Electronic Payment : A Long Time Since We Adopted Electronic Payments

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

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.

Transaction have become more efficient. Electronic payment systems help increase the time of payment and also decrease the crime of theft. For example many people pay through apple pay, through applepay there is no paper money involved just credit cards. Although electronically payments have a negative factors for those who are able to hack into the system and receive credit card data , and be able to take your information and use it for their own needs without you knowing. You are still able to cancel the use of your credit cards and receive your money

. Mobile payment users >190 MM in2012, which is over3 % of total mobile users worldwide a level considered as "mainstream”

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.

As online modes of payment threaten the traditional model, dealerships should adapt sales strategies to build trust with customers. The data shows that people are apprehensive about going into dealerships but do like being able to see the car in person where they can ask questions easily. Management policies should reframe themselves to eliminate short termism. This is a common tragedy seen in many firms. Thaler (p188) was teaching a class on decision making to a group of executives, he asked the group if they would undertake a project with a 50% risk of losing one million dollars and an equal chance of gaining double. Only three of the twenty-three said they would do it. Then he changed the scenario so that the outcomes were all

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.

Merchant-based vu1nerabi1ities may appear a1most anywhere in the card-processing ecosystem inc1uding point-of-sa1e devices; mobi1e devices, persona1 computers or servers; wire1ess hotspots; web shopping app1ications; paper-based storage systems; the transmission of cardho1der data to service providers, and in remote access connections. Vu1nerabi1ities may a1so extend to systems operated by service providers and acquirers, which are the financia1 institutions that initiate and maintain the re1ationships with merchants that accept payment

For EMV, the readers access data stored on the chips in the cards to verify cardholders are entering the correct PINs. Contactless cards, the chips transfer the card account number to the reader using wireless technology. Mohammad Khan, founder and president of Vivo tech Inc., a provider of contactless payment terminals and software, says as more countries switch to EMV, criminals will shift their energy to the United States, where the mag-strip infrastructure is easier to circumvent. "The U.S. as a country is open to attack. The fraud people always move toward the weakest point," Khan says. "Every other country in the world has a deadline to move to EMV. I believe the industry needs a deadline in the U.S. as well." CardLine; 2/6/2009, Vol. 9 Issue 6, p12-12, 1p

Apple recently introduced the concept of paying directly from your telephone device, called Apple Pay. This innovation allows the consumer to enjoy easier purchases from the convenience of their iPhone in store and online. Apple markets this concept through promises of security, untraceable separate transactions, and individual account numbers. Apple is known for their simplicity and convenience of products, which is exactly what they are marketing when introducing Apple Pay. Apple recreated the idea of contactless payment through the use of simply an iPhone and someone’s fingerprint; by making use of what has already been implemented, Apple is able to bring this product to market earlier, without having to create an entire new technology within retailers. Although this was introduced nearly a year ago now, it still has yet to be adopted into mainstream use.

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

Since the mobile payment launch in 2011, mobile loyalty card transactions accounted for 20% of sales and the current average number of mobile payments is approximately 3 million per week (Welch & Burvat, 2013).

Understanding the benefits of EMV technology and the improvements already shown in other countries, EMV will help lower card present fraud. Canada has seen a reduction of card present fraud by 50% and the U.K. is down 72%, since the deployment of EMV (Austin, n.d.). These facts only support the benefit of moving to EMV technology and the card processers push with the EMV liability shift. A reduction in this level of card present fraud will definitely help the U.S. payment systems avoid market failure from these fraudulent activities.

In the beginning, when Orkut started its social media era in 2004, I never thought there would be something better for social media, but then came Facebook. It heard about Square, PayPal, Apple Pay, and Google Wallet? Advent of these applications isn’t complete digital yet. These electronic cards shift us to a complete digital era. Never imagined technology would go so far that something advanced than applications for payment would ever come, but electronic cards storing all your cards is a whole new level.

Apple is not the first company that came up with the idea of mobile payment, but the company has developed the mobile payment system into more than a just concept but a product that can be incorporated into our daily lives to modify our current system of payment. Apple has convinced numerous individuals to trade in their wallets in exchange for their smartphones. There are other companies such as Google Wallet, and Isis Mobile Wallet (Bergen, 2014), but it did take some time for consumers to dip their toes in the water. With the help of Apple’s contagious popularity, the usage of Apple Pay is slowly but steadily growing. According to Hof (2015), “Now merchants have people walking in saying, 'Why can 't I use Apple Pay? '” Years before Apple Pay became available to the public, consumers have been making in-person purchases with their smart phones. According to a U.S. Federal Reserve survey, 17 percent of all smartphone users have made purchases with their phones (Hof, 2015). This may not seem like a large number, but it’s a start to a new rising revolution of tech-savvy young adults who are eager to embrace advances in technology. Now Apple Pay is available with the new Apple Watches and customers have the convenience of