Electronic Payment of Salaries of Staff to Nigerian Civil Servants Problems and Prospects

(5) No Geographical Barriers- E-Banking provides unlimited network to the number of branches. World has become a global village

(ii) One can easily pay their bills and transfer their money without any problem. Because of this people don’t have to stand in long queue and keep their receipt safely as transactions are viewed by the person at anytime.

By providing payment software it could potentially allow for any employee to look at the balance in someone’s account. It would allow for better communication throughout the company because it provides visibility.

If you consider banking systems, starting at their front door-- ATMs, direct deposit, pay-by-phone, debit card and credit card purchases, all card payment transactions, electronic checks, and wallets--banks have been the central hub for the payments industry.

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.

We can do our banking at home through the internet. For example we can set up and cancel standing orders through our online banking account. Transfer funds to other people, not just on a computer but now on our smartphones too. This technology has replaced the need for us to visit our bank and deal with a teller.

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

The issue with this practices is that there are employees who are not familiar with the use of pay cards or debit cards, they prefer going to the bank and cash a check of receive t...

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

Banking-related transactions that typically take long span of processing can now be done in just a few minutes, or even seconds. Aside from this, there are still other brilliant benefits that the IT has contributed to the finance sector, which may bring not only advantages but also possible drawbacks.

With this, the paper is going to look into the use of credit cards. The credit card usage has grown fast with many people opting to get one instead the use of cash system. This system which has seen the banks issuing more credit and debit cards and also influencing the growth of banks because ATM machines have to be installed to also help customers withdraw their cash (Mark, 2102). The paper will be analysing why people have chosen to use credit cards, the reasons why they should revert to using cash systems instead of credit cards.

. Mobile services not only offer a new, convenient channel for existing customers of banks, the technology will also provide access to 3 Bnstrong global unbanked population

Technological advancement has had a gigantic effect in the banking industry. Over the past few decades, the financial services industry has changed considerably with banking transforming from the pen and paper method to the computers and internet method. The pen and paper method took weeks or even months for the transaction to be eventually completed, and then the dramatic introduction of the computer and internet method which changed that time frame to only a matter of seconds to be completed, which reduced the amount of time and labor needed to complete a transaction significantly. Banking is considered one of the most important economic sectors with it being severely influential and responsive to any little change, whether it is domestic or international. Some extreme changes that were brought about by the development of this new technology turned into a globalized nature for the financial services industry. One stroke of a key on a computer could and would change a person 's life extensively or even have a global impact. The new technologies that were created and introduced changed how the consumers managed their money from that time on. Technology has helped to protect peoples’ hard earned money and make it much more impossible for people to be able to write out bad checks or even holding up a bank. The advancement in technology however, also came with some security risks as most things do, that could affect the money that people trusted with the bank and

Having an electronic banking card is great, if one is ever in a difficult situation it is easily accessible and a reliable ally. However, this tool should not be used every day. Simply by carrying around cash it will be much easier to monitor the amount of money that is being spent on a daily basis. This leads to less money being spent over longer periods of time. Carrying around a twenty dollar bill forces a person

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