Essay On Payment System

There are also challenges that this industry is facing such as restrictions on online payment services by the government and agencies, security of information and data, and adaptation is also a problem. There is a race to control online payments and data processing that includes large known corporations such as Google, Apple, Samsung, Visa, PayPal, Square, Intuit and others more. And these corporations are very far ahead in the industry in terms of technology and consumer market. Apple last year had introduced the app called ApplePay, which enables you to store credit card and debit cards information and even gift cards and pay directly from your phone by

In this research paper we review three promising short-range wireless communication such as Radio FrequencyIdentification (RFID), Bluetooth, zigbee and Near-field Communication (NFC).NFC mobile services are an important emerging areafor NFC technology, with great potential for growth. The NFC Forum’s strategy for accelerating the growth of this business areaincludes recognizing and describing what is needed to realize successful NFC mobile services, such as key technologies, typical usecases, and the structure of the overall ecosystem. The success NFC across a broad range of applications depends on its large-scaleadoption by enterprises and consumers. This implies the need for simple, low-cost implementation of the technology in a wide variety ofdevices. This paper discusses NFC technology in detail along with its protocols, communication modes, comparison with other

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.

Business correspondents are the key players in Microfinance sector with technology-based transactions they are provided Point of Sale (POS) devices and doing EKYC through the finger print technology. They use Micro-ATM (POS) handheld device to perform basic financial transactions like Deposit, Withdrawal, Funds Transfer, Balance Enquiry, Mini Statement and other remittance. The below table depicts the POS based transactions during last five year across various

Payment systems are used by customers and businesses to transfers funds from one account to another account.

NFC technology is required to use digital wallet credit card payments for purchases at the check-out counter or for online purchase. There is a passive tag in your credit card that is activated when it comes within 10cm of an NFC initiator device. The NFC initiator is the POS (point of sale) or check-out counter card reader in the store. Most smart phones use NFC so your phone can act as your credit card as soon as you set it up and store the information from your card. Once your phone is set up, all you need to do is hold your phone within 10cm of the same card reader at the store and it will pay for the purchase just like your card.

G.A.O.S. reviewed the company electronic payment processing units for functionality and how it is beneficial to consumers growing businesses. Upon our evaluation, we understanding what each payment POS processing units produces and what the company offers to its consumers is an effective product to address the business solution to meet its consumer’s needs. The recommendation, in order for the company to maintain its strategic alliance, is to build an impeccable merchant

For many years, people have been waiting in anticipation for the opportunity to use mobile payment as the everyday way to pay for merchandise. As of late this anticipation has grown because on of the largest producers of smartphones are integrated the technology to do so in its newest phone release the iPhone 6 and iPhone 6 plus. Apple has one of the largest market shares of smartphone users standing at a market share of 41.3% in the three months ending in January 2015 according to Jason Hahn. With this release the mobile payment buzz truly took off. Since this release many companies had started offering pay stations that allow for this type of payment method to be accepted. As a result, it is not a surprise to anyone that many of the largest well known companies such as Visa, MasterCard, AT&T, and Verizon have increased their mobile application presence.

You know consumers want the convenience of using digital wallets. More and more people are turning to mobile payment options. Nearly three out of four people trust their “traditional card” providers over other options, according to Accenture Research. Their

The online payment marketplace is experiencing an explosion of innovative ideas, plans, and announcements, which one commentator has likened to a “goat rodeo”, a chaotic situation in which powerful players with different agendas compete with one another for public acceptance, and above all, huge potential revenues. Others liken the payment marketplace to a battle among the four platform titans Apple, Google, Facebook, and Amazon. Each of these titans have their own versions of a future payment system that challenges the other players. And let’s not forget PayPal, the reigning power in alternative online payment, or the credit card companies who process over 70% of online payments, or the

This mobile application securely stores credit cards, offers, gift cards and more on their mobile phone. This virtual wallet is changing the face of commerce by enabling customers to simply make “tap and go” payments with their mobile devices, while increasing loyalty at merchant locations. Although m-commerce market in India is still in its initial phase, India is getting richer and phones are getting cheaper. It is also estimated that, by 2020, 80% of the mobile devices used in the country will be smartphones. Many e-tailers have realized the potential of mobile commerce in multiplying their sales and are rapidly adopting the necessary tools, withencouraging re sults. Snapdeal.com, for example, gets over half of its sales from customers using mobile devices, while even one year ago the share of mobile purchases was a mere 5%.Flipkart, the largest online shopping platform in India, receives 20% of its e- commerce orders from customers using mobile devices and plans to increase this number to as much as 50% in future.India has more than 100 million users in India,of which nearly 84 million access the site through mobile phones. This suggests the rise of the “mobile first” generation of internet

Consumer’s mobile devices are not only used for mobile payment transactions but also as a smartphone and so there are risks involved. Contactless payment is emerging as the fastest ways by which consumers pay for goods and services. In as much as this advanced technology is driving consumers into adopting the use of NFC Mobile payments for transactions, it is important to know the risks involved in this technology to protect consumers from unauthorized access to their personal information such as credit card information, social security and health information etc.

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)

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.

In 2010 the total amount of internet bank users was estimated to be 100,000,000, which is about 8.5 percent of India’s population. Recently, the speed and excellence of banking has changed by the latest technological advancements. Core banking solutions is the most important facility which improves the competency of banking services. Further, introduction of automated teller machines (ATMs) enabled customers to perform banking operations anytime. ATM is a highly accepted e-banking service among customers and works as an alternative banking channel (Hans & Kamath, 2013). Initially it was limited to the disbursal of cash but now it is used for delivery of a wide range of banking services such as accessing the account information, depositing cash, withdrawing money, generating mini-statement and online shopping, recharging online, booking tickets and many such facilities.