Advantages And Disadvantages Of E Banking

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

The days of cash, check, or credit cards are long gone. Now people want to pay using everything from Paypal and bitcoin to Apple Pay and Google Payments. For years, the

Customer always have twenty-four-hour and seven days access to the bank website. They can easily access to the account to make payment, to transfer fund, to check their account balance when the bank is not in the operation hour.

Technology has been advancing at a rapid pace to deliver robust, secure and convenient payments solutions. This enables rapid delivery of payment services to large sections of the population.

This research work intends to assess the extent of electronic payment in banking activities as well as identify the various types of electronic banking.

such as automated teller machine and debit cards (Khalifa 2000). It is a term that

The type of data collected in this study was primary data. The method of data collections technique consists of Survey, interviews and document analysis. Regarding the survey, questionnaire was distributed to the staff of the four purposively selected banks: one state owned and three private commercial banks to identify their intension on the adoption of E-banking systems. The questionnaire was distributed to 160 employees, all the staff of E-payment or IT department of each bank was participated in the study. Interviews were conducted with the managers of the purposively sampled banks and with one person (banking department manager) at National Bank of Ethiopia. Collecting of data by

Nowadays, most people are familiar with new technology development of electronic banking systems. Its not only provide the basic services like fund transfer and bill payments, but also doing the advance including provide the loan and card application. Electronic banking can define as the use of electronic delivery channels for banking products and services. Electronic banking services generally offered in two ways either traditional bank that is combine traditional and electronic delivery channels or virtual bank that operate entirely through electronic banking channel without having a branch network. It makes the business operational more efficient, faster and easier

Banking technologies allow for online transactions, standing orders and the use of ATMs to make bill payments. Cardholders of some banks may use others ' free of charge and the banks themselves are becoming more open-plan, providing easy access to business

The banking system is facing the challenges with stiff competition and advancement of technology, the services provided by banks have become more easy and convenient. The competitive character has been promoted by facilitating the entry of foreign banks. The country is flooded with foreign banks and their ATM stations. Efforts are being put to give a satisfactory service to customers. Phone banking and net banking are introduced. The entire system has become more convenient ad swift. Time is given more importance than money.

Traditionally, currencies have been tied to physical tangible items, such as paper or gold, and provided three functions: a medium of exchange, a unit of account, and a store of value. The earliest published research using cryptography as a basis for electronically transferring cash is from 1982 by David Chaum, a Ph.D. graduate in Computer Science from the University of California at Berkeley. He founded a company in 1990 called DigiCash, which originally sold smart cards for closed systems, such as for highway tolls. In 1994, the company sent the first electronic cash (“ecash”) payment over public computer networks. The history of DigiCash is controversial, but the “ecash” system appears to have been centralized and proprietary and no corporate partnerships were formally established. Other companies, such as Dexit, InternetCash, Qpass, Flooz, Mondex and NetCheque, performed similar online payments, but none of these companies gained meaningful traction due to the complexities and expenses of navigating the technological, economic, legal, political, social, and cultural challenges in virtualizing currencies.[ ][ ]

Credit and Debit card processing eco system are undergoing significant change recently due to the advancements in the payment landscape. Disruptive technology in the mobile & ecommerce space has thrown new channels and players in the payment industry, making cards just as another channel to make payment. Traditionally the ‘card issuing’ is managed as a product line on its own from operations and processing point of view. Most big players have dedicated platform, operations

Electronic cash is a term becoming more acceptable as the world makes a shift towards a cashless society. Since the 1960’s governments and financial institutions have made steady but slow steps towards the goal of a society without cash. The cashless society is being sold as a more convenient method of payment, and a method of preventing crimes all the way from the robbery of cash from an individual to the extent of money laundering among crime syndicates.

Internet as a strong means of communication has greatly helped to boost the online banking process and making it a future demand of today’s banking industry.

The good news is that almost all the popular banking products are also available online. You can pay bills, view your account balances, and locate ATMs, transfer funds and even deposit cheques, all at any time to your convenience. In short, it is fast, safe, flexible, convenient and secure.