to disappear completely.
Nowadays, pulling out your wallet for cash or using a credit card only takes a few seconds. Opening
a mobile wallet app, pulling up a QR code, or typing in a personal email
... Get more on HelpWriting.net ...
Advantages And Disadvantages Of E-Payment In Nigeria
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Advantages And Disadvantages Of E-Payment In Nigeria

  • 1. Advantages And Disadvantages Of E-Payment In Nigeria E–PAYMENT; CHALLENGES AND EXPECTATIONS IN NIGERIA PUBLIC SECTOR INTRODUTION Trade generally involves the exchange of goods and services for corresponding abstract value like money. [1] Money is been used as an abstract way to represent value and a system for making payments. Development brought about new abstract ways to represent value, [2] this progressive trend started from the barter through bank notes, payment order, cheques and later on credit cards which climaxed to the electronic payment system. A payment system is one used for the transfer of money. The emergence of computers and information systems brought about other alternate electronic payment systems such as debit cards, credit cards, Internet banking and e–commerce payments. ... Show more content on Helpwriting.net ... Various risks associated with carrying huge sum of money, such as threat from armed robbers, fraud, thefts and others. Improves the quality of financial reporting system in the public sector. Realization of an economy with a more efficient financial transaction system by government. Types Of e–Payment Dankwambo [3] identified that there are two types of e–Payment in the Nigerian context, which includes: 1.End–to–End Processing Here, all the processes from approvals to the receipt of value by the beneficiary are completed electronically. 2.Manual e–Payment or use of Mandate. It is the combination of manual and electronic process where the infrastructures present cannot support the End–to–End processing. Challenges of e– Payment in Nigeria. The glitches militating against e–Payment as registered by Sumanjeet [4] mostly rotate around. Integrity: to determine that transmitted financial information is unaltered in transit. Non–repudiation: to determine that each party has a non– deniable evidence of receipt. Confidentially: to ascertain that transactions are safeguarded from potential ... Get more on HelpWriting.net ...
  • 3. Advantages And Benefits Of The Bharat Bill Payment System Bharat Bill Payment System eases the payment of bills and improves the security & speed of payments through the central unit (BBPCU) & operating units (BBPOUs). The Bharat Bill Payment System has recently been launched by the Reserve Bank of India as a mandatory system, for easing the payments of bills across geographies. The BBPS offers integrated and interoperable bill payment service with security, certainty and reliability of transactions. The service is available in multiple payment modes, online and through a network of agents. An instant confirmation is generated for the bill payments. The BBPS will transform the society from cash to electronic payment system, making it less dependent on cash. Objectives of BBPS The system is accessible anytime from anywhere, making it convenient for the customers. The system increases the trust of the customers by providing reliable services. The multiple numbers of payment modes is an added advantage. The system provides on the spot payment confirmation making it easily verifiable. Benefits of BBPS The benefits of the Bharat Bill Payment System can be divided into two categories, namely customer benefits and participant benefits. Customer Benefits The ... Show more content on Helpwriting.net ... The BBPS services will be provided 24X7, so the participants must maintain their connectivity accordingly. The billers will be provided with an online and offline mode of connection. The transactions will be sent across through authorised network connecting all the participants of the system with the BBPCU. Proper care will be taken for protecting the customers' data, and strict security measures will be set for the same. The settlement of ON–US and OFF–US transactions will be monitored appropriated as per the Settlement Guarantee Fund mechanism. The transaction and settlement reports should be retrieved on a daily basis from BBPCU for ensuring accounts are ... Get more on HelpWriting.net ...
  • 5. A Future For Mobile Payments Businesses see a future for mobile payments soon. More and more industries are being presented with the profits of mobile payments and those industries are viewing them as opportunities in the modern day world. The competition is on for who is the biggest and most bad. Now, the millennials are the ones to decide that. "According to new surveys, 72 percent of business executives believe that smartphone payments on a large scale, are inevitable and 58 percent of businesses have already implemented a mobile payment system." (Big Think Editors, 2012) In late 2011, Google came up with Google Wallet in business with Citibank and MasterCard. Google Wallet allows its users to store payment information in the cloud and pay for things at industries ... Show more content on Helpwriting.net ... For the reason that consumers only need to carry a mobile device rather than multiple forms of paper and plastic, mobile wallets will be considerably useful. Also, because they can track users' shopping and purchases, mobile payment systems can offer advanced "personal shopper" services such as endorsements and new deals based on one's location and past purchasing history. "According to a recent Pew Research survey, nearly 66 percent of participants believe their smartphones will replace traditional payment options like credit cards and cash by 2020." (Gramigna, K. 2015). Therefore, a few people do believe that they will be using their phones instead of cash. Cash may not disappear completely, but it will not be used as much. As claimed by those that doubt cash will truly disappear, mobile payments will never replace cash. "Data from Intuit shows that 55 percent of the nation's 27 million small businesses do not accept credit cards. Despite study after study proving otherwise, many merchants believe it is too expensive to take credit. Given this, the likelihood of those merchants adopting mobile payment technology in the near future seems slim." (Quinn, M. 2014) It is too unlikely to expect cash payments to disappear completely. Nowadays, pulling out your wallet for cash or using a credit card only takes a few seconds. Opening a mobile wallet app, pulling up a QR code, or typing in a personal email ... Get more on HelpWriting.net ...
  • 7. Innovation of Mobile Phone Payments Innovation is a more effective and efficient way of performing tasks. It is not an invention but rather, using a current model and simplifying it to enhance the overall experience of its users. Furthermore, it can eliminate existing problems issues that the users are facing. As there are more than 6 billion mobile subscriptions worldwide, countries all around the world are embracing mobile phone payments. While developed countries are embracing this new technology, as mobile coverage and connectivity rate is high, developed countries are also adopting the practice, as it does not only rely on Internet access. This essay will look at various methods of mobile phone payments and it's impact on both individuals and the society. Mobile phone payments allow consumers to pay for a wide range of goods and services using phones instead of cash, credit/debit cards and cheques. One of the models for payment is by using Short Message Service (SMS) or Unstructured Supplementary Service Data (USSD). Consumers can send payment requests via text messages that will be charged to their phone bill or online wallet. This mode of payment does not require Internet access, which allows developing nations with poorer population and inferior facilities to participate. An example would be the Nigerian mobile pay service, Paga. Users are simply required to enter their identification number as well as the amount necessary. Another mode of payment is the Mobile Web Payment where users access to a ... Get more on HelpWriting.net ...
  • 9. Consumer Acceptance Of Mobile Payments Essay Consumer acceptance of mobile payments – A system dynamics approach 1. Introduction With the rapid growth of the mobile handset market and market penetration of mobile internet, the mobile payment industry has started to take off. While there are lots of established players in the online payments arena, the mobile payments sector is ripe for disruption both by industry leaders and newcomers. Mobile payments have been suggested as a solution to facilitate micropayments in electronic and mobile commerce, and to provide an alternative for the diminishing use of cash at point of sale (POS) (Menke and de Lussanet, 2006; Ondrus and Pigneur, 2006) With markets like Kenya clearly shaping the future of mobile payments, most of the world is lagging behind in the adoption of the new technology. Consumer acceptance of such new technologies, irrespective of their potential, plays the biggest role in their adoption. A 2007 survey suggests that consumer acceptance is the biggest hurdle for adoption of mobile payments by companies (Edgar Dunn and Company, 2007). There are a number of different models to study consumer acceptance of new technologies and study consumer behaviour. The Diffusion of Innovations theory (Rogers 1962), Technology acceptance model (TAM) and Unified Theory of Acceptance and Use of Technology (UTAUT) (Venkatesh 2000, 2003) provide certain metrics to study the consumer acceptance of a new technology. In addition to consumer acceptance, the behavioural intentions of ... Get more on HelpWriting.net ...
  • 11. Malaysia Remittance And Payment Market Outlook To 2019 Essay Malaysia Remittance and Payment Market Research Report 2015–2019 (Driven By Increasing International and Domestic Migration) –By Ken Research 1 © This is a licensed product of Ken Research and should not be copied TABLE OF CONTENTS 1. 1.1. Malaysia Macro Environment and Factors Malaysia Macro Environment Overview 1.1.1. Malaysia GDP, 2009–2019 1.1.2. Population and Number of Households in Malaysia, 2009–2019 1.1.3. Export– Import and Exchange Rate Fluctuations, 2009–2013 1.2. Personal Disposable Income in Malaysia, 2009–2019 1.3.
  • 12. Internet and Smartphone Penetration in Malaysia, 2009–2019 1.4. Household Monthly Income, 2009–2014 1.5. Number of Mobile and Internet Banking Users in Malaysia, 2009–2013 1.6. Remittance ... Show more content on Helpwriting.net ... 4.1. 4.2. 5. 5.1. Governement Regulations and Policies in the Remittance Industry in Malaysia GST and Its Effect on The Remittance Industry in Malaysia 4.1.1. Overview of GST 4.1.2. Effect of GST on Remittances in Malaysia MSB Act, 2011 Overview Malaysia Bill Payment Market Payment System in Malaysia Systematically Important Payment System (SIPS) Retail Payment System 5.2. Malaysia Bill Payment Market Size, 2010–2014 4 © This is a licensed product of Ken Research and should not be copied 5.2.1. Malaysia Bill Payment Market Size on the Basis of Value of Transactions, CY'2010–CY'2014 5.3.
  • 13. Market Segmentation of Malaysia Bill Payment Market 5.3.1. By Purpose of Payment, CY'2013 5.3.2. By Mode of Payment, CY'2013 5.3.3. By Payment Channel (Internet Banking, Mobile Banking, ATM), 2010–2014 5.3.3.1. Malaysia Bill Payment Market Segmentation by Payment Channel on the basis of Value of Transactions, CY'2010–CY'2014 5.3.3.2. Malaysia Bill Payment Market Segmentation by Payment Channel on the basis of Volume of Transactions, CY'2010–CY'2014 5.4. 5.5. Alliances in Bill Payment Market in Malaysia 5.4.1. Maybank and TNB Team up for Online Bill Payment Service 5.4.2. Celcom and Maybank Join Hands for Online Bill Payment 5.4.3. U Mobile and POS Malaysia's Strategic Partnership for Bill Payment Future Projections for Malaysia Bill Payment Market 5.5.1. Future Projections for Malaysia Bill Payment Market Size, CY'2015–CY'2019 ... Get more on HelpWriting.net ...
  • 15. Factors That Impact The Adoption Of Mobile Payment System 1. RESEARCH METHODOLOGY 3.1Research Design Before assessing the research paper, the secondary data from previous researchers was used to obtain the background and history of the research topic – Factors that impact the adoption of Mobile Payment System. From assessing the previous articles on this topic it can be found that many developing and developed countries had a study on the factors that impact the adoption of Mobile Payment System, Kenya (Morawczynski, 2010), China (Zhao, Y & Kurnia, S. 2014) and etc. The quantitative research method is being used in this research study. Quantitative research methods are a number of statistical and mathematical tools that can be used to capture and analyze information on quantitative ... Show more content on Helpwriting.net ... 3.2 The Survey Instrument An eight–section self–administered questionnaire was developed (Appendix B). The first section of the questionnaire was designed to collect the demographic (e.g. gender, age group and education level) of respondents. The second section of the questionnaire measures the convenience of mobile payment system which may influence the customer intention to use mobile payment systems. It consists of 9 statements which address the convenience features of mobile payment systems. Respondents are asked to rate the agreement on a 5 point Likert scale ranging from "(1) strongly disagree" – "(5) strongly agree". In the third section of the questionnaire include a criterion statement pertaining to price of using mobile payment system which will influence the customer intention to use mobile payment systems. It consists of 4 statements which address the price features of mobile payment systems. Respondents are asked to rate the agreement on a 5 point Likert scale ranging from "(1) strongly disagree" – "(5) strongly agree". The fourth section of the questionnaire measures the customer service of mobile payment systems which may influence the consumer's intention to use mobile payment systems. It consists of 5 statements which address the customer service features of mobile payment systems. Respondents are asked to rate the agreement on a 5 point Likert scale ranging from "(1) strongly disagree" – "(5) ... Get more on HelpWriting.net ...
  • 17. A Merger Between Palm Pilot Payment Systems And The World... Among the ubiquitous names on the internet, PayPal falls in that category. It has expanded tremendously over a given period and continues to grow. With the expansion of internet businesses and the amount of transactions that are performed via the World Wide Web, PayPal is considered to be a major solution that one should not overlook when it comes to payment transactions (Balderas, 2011). A merger between Palm Pilot payment systems and X.com, PayPal was born in 1998 and has been making headlines ever since. PayPal has risen to a meteorically massive position by performing online payments. One thing that makes PayPal successful is because consumers and businesses continue to need the services. PayPal holds more than a hundred million active ... Show more content on Helpwriting.net ... In this case, there is a possibility that the financial statements released will dubious since they might include outdated transactions. There are several barriers that come about with PayPal. A PayPal classic is the arbitrary freezing of accounts. An account can become frozen fast whenever there is an indication of any type of fraud. In this case, it implies that there is a possibility of PayPal suffering immense losses if no risk assessment and mitigation is performed in a timely manner. Freezing the accounts should not be the only solution to fraudulent concerns. On the other hand, freezing accounts gives them time to conduct investigations on potential troubles and correct fraud in the name of protecting the buyer. PayPal's buyers and sellers have legal protection under the Consumer Credit Act which provides them with protection regardless of what type of transaction is completed. The shares of PayPal are able to be obtained through the same channels that one is able to purchased or trade eBay shares. With the recent split, the expected prices of the eBay shares are expected to drop in order for the PayPal shares to come up. That being said, PayPal does not expect to pay a regular cash dividend which many look forward to when investing in stock. This does not seem to be a major factor affecting the sale or price of this stock. It has been made known that they do expect the stock to fluctuate throughout its time on the market. The ... Get more on HelpWriting.net ...
  • 19. Advantages And Disadvantages Of Online Payment Options Payment Options There are so many ways of paying for products and services by using the internet. Any method in which would work better for you there is a suitable way of paying for the product online or there will be soon. I examined some of the most popular online payment options and I chose the ones that are used the most and can be more useful to consumers. Examples of the most popular Payment Options online would be: Credit cards are small plastic cards that you get from a bank allowing the holder to purchase goods or services on credit. They are one of the most popular online payment methods as they are so easy and convenient. Credit cards electronic nature allows customers and e–commerce stores to pay and receive payment immediately. ... Show more content on Helpwriting.net ... An advantage of PayPal is that your account is guaranteed safe against fraud. It also stops sites from taking extra money from you which you don't know about for example you can be charged for currency change but they didn't notify you so PayPal will stop that from been allowed. If you have any problems with a website you used, PayPal can help you file a complaint against them within thirty days after transaction. (Haley.A 2012) The biggest disadvantage of PayPal is that it can freeze your account if they feel like you may have committed fraud or violated a policy in which they have and you agreed to and they will not release your account until the issue is resolved. (Haley.A. 2012) Another disadvantage they have is that to pay using PayPal, you get moved onto a third party website and can't pay directly on the website in which you are using and some people might not like that. Google Wallet is top ranking on the top ten online payment methods according to Costill.A 2014. Google Wallet is Google's version of PayPal; it is complete with money transfers and a Google Wallet Card. For retail businesses, they will soon release a card to connect their users' accounts so it can be done so much easier in the business place. (Costill.A. ... Get more on HelpWriting.net ...
  • 21. Bitcoin Is A Payment System Introduction Bitcoin is a payment system that was published in 2008 by Satoshi Nakamoto. Bitcoin can be "used to make online payments that do not include financial institutions" (Mazzei, 2015). Bitcoins can be used all over the world at many restaurants, law firms, and other online services. Bitcoins can revolutionize the entire world's payment system and take over our cash–based society (Wonglimpiyarat, 2015). It may be the payment system of the future but the vulnerability that it possesses is dangerous. In a recent event that resulted in the loss of around 1.8 million dollars, BitPay, an Atlanta–based bitcoin payment processor, was hacked. It was done by email and the modifications of a Google document. This is a huge security risk. Not ... Show more content on Helpwriting.net ... There is unlikely any other form of currency that has an equivalent amount to existing fiat currencies (Meiklejohn, et al., 2016). There is no overruling administration which has led to the anonymous transactions that are present with the use of Bitcoins. Bitcoin is an independent online system that uses features of both cash and online payment methods. Similar to the use of cash, Bitcoins allow the individuals to be anonymous with their transactions. The transaction is cryptographically signed to transfer the amount from one individual to another. At the same time these transactions are irreversible. This is similar to the no charge back risk that is found with credit cards. All Bitcoin transactions require a "third–party mediation: a global peer–to– peer network of participants validates and certifies all transactions" (Meiklejohn, et al., 2016). This decentralization entails each transaction of the entire system to be stored by each individual who uses Bitcoins. In 2012 this amounted to over three gigabits of compressed data (Meiklejohn, et al., 2016). Comparison to Standard Payment Systems The payment system that the United States uses is the dollar. The dollar like other global currencies has no worth besides what people are willing to pay for it. The United States dollar is backed by the government, meaning there is a form ... Get more on HelpWriting.net ...
  • 23. Electronic Payment Methods Electronic Payment Methods Contents Introduction 3 Sizes of Electronic Payments 3 Electronic Means 3 Critical Issues 3 S.W.O.T Analysis 4 Problem Statement 5 Options 5 Recommendation 5 Feasible Solutions 6 Monitoring 6 Evaluation 7 References 8 Introduction Payment systems that use electronic distribution networks constitute a frequent practice in business sector, especially for banking industry. The term of electronic payments includes any payment to businesses, banks, and public services from citizens or businesses through a telecommunications or electronic ... Show more content on Helpwriting.net ... * Lower levels of confidentiality. | Opportunity | Threat | * Has created new financial needs that in many cases cannot be effectively fulfilled by the traditional payment systems. * Variety of payment cards * Micropayments * Online cash storage * Electronic Cash Systems * Internet Technologies and the Banking Industry | * Threat of security problem of banking industry * Functioning in a Global Market * Competition ease of entry * Shared Customer Data * Market Penetration * Small Market Adoption * Internet security | Problem Statement Viewing the critical issues, the main problem statement is: "The problem with electronic payment methods is the security risks to merchants from consumer purchase on the Internet in a B2C relationship." Options 1. A merchant can require consumers to use a secure method of purchase. Security is determined by the consumer. One secure method is digital wallet or e–wallet. This method stores e–cash and other sensitive information which is protected by a password or digital certificate. Also know as digital
  • 24. cash, it is an option to transfer money between accounts (savings and checking) into an online cash account used for purchases. Consumers remain anonymous and it is similar to using real cash. Protection is through public–key encryption. Companies such as Neteller provide the service for free instant transfers to merchants, cash withdrawals and secure online shopping, and money transfers. 2. ... Get more on HelpWriting.net ...
  • 26. Electronic Payment of Salaries of Staff to Nigerian Civil... ELECTRONIC PAYMENT OF SALARIES OF STAFF TO NIGERIAN CIVIL SERVANTS PROBLEMS AND PROSPECTS T. A. NGEREBO–A,Ph.D DEPARTMENT OF BANKING AND FINANCE, RIVERS STATE UNIVERSITY OF SCIENCE AND TECHNOLOGY, PORT HARCOURT, E–MAIL: oniminp2002@yahoo.com AND SUNDAY C. NWITE DEPARTMENT OF BANKING AND FINANCE EBONYI STATE UNIVERSITY – ABAKALIKI E–mail: nwitewhite2006@yahoo.com ABSTRACT Electronic payment of salaries to staff is a new development in the country. Electronic payment is a process of making payments online through the use of ATM, Debit cards, credit cards, electronic cheque conversion. Electronic payment of salaries was introduced so as to monitor ghost workers among the civil servants, to prevent unnecessary expenses ... Show more content on Helpwriting.net ... This has been due to four related factors:– 1. Proprietary closed network were developed by banks to handle large and increasingly internationally based payment system. 2. Large value payment are increasingly associated with foreign exchange and global security transactions thereby becoming divorced from underlying world trade. 3. Large value payment system were not designed nor are they cost effective for small value payments. 4. Paper – base–non–automated payment systems remain an established part of accepted business practice for varying institutional reasons thereby remaining in grained in economic system. REASONS FOR ELECTRONIC PAYMENT The reasons for making use of electronic payment to pay staff are:–
  • 27. 1. It helps in reducing the traffic in banking halls:– This is one of the reasons for introducing E– payments because it helps in reducing corruption and misconduct in the civil service world e.g. workers bribing accountants because they want to collect their salaries. (Nwite; 2000). 2. It also makes the work easier and relieves the banking staff of much work to be done since people can now withdraw their money through other means e.g. ATM, Debit card etc. (Jhingan 2004). 3. It saves time: Instead of queuing up in the bank to check account balance and to withdraw money, an SMS alert would have been sent and the customer can make withdrawal anywhere. (Becks; ... Get more on HelpWriting.net ...
  • 29. Mobile Payment Technologies By Robert Warner Mobile Payment Technologies Robert Warner ISM3011 Florida Atlantic University April 9, 2016 The advent of the internet–connected smartphone has opened up a whole new world for the consuming public as they now have access to the world of ecommerce in the palms of their hands. As more personal data became transferred to these mini computers, the competing interests of more intrusive applications continue to clash with the need for greater security and data integrity. One of these areas of conflict has been in the field of mobile payments where there has been the desire to use the personal financial information stored on a smartphone to conduct business transactions in a convenient yet secure manner. Recently, technological advancements ... Show more content on Helpwriting.net ... NFC devices can simultaneously support the following three modes of operation. Reader/writer mode which allows the NFC device to read and/or write passive NFC tags and stickers P2P mode which allows the NFC device to send and receive data to and from other NFC peers which has been used for several years as the Android Beam file transfer feature Card emulation mode allows the NFC device to act as an NFC card. This can now be accessed by an external NFC reader such as an NFC–enabled point of sale terminal. Magnetic secure transmission employs the technology of electromagnetism to transmit payment card data to payment terminals that are equipped with traditional magnetic stripe readers. This essentially turns every traditional point of sale terminal that's used for swipe card transactions into a potential contactless payment system without the need to modify or upgrade the hardware. The MST technology was developed by LoopPay, a small development company that was acquired by Samsung in February 2015 and is the driver behind Samsung Pay. Electricity is passed through a small metal coil inside the smartphone which generates a magnetic field that can now communicate with standard magnetic payment card readers. The phone can now emulate the physical process of swiping a card through the point of sale terminal allowing for the same familiar transaction process without the need to produce and swipe the actual card. The ... Get more on HelpWriting.net ...
  • 31. The Rate At Walmart 's Checkout Points Use Payment Cards... Use of payment cards at stores. For my ethnography project, I chose to study and compare the rate at which shoppers at Walmart's checkout points use payment cards to cash. For the purpose of this paper, I will refer to the people as shoppers, and medium of exchange to represent payment cards and cash. The main focus of this ethnography is to compare two media of exchange at checkout points. (Wicksell [1906] 1967, p. 17) defined a means of payment, as "an object used to pay for purchases and settle debts, and a general means of payment, which is an object that can always be used to pay for any purchase or settle any debt". How fast is it to check out when payment cards are used compared to when cash is used at checkout points? Although the medium of exchange is the main focus of the ethnography; type of checkout and gender roles also play very important roles when using or choosing a medium of exchange. Advantages of using payment cards It's convenient to use in a wide variety of places – in stores, on the phone or online. You can better manage your budget using your monthly statement with the details of all of your purchases. It is safer than carrying a lot of cash. You can use it as either debit or credit cards. When used, you may not be debited immediately, payments can be made in instalments depending on the bank. You are not responsible for charges if your card is stolen as long as you report it immediately. You can build your credit history. You can ... Get more on HelpWriting.net ...
  • 33. Global Payments, Inc. Has Been In The Merchant Processing Global Payments, Inc. has been in the merchant processing and acquiring business for over 40 years and has been the leader in the US market since the 1960's, when its former parent company, National Data Corporation (NDC), pioneered electronic processing. In 2001 Global Payments, Inc. spun off from NDC, and went public as its own entity. Global Payments, Inc. (GPN) offers payment processing and consumer money transfer services around the world. The Merchant Services segment provides credit and debit card transaction processing services, check–related services, proprietary software products for the gaming industry, merchant accounting, card issuing services, and Internet tax payment services to financial institutions, gaming, government, ... Show more content on Helpwriting.net ... Creativity is just as important to strategic management as having formal is. Mastering strategy is therefore part art and part science (Saylor Academy, 2012). With a tag line of "We are committed to exemplary Service to our employees, customers and communities. Driven by passion to innovate, we meet the needs of our customers. As payment technology experts, we bring our expertise and global perspective to Commerce," Global Payments is a financial technology leader. Global Payments' strategy is to leverage the adoption of, and transition to, card, electronic and digital–based payments by expanding share in our existing markets through our distribution channels and service innovation, as well as through acquisitions to improve our offerings and scale, while also seeking to enter new markets through acquisitions, alliances and joint ventures around the world (Global Payments Inc., 2016). Global Payments also invest in their technology infrastructure and their people to increase their advantage in existing markets. According to their 2016 Annual report the key objectives include: Grow and control our direct distribution by adding new channels and partners; Deliver innovative services by developing value–added applications, enhancing existing services and developing new systems and services to blend technology with customer needs; Leverage ... Get more on HelpWriting.net ...
  • 35. Factors That Influence The Development Of Mobile Payments More and more people before deciding to purchase goods used to check offers via smartphones or tablets. The world 's total number of sales of such devices exceeded the number of desktops.[1] Technological development and high availability of new solutions contributed to the increase in customer expectations to its relations with the bank. The ability to use the money anywhere, anytime in an easy and convenient way for customers has become natural. Mobile payments is big innovation which has some a lot of good coins but it has some threats and limitations about which I will consider and analyze in my literature review. [1] http://fortune.com/2010/08/11/the–numbers–dont–lie–mobile–devices–overtaking–pcs/ Introduction: The aim of the study is to evaluate the factors that influence the development of mobile payments, their strengths and barriers to development. I will present several key factors such as the impact on the environment and culture mobile payment changing environment, business or rapidly progressive changes in technology and relevant regulations and quite often set of new standards. I will discuss technical aspects such as safety and confidence in mobile payments, which is still not too high. So in the beginning it should be clarified what mobile payments are. Mobile payments also called m– payments are non–cash payments made by mobile device like smartphone or tablet and use mobile technologies such as. SMS, NFC, USSD, WAP. If we want to use mobile payments we ... Get more on HelpWriting.net ...
  • 37. Should Mobile Payments Replace Credit Cards? Research Details and Analysis To answer my main question "Will mobile payments replace credit cards?", I have conducted an online survey as part of the primary research. I received 92 responses from the survey. A 2009 study by Deloitte predicts that by the end of 2015, seventy percent of mobile payment users will be under the age of 40 and that the annual spend of these Millennials (also referred to as Generation Y) will reach $2.45 trillion dollars in the US alone.(Dennehy D, Sammon D, 2015). So, I have focused mainly on the age groups 18–29 which were 69% and 30–44 which were 21% of the total responses (Exhibit 1). 88% of the people were aware of the mobile payments (Exhibit 2) and 33% were extremely comfortable with the concept of mobile payments (Exhibit 3). The research clearly tells that people are aware of the technology and are comfortable using it. Respondents of the survey were concerned by the security threats that mobile payments impose, but then companies while putting this idea into implementation have to primarily take care of the security aspect of the mobile payments concept (Exhibit 4). As per the usage of mobile payments, respondents have primarily (52%) used mobile payments for online bill payments (Exhibit 5) while the retail usage is 30% which clearly suggests mobile payments still have a long way to go in future. Along the lines of secondary research, I have utilized various publications from ScienceDirect, IEEE and Journal of Innovation Management. ... Get more on HelpWriting.net ...
  • 39. Contemporary Security Issues in E-Payment Systems Contemporary Security Issues in E–Payment Systems A Thesis Proposal By Oladotun Dawodu 1. Introduction This work is a contribution to the security of e–payments system: the efforts to make them able to continue to fulfill their mission even in adverse environments or conditions – despite attacks failures or accidents – and hence confidence earning. Globally, the use of non–cash payments is increasingly being adopted. The global volume of non–cash payments has continued to grow, even quickly in developing countries, and payments have proved resilient to the effects of the financial crisis. Although macroeconomic weakness decreased the rate of growth in non–cash payments volumes in 2008–09, the initial data suggests that volumes resumed a ... Show more content on Helpwriting.net ... In this approach, the merchant receives all the private information of client, forwards it to the PP and the PP connects to the issuer bank. b. Online client authentication: Where the PP checks the client information, which is received from merchants, by means of an online authentication mechanism (PIN, password, certificates, etc.). To achieve this, the PP establishes an authentication channel with the client. 3. Authorization response: Where the PP sends the response (successful or unsuccessful depending on issuer decision) of the authentication process to the merchants. If it is successful, the response is sent to the acquirer, in order to conclude the purchase. 4. Payment clearing: An interaction between IR and AQ concludes the payment process, the goal being to transfer the requested amount from the account of the client to that of the merchant. Normally, this type of transaction is performed under a private banking network, once the acquirer has received a successful authorization response. The interaction ends when AQ forwards the payment receipt to MT through a PP. In figure 1 the arrows represent the directions of these transactions. Work on the system has proceeded in two directions: the e–payment model itself and the security considerations. The former is based on the assumption that each of the interacting entities consists of a single element; one client buying from one merchant with ... Get more on HelpWriting.net ...
  • 41. Mexico's Balance of Payments Problem | Mini Case for Chapter 3 | Mexico's Balance–of–Payments Problem | | Chapter 3 Mini–Case: Mexico's Balance of Payments Problem The term balance of payments refers to the accounting record of the country's monetary transaction with the rest of the world. These transactions include the exports and imports of goods and services of the country, financial capital and financial transfers. The balance of payment record is a way to allow countries to recognize potential business partners for trade and to evaluate a country's performance in the global economic competition. . In this mini–case we will look into 4 key aspects such as Mexico's key economic indicators, the causes of the country's balance of payment problems, policies in ... Show more content on Helpwriting.net ... Causes of Mexico's balance–of–payments difficulties prior to Peso devaluation With the large capital surplus largely arising from foreign investments to support the huge trade deficits in the Mexican current account, all seemed to go well for the Mexican economy until several political crises erupted and several macroeconomics mistakes were left exposed in 1994 which affected foreign investor's confidence. The year 1994 marks the final year of Carlos Salinas de Gotari's administration in Mexico. In order to boost the popularity of the party in hope of garnering more votes, Salinas went a high spending splurge which led to high deficits. Mexico's trade deficit further deteriorated due to trade liberalization through the participation in North Atlantic Free Trade Agreement (NAFTA) in 1992, Organisation for Economic Co–operation and Development (OECD) and World Trade Agreement (WTA) in 1994. Fuelled by the overvalued peso and trade liberalization, Mexico was importing at a rate much faster than it could, leading to rising trade deficits. Along with the large spending incurred by the Salinas administration, the Mexican economy was further burdened by the excessive consumer spending due to the overvaluation of the peso. The peso was left unchecked as devaluation of the peso would weaken the Mexican citizens buying power, causing displeasure and thus risking ... Get more on HelpWriting.net ...
  • 43. Payment for Living Organ Donation Should Be Legalized The first argument of those who oppose payment for living organ donation is that once money is inserted into the issue of organ donation, it possibly creates uncontrollable and unregulated markets in which the poor, who ultimately need money, would be obviously exploited (Delmonico 2004), and in which the human body would become merchandise (Shapiro 20). Opponents point out that the poor are more likely to take any jobs that have a higher risk of death and go against their beliefs in a way they can to get money. Thus, it might be true that they would also be more likely to donate their organs in exchange for payment. Besides, rich individuals are able to abuse that weakness to exploit poor individuals to obtain their organs. However, these claims are highly questionable. When the government bans on the transfer of organs for valuable consideration, the international black markets in organs have been insidiously established and have rapidly developed (Friedman 746). In fact, the practice of those markets defiantly exploits the poor, because most of the organs are usually taken from the poor in indigent Third World countries (Shapiro 20). As an example, kidneys which have come from the poor in some parts of India have been often sold to the wealth in Sri Lanka, Bangladesh, the Gulf States, especially, the United Kingdom and the United States ("Illegal Organ Trafficking Poses A Global Problem"). Generally, it is estimated that each year, there are 200 to 300 organs transferred ... Get more on HelpWriting.net ...
  • 45. Heartland Payment Systems : Transaction Fee Heartland Payment Systems Transaction Fee: Undisclosed – interchange plus pricing E–Commerce/Online Payments: Yes, Undisclosed – interchange plus pricing POS Payments: Yes, Undisclosed – interchange plus pricing Mobile/Wireless Payments: Yes, Undisclosed – interchange plus pricing Mobile App Ratings: Google Play Store: 4.1 Apple App Store: 4+ Time in Business: 1997 BBB: Accredited, A+, http://www.bbb.org/new–jersey/business–reviews/credit–card–processing– service/heartland–payment–systems–inc–in–princeton–nj–9002353 Introduction Heartland Payment Systems, Inc. was founded in 1997 by Robert O. Carr. They are a Fortune 1000 company with headquarters in Princeton, New Jersey who offers debit and credit cards, prepaid cards, credit card processing, mobile commerce, eCommerce, check processing, payroll services, billing services, marketing services, lending services and state–of–the–art security technology. Additionally, they have a growing line of industry–specific business facilitation options for small and mid–sized merchants. Heartland is a NYSE–listed company (HPY) and they employ approximately 4,000 people around the country. Heartland is also the founder of the Merchant Bill of Rights proposed by Senator Richard Durbin (D–IL) as part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 that places a cap on interchange or transaction fees. Heartland is one of the largest credit card processors in the country and the ninth ... Get more on HelpWriting.net ...
  • 47. Implications Of The Government 's New Regulations On... Implications of the Government's New Regulations on Prepaid Cards and Digital Payment Services As reported in the Los Angeles Times and the Wall Street Journal, the Consumer Financial Protection Bureau recently announced that prepaid cards and digital mobile payment services like Venmo, PayPal, and Google Wallet, will have protections placed on them similar to those placed on credit cards and traditional banking transactions. These protections include clearer fee disclosures, restrictions on card issuers like the obligation to investigate and resolve errors, and limiting consumer financial losses when cards are lost or stolen. There are differences in the implications for those who use prepaid cards and those who use digital payment services. Prepaid cards are used to make financial transactions just like those carried out by credit cards, but their market is catered toward those with lower incomes – roughly 23 million Americans. Digital payment services, however, are more likely to be used by those in the middle– to–upper classes. Digital payment services must be tied to credit cards and bank accounts. This difference in market share results in different impacts for prepaid card and digital payment service users. The implications for digital payment service users relate to fees, market share for the companies, transaction times, and data security. The implications for prepaid card users relate to One consequence of the new regulations is that the digital ... Get more on HelpWriting.net ...
  • 49. The Benefits Of Mobile Payment Though issues like "Never thought about it" can be addressed by awareness and marketing the benefits of mobile payment, the others need to be worked out with better solutions and implementations. Though Apple Pay has sort of revamped the mobile payment sector, it isn't the first and only mobile payment option out there. Google Wallet and Paypal, the old contenders, are still going strong and are very much in the game. The competition is tough and add to that the fact that at least 37% of the populace still think cash and card transactions are much easier to deal with. To win their vote, it's going to have to get real easy and a one click checkout mobile payment option is as easy as it can ever get. By looking at the growth of PayPal's ... Show more content on Helpwriting.net ... Earning loyalty rewards (optional; does not happen for all shoppers) Checking–out in physical stores, the process used to (and sometimes still does!) take up to 10 minutes! Imagine a shopper looking for a coupon code to get a discount on the product they are about to buy. The code can be either in the form of a printed document (an ad, email, or website) or a coupon saved digitally in the user's digital wallet or app or even within the website they were browsing and logged–in to save the coupon). The product would then be scanned –– by the cashier or shopper – to get the price. The shopper would then pay using the payment method of their choosing. If shopper is a member of a loyalty program, points would be added to their account. If shopper is not a member, the cashier often asks if they would like to join (by filling out a form, etc); this takes up additional time, which is an inconvenience for the shopper (and shoppers standing behind in –line.) Now, imagine a customer interaction that involves beacon integration with a mobile wallet app, in effect mimicking an in–app payment but it takes place in the physical store. This way, the user interaction is something like, "Do you want 10% off that product? Click here and it will be charged to the default card in your digital wallet. No need to stand in a line to checkout." The following section presents some of examples of commercial pilots and deployments that use BLE to either trigger ... Get more on HelpWriting.net ...
  • 51. Credit Cards And Credit Card Payments Throughout our lives, we do a tremendous amount of spending. Whether it be using cash or a credit/debit card, we spend thousands of dollars each year on various items. Similar to individuals, companies squander up plenty of money as well. However, companies typically primarily on the usage credit cards. Credit cards have developed into a necessity for the majority as it is easier than having to reimburse employees if they pay with cash. Unfortunately, credit cards are a means we should avoid due to the concept that payments are commonly not made punctually. As a result, people oftentimes have hundreds and even thousands of dollars of debt in regards to credit card payments which can financially affect a person for the rest of their life. Similarly, corporations have the same difficulties and may eventually become bankrupt because of this. Even though credit cards are perhaps a wise decision for a few, but they are unideal item for countless others. In the situation presented, credit cards and their implications are the principal topics at hand. Represented in the corporate credit card case is a major regional bank holding company identified as X–Bank. Recently, the company opted to expand its business by developing new products and services that would increase its revenues and profits. As a result, they elected to affiliate with VISA International and introduce the "corporate card." With this plan, corporations would be able to provide their employees these cards to use ... Get more on HelpWriting.net ...
  • 53. rrent situation of Balance of Payments in Malaysia (until... rrent situation of Balance of Payments in Malaysia (until 2013) The Balance of Payments is defined a country transactions with other countries and the difference of total value between payments inflows and outflows of the money over a period. In other hand, there is a statement to summarize an economic transactions that be recorded by balance of payments related to consumers, businesses and the government in each country. Whether a company is successful in exporting to other countries or not that the BOP will represent to us. The domestic consumers and firm have been spending on imported goods and services which were recorded from BOP as well. The balance of payments classified with transactions into three accounts: the current account ... Show more content on Helpwriting.net ... (n.d.) 1. Current Account Current account is amount of the balance trade about exports deducts imports of goods and services. In recent years, the current account reported the exports have been great than imports, as well as the savings and investment surplus in an economy. The current account balance represented the figure of RM9.8 up to RM 16.20 billion during the period of 2013. The current account of Malaysia is reported by the Malaysia's department of statistics that showed us an averaged RM 17.4 billion from 1999 until 2013 and during 2013 current account also recorded the surplus of RM37.3 billion from RM57.3billion of 2012. 1.1 Goods and Services Account Goods and services are relative with the international transaction representing from the current account balance of changed in the exports and imports. Through the stronger domestic demand, imports of 16% growth have increased since 2009; subsequently import of goods grew with an average of 13.4% over 2010 to 2012. The goods account excess to RM102.7 billion for the year 2013, but still decline of RM22.9 billion from RM 125.6 billion of 2012's record. Meanwhile, there is the lower exports balance from RM703.1 billion of 2012 to RM690.9 billion this year and higher imports balance from RM577.5 billion of 2012 to RM588.2 billion this year. In the end of 2013, the 8.2% of the growth that exports of services up to RM 33.8 billion. The services account ... Get more on HelpWriting.net ...
  • 55. Mobile Payments Are Becoming An Upcoming New Trend Chan, Kendra 007192003 Kendraa.chan@gmail.com Bus 188 S01 Wireless Payment – Wallet Share December 1, 2014 Mobile payments are becoming an upcoming new trend when it comes to technology. Mobile payments allow its users to pay for their daily needs with their phone without having to carry cash, let alone, their wallets around. However, the United States has been delaying the adaptation of mobile payments due to the fact that many different retailers have developed their own form of mobile payments as opposed to a universal approach. While many countries in Europe and Asia have successfully adopted mobile payments, United States still are behind in the trend. Introduction: As technology grows, so do the consumers. Consumers rely so much on easy shopping and simplified checking out possibilities that application developers have started to develop more mobile payment applications. These mobile payments are the technology of the future and yet the United States is still lagging behind in the rush to simplify shopping from a plastic card to a mobile app. However, with such developers from Apple and Google, there are applications where the mobile phone can stand as a wallet, but retailors do not necessarily choose a universal application to use. With Apple Pay and Google Wallet actively used, many retailors have opted to convert their merchandise to be payable with such applications . George and his Wallet: George could not ditch his wallet due to the ... Get more on HelpWriting.net ...
  • 57. Safety And Security Of Mobile Payment Systems Safety and Security of Mobile Payment Systems Problem Statement New technology has spurred innovative ways to spend money. As mobile payment systems continually develop, consumer financial and personal information risk exposure. Industry officials state the technology is growing, but security specialists argue growth of will inevitably attract fraud. Smartphone owners must treat their phones as a miniature computer and equip proper anti–virus and malware software. Enacting preventative methods will help thwart security breaches over mobile networks. (Ladendorf, 2013) Thesis Although major retailers have had credit card breaches, which devastated consumer trust in credit, Mobile payment systems stay efficient, but risk personal and financial data fraud similar to plastic credit card usage theft. Patrons fear merchants can track your shopping habits, location and financial records using a mobile GPS signal. Nevertheless, worries that someone can steal their information when sent wirelessly therefore consumer confidence remains low. Thorough safety measures will help give customers composure and regain assurance. (Busby, 2014) (Sapienza, 2013) Counter Argument Mobile payment entities provide added safeguards for protection. These companies, such as Google Wallet, Apple Pay and PayPal provide a "unique device account number" for each transaction while not using normal credit card information. The number goes to the merchant, and then the company triggers the payment. ... Get more on HelpWriting.net ...
  • 59. Advantages And Disadvantages Of Electronic Payment System Payments are always an important of any business, whether it is traditional or online. In online business cash cannot be used as there is no direct contact between buyer and seller, therefore we use electronic payment systems. There are several methods using which one can pay for goods and services bought by buyer. Some methods are: Electronic funds transfer Electronic checks Electronic credit cards Purchasing E–cards E–cash smart cards Pay at ATMs B2B special methods Electronic bill presentment and payments The most common methods used are electronic funds transfer and electronic credit cards. Electronic Funds Transfer: Electronic funds transfer is the method where money is transferred from one bank account to another through ... Show more content on Helpwriting.net ... The entire amount due is to be aid at end of billing period eg: American Express The second most used payment method is Electronic bill payment. In this there are three methods, they are: Online banking Biller direct Bill consolidator ONLINE BANKING: In this the user has a account in any bank and registers for online bill pay service and pays all his bills using banks websites. The user is given user id and password by which he logins into bank's payment website and then he will be asked to type his transaction password. After which bank will deduct amount from his account and pay to seller with help of payment gateways. Payment gateways act as bridge between user's bank and seller. Eg.: CC Avenue BILER DIRECT: In this the consumer makes payments at biller's website by using credit card or debit card. The biller makes the billing information available to customer on website after which consumer initiates
  • 60. payment using Automated Clearing House transfer system. This method is also known as electronic bill presentment and payments. Eg: yahoo bill ... Get more on HelpWriting.net ...
  • 62. Stop Payment Request Form ACH Drafts A Member can place a stop payment on an ACH draft. The Member is required to fill out and sign a Stop Payment Request Form. Assist Member in filling out the form if necessary. The merchant's name goes on the payable to line, expecting clearing date should be the date that the draft normally clears each month, and the merchant number goes on the check serial number line. Call the Accounting Department so they can put the stop payment on the system. Be sure to sign your name at the bottom of the form and get a good telephone number from the Member in case the Accounting Department needs to get in touch with them. Fax the form to the appropriate personnel in the Accounting Department. Give Member the yellow copy of the form so they ... Show more content on Helpwriting.net ... The telephone company, then, creates a physical Paper Draft, which they submit for the payment. Stop payments on Electronic/Paper Drafts are often difficult because the merchant will sometimes make up a random check number when creating the draft. This means if we place a stop payment on a specific check number, it could possibly clear as a different number and bypass the stop payment we created. Gather as much information as possible from the previous drafts that the merchant has done. The Member will need to fill out and sign a Stop Payment Request Form. Call the Accounting Department so they can set up the stop payment on the system. Be sure the Member and you sign the bottom of the form. Get a good telephone number from the Member in case the Accounting Department needs to get in touch with them. Fax the form to the appropriate personnel in the Accounting Department. Advise the Member to monitor their account and immediately notify the credit union if this particular draft clears. Call the Accounting Department to let them know if this occurs so we can return the item as a stop payment and refund the Member's account. Verbal Stop ... Get more on HelpWriting.net ...
  • 64. Mobile Payments Mobile Transactions and Payment Processing Ashok Goudar Senior Enterprise Architect White Paper Contents Introduction Mobile Commerce – Business Context Mobile Commerce Strategy Mobile Channel Strategy Mobile Marketing Mobile Sales Mobile Service Mobile Payment Mobile Wallets Mobile Commerce Transaction Mobile Banking and Mobile Money Mobile Commerce Transformation Roadmap Mobile Commerce – Payment Business Scenarios Card based Mobile User to Business – Payments (CM2B) Mobile – Wallet – User to Business – Payments (M2B) Mobile – Wallet Mobile Users to Mobile User – Payments (M2M) – Remittance Services Mobile – Wallet CrossBorderM2M Mobile – Wallet Cross Border M2Account. Mobile Commerce – Payment Processing Models Card based ... Show more content on Helpwriting.net ... Keeping with the growth in the mobile communication technology, the software vendors, service providers and industry forums, have been offering newer and enhanced mobile operating systems (Windows mobile 7.0, Android OS, Symbian, Blackberry OS, Apple IOs4 etc), APIs (J2ME, Window 7 mobile SDK, Android SDK etc), development tools (along with emulators) and technology standards for mobile computing, making it possible to develop and host a variety of mobile transaction processing solutions for mobile commerce. In this context, this paper further discusses solution architecture of a target mobile transaction and payment processing framework for mobile commerce transaction processing. The paper also briefly touches upon various mobile commerce business models and solution architecture for business scenarios (conducted on different mobile communication technologies), that are addressed by the target mobile transaction and payment processing solution framework. 4 I Mobile Transactions and Payment Processing I White Paper Mobile Commerce – Business Context Mobile commerce is not only an extension of an eCommerce business model but also an ... Get more on HelpWriting.net ...
  • 66. International Finance, Exchange Rates And Also Balance Of... In this paper I will be going over and discussing what international finance, exchange rates and also balance of payments. I will be talking about what they are, what they do, and how they affect us an economy and country. I will be discussing the basic definitions, and the basic concepts of their duties. First I will be going over international finance and the role it plays in our daily lives. Then I will discuss the price differences between items in the United States and Germany. I will add and compare them together. I will also go over what the concept balance of payments are. International Finance International finance is defined the study of international monetary economics, which involve the interaction of international transactions. (Investopedia, 2015) These transactions consist of factors, such as national income, money and prices. The international monetary system is made up of institutions, international organizations, governments, and private economic entities that all participate in the exchange of financial assets worldwide. (Smith, 2012) With international trade, international finance is the result of the fact that economic activity is affected by the existence of nations. If there weren't any national economies, then we would not have this field. If we didn't have international trade, we would not need international finance. Countries do trade with each other. Some countries, not all but many of them use their own currencies we have to wonder about how ... Get more on HelpWriting.net ...
  • 68. Profit Based Payments And Financial Asset Introduction Share based payments are one of the popular way to compensate executives, directors and other senior management employees. Some companies are also paying its suppliers and professional by issuing options or shares. IFRS 2 was introduced to define the way a company should account these transactions. It was initially implemented in January 2005 and has been amended several times. According to IFRS 2, share based payments are applied when a company acquires or receives goods and services such as inventory, property, plant, equipment, and other non–financial asset for equity based payments. The entity should recognize a corresponding increase in equity if goods are received under equity settled share based payment transaction or record a corresponding liability if goods or services are received under in cash– settled share–based transactions. However, if the goods or services received in a share–based transaction do not falls under the definition of qualified asset then payment should be expensed. First step is determining whether a transaction falls under share based payment. According to IFRS 2, not all transactions, which include share–based payments, are covered by IFRS 2. For example, IFRS 2 does not cover following transactions: Transactions with shareholders that are acting in their capacity Shares issued in a business combination are not considered as share–based payments. Those transactions are handled in IFRS 3, Business Combinations. ... Get more on HelpWriting.net ...
  • 70. How A Single Physician Medical Practice Can Start A Card... Introduction. There are advantages and ways that a single physician medical practice can start a card payment system. According to the research firm Javelin Strategy and Research; by the year 2017, twenty– three percent of all point of sale or counter sales will be made in cash ( Brooks, 2014). What this means is that over seventy percent of counter sales or point of sale transactions will be made electronically. It is, for this reason, prudent for all forms of business to ensure that they can evolve with the market. If the business is unable to do so, it is likely to lose its edge over its competitors. The Payment Card Industry Data Security Standard, regulates the way businesses or organisations handle credit card information or data. ... Show more content on Helpwriting.net ... If the patient is using a credit card payment is also deducted immediately and would be declined if the patient 's account has no funds. If the physician received a personal check and the patient had insufficient funds in the checking account, the physician would not know this until the check bounced. Other good advantage is the chances of losing funds due to a robbery are minimized. Since the practice is accepting cash and check, payments visits to the bank are increased. The chances that one can lose the funds in a robbery are for this reason increased. When using a card payment system, the payments are made directly to the physicians' business account. This reduces chances of the practice losing funds due to a robbery or employee theft. Also, research has shown that the majority of people prefer to use a credit or debit cards instead of cash. The reason for this is that most people find it more convenient to use an electronic payment instead of cash as it is less risky; a physician can receive full payment at once. For example, a patient is unable to make a cash payment for an expensive procedure or prescription; he or she can make payment with their credit card and then make the payments in installments to the credit card company. What to do? The Physician should visit the bank that holds his business account. Most banks are acquirers and can, for this reason, set up a merchant account for the physician and provide him with the Point of ... Get more on HelpWriting.net ...
  • 72. Electronic Payment : A Long Time Since We Adopted... It has been a long time since we adopted electronic payments. Currently the most common form of an electronic payment is the use of EMV (Europay, MasterCard, VISA) cards with a magnetic stripe. These include credit cards, debit cards, prepaid cards, and now smart cards. In these processes the card or card number is swiped or entered into the merchant's computer through a terminal. The terminal transmits data to the acquirer (a bank, for example), and then the acquirer transmits data through a card association to the card issuer who makes a decision on the transaction and relays it back to the merchant. Then, the merchant gives the goods or services to the cardholder. Funds flow later for settlement with credit cards and are debited immediately for debit or prepaid cards. However, with rapid development of mobile technologies and communication mobile payment quickly gains its popularity. People seek faster, safer and more convenient way to pay their bills. And mobile payment gives customers all of that. Even though the buzz around mobile payments coinside in time with Apple Pay introduction, momentum for mobile payment technologies was building even before Apple Pay debuted last fall. Some 17 percent of all smartphone users reported making a point–of–sale payment with their phone in 2013, up from 6 percent in 2012, according to a U.S. Federal Reserve survey. In–person mobile payments in the United States more than doubled in 2014, to $3.7 billion. (Hof, 2015) I choose ... Get more on HelpWriting.net ...
  • 74. EPARC Scope Decision: Electronic Payment Posting EPARC SCOPE DECISION: ELECTRONIC FILE PROCESS GOAL: DETERMINE HOW TO PROCESS ELECTRONIC FILE EDITS (ERRORS) IN EPIC BACKGROUND AND ISSUE EXPLANATION: Once the dollars are received to the bank, the current process of Electronic Payment Posting entails the file being processed through the system, the system accepts all items that are clean and items that are not clean (with issue) fall into an edit to be reviewed/amended by staffed and processed manually. Epic standard entails not processing the file unless all the items errors are remediated, and once the file is 100% clean, then the file would process through the system. However, there is the option for the current process to remain static. OPTION 1: MAINTAIN LEGACY PROCESS IN EPIC Summary: ... Show more content on Helpwriting.net ... The team is only taught the standard process in training Not epic standard practice Has not been tested with build team OPTION 2: EPIC STANDARD PRACTICE Summary/Description: Ensuring a clean file is processed by remediating all edits before the file is accepted. Pros/Cons: Pros: Cons: Files would post clean in Epic Reconciliations would be timely with little to no issues. Other organizations Epic has business with are doing this Epic standard recommendation Tested by build team Depending on the number of edits there is potential the file run could be delayed by the volume of edits (Epic states errors will reduce in epic and will be minimal). Possible impact to AR if there is a high volume of edits that cannot be remediated same–day. OPTION 3: USE EPIC RECOMMENDED PROCESS INITIALLY; REVERT IF NECESSARY Summary: Using EPIC standard process initially to gauge the positive/negative impact to processing and revert to old processing practices if EPIC standards do not meet expectations. Pros/Cons: Pros: Cons: Provide opportunity to utilize epics standard practice to determine whether effective/efficient Option available to revert to legacy process if not effectively ... Get more on HelpWriting.net ...
  • 76. Balance of Payment BALANCE OF PAYMENT (BOP) Introduction: Balance of payments (BOP) is a record of economic transitions between the residents of one country and the rest of the world during one year. The balance of payment like all balance sheets must balance. The items, which lead to, an inflow of foreign earnings are placed on the credit side of the balance sheet, whereas the items, which give, rise to an outflow of foreign currency are placed on the debit side. Definition: "Balance of payment is a systematic record of a nation's total payments to foreign countries, including the price of imports, the outflow of capital and gold, and the total receipts from abroad, including the price of exports and the inflow of capital and gold." According to Pas ... Show more content on Helpwriting.net ... * Less Production of Value Added Goods The share of industry in the GDP is 25.8 %. The production of value added goods is at basic stage in Pakistan that leads to adverse BOP. * Devaluation The repeated devaluation of rupee against US dollar has not helped in the increase of exports. The demand for our goods in the international market is elastic. As such, due to devaluation, as tool for boosting, exports are not effective. * Tough Competition Stiff competition in the foreign market particularly of our value added goods has reduced the volume of foreign trade in Pakistan. It causes reduction in exports, which result in deficit in BOP. * Increase in Prices of Inputs The inflationary impact of the rise in the prices of inputs are not helping in achieving the export targets set in each financial year. * Anti–dumping Duties Japan, Hong Kong and some other nations imposed antidumping duties on our cotton yarn, fabric and bed linen. Such types of duties on our exportable goods are also a big hurdle in the way of our exports. * 10. Technical Barriers Pakistan will have to upgrade the standard of purity and quality to compete for its products in the international market. * Political Uncertainty The political uncertainties in the industrial units have considerably affected ... Get more on HelpWriting.net ...
  • 78. Gravity Payments Have Increased Minimum Salary Gravity Payments have increased their minimum salary to $70,000 affecting many of its stakeholders. Employees are definitely one of the primary stakeholders of Gravity Payments. The decisions of Dan Price, the president of Gravity Payments, directly affect the employees. The decisions to raise the minimum salary to $70,000 would provide 70 employees with pay increases with 30 of those 70 to be dramatic increase of salary. Those employees we dramatically effected, one employee went on to say, "My jaw dropped. This is going to make a difference to everyone around me." The employees have great power within the company, the effect of this salary raise, if the employees thought that they weren't treated fairly they could have went on strike and that would have greatly affect the company's profitability. The urgency of the employees is also very high, and can relate back to the power of the employees to go on strike, which would create an even greater urgency. The customers were also affected, it said in the article that their company was having numerous customers were looking into Gravity payments. As a customer they would have legitimacy because they have a direct relationship with the company. The power of the customers is very because they have the ability to give their business to Gravity Payments or take their business elsewhere. A company needs customers in order to survive, this is why I believe that customers have the most power of any stakeholder. They also have urgency ... Get more on HelpWriting.net ...
  • 80. China’s Balance of Payments Analysis Report Essay Assignment 2 China's Balance of Payments analysis Report Abstract In recent years, China's balance of payments always keeps "double favorable balance". In 2005, China's national economy developed quickly and stably. The exchange rat of RMB became more flexible. The current account surplus increased obviously and the capital account surplus decreased. The foreign exchange reserve still increased quickly. In 2005, Chinese government did some fiscal policy and monetary policy. Such as decreased government expense, raise the tax rate, used managed floating system, improve the foreign exchange management, enlarged the foreign exchange market. We can conclude that china's BOP will still keep "double favorable balance" and keep ... Show more content on Helpwriting.net ... Direct investment: in 2005, direct investment surplus is 67.8 billion dollars, increased 28%. The net investment follow into China is 79.1 billion dollars, increased 44%. The net investment out follow out is 11.3 billion dollars, increase 526%. In recent years, the investment scales of foreign business are increasing stably. In 2001, the foreign direct investment was 46.8 billion dollars. In 2005, it has arrived at 85.5 billion dollars. At the same time, the form and field has changed diversification. With the China economy high speed developing and enlarging the industry field, the foreign investment will related to communication equipment, computer, bank service, insurance service, etc. so it will also increase for a long time. Securities investment: securities investment deficit is 4.9 billion. In 2004, it was surplus of 19.7 billion dollars. The net investment out follow is 26.2 billion. Security investment to external is continual increasing. There are two main reasons. First, many Chinese bank increase the foreign exchange capital because of the innovation or come into the foreign market. Second, may be the international financial market rate increase and local financial finite market, so they choose increase the foreign investment. Other investment: in 2005, other investment deficit is 4 billion dollars. In 2004, it is surplus of 27.9 billion dollars. 3. Foreign exchange reserve In 2005, Chinese reserve capital increased 207 billion ... Get more on HelpWriting.net ...