Electronic Banking in Nigeria

When individuals borrow money or incur debt to purchase items that will be used immediately, this is called consumer credit (Einstein, 2013). Referring to purchases that are consumable such as a meal, an automobile, or other personal needs, consumer credit differs from a home mortgage or business investment (Einstein, 2013). In society today, many people live from paycheck to paycheck and often rely on credit to get them through times requiring additional funds such as Christmas, birthdays, weddings, and other events. Although this practice can be costly and create further financial problems, consumers use credit to obtain necessities, as well as items that they simply desire to purchase.

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.

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.

According to the most recent Federal Reserve study; most of us haven’t set foot in a banking hall in ages. It is a lost battle to banks that opt to use traditional methods to conduct their banking transactions (Gup 2003). By December of last year, close to half of all smartphone users in the United States had transacted some or all of their banking on their phones and iPhones. In the United Kingdom alone, rates of mobile banking transactions doubled over the course of a single year (Scn Education 2001). A banking business that invests in this type of technology gets assured of increasing their customer base.

Payment from its customers must be easy, accommodating, but secure for both parties. Payment by utilizing a major credit card company such as VISA or MasterCard may be acceptable if all current Personal Identifiable Information (PII) and EMV (EuroCard, MasterCard, VISA) chip security are adhered to. But, as a negotiable instrument, a payment by note such as check may be the preferred method. If the negotiable instrument meets the criteria of: payable to the bearer, payable on demand or at a definite time, and does not state any other undertaking by person promising or ordering

Many countries all over the world have already started moving towards a cashless society, and the use of electronic payment methods are becoming more and more popular, however, becoming a completely cashless society will be problematic. Transactions made electronically can all be traced, and there are advantages and disadvantages to certain security aspects. The elimination of tangible money will introduce contradicting cost savings and added costs, as well as convenience but the system is unreliable in emergency situations. There is no doubt that electronic money will continue to exceed the use of cash, however it is unlikely that notes

The frequency in which customers use the credit cards for various transactions is raising concerns of whether customers have lost control over their finances. Previous studies in this area provided very little understanding on the impact of use of credit cards on customers’ cash flow management control (Ron, 2008).

In today’s evolutionary world, where technology keeps on revolutionizing our everyday tasks, electronic bill presentment and payment offer a whole new billing process by offering online and real time presentment of bills and payment choices. It offers great advantages and significantly improves customer care and customer relationship management. We will cover the information found in an electronic bill, followed by the process of a bill presentment. We will briefly compare traditional paper-based bills and electronic bills. And then, we will expose the different parties involved in an electronic bill presentment and payment, followed by the different evolution phases. The advantages and the risks associated with the

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

With the number of online resources growing by leaps and bounds, there has been a remarkable shift in consumer behavior towards electronic payments. The existing forms of payments which are still ruled by cash and cheque payments do not fully address the needs of consumers due to lack of interoperability in the payment processes for the variety of bills, time it takes for transfers and overall cost involved in the transaction .

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means

According to Lawrence & Tar (2010), the efficiency and ease of use of the payments system adopted in a specific area can promote or hinder the development of e-Commerce.

however Westpac sought to rely on the defence of ministerial receipt. Bth parties acted on the

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.

The last time that technology had a major impact in helping banks service their customers was with the introduction of the Internet banking. Internet Banking helped give the customer's anytime access to their banks. Customer's could check out their account details, get their bank statements, perform transactions like transferring money to other accounts and pay their bills sitting in the comfort of their homes and offices. However the biggest limitation of Internet banking is the requirement of a PC with an Internet connection, not a big obstacle if we look at the US and the European countries, but definitely a big barrier if we consider most of the developing countries of Asia like China and