Fortune 500 Company : First Data Corporation

The Fortune 500 Company chosen for this paper is the Lockheed Martin Corporation. Lockheed Martin is a global securities and information technology company headquartered in Bethesda, MD. Lockheed Martin employs roughly 126,000 people in several facilities throughout the world. The company's main business is in research, design, development, manufacturing, integration and sustainment of advanced technology systems, products and services. Lockheed consists of four operating units, or business areas, which consist of Aeronautics, Electronic Systems, Information Systems and Global Solutions, and Space Systems (LMC, 2011).

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

The technology has been developing very fast in this modern world leading us to have very sophisticated life .With new inventions and new technology ,people are performing their work or duties so easily sitting at home. In olden days we have to always carry minimum cash with us ,where ever we go and we are afraid in case of carrying a large amount of cash with us because of security. After Getting the credit card facility ,it has become so easy for us to make use of money without running to get money from ATM or from banks for every situation by saving a lot of time and also having we have the track of amount we are using .These are all on one face, on the other side

People’s life style has changed drastically from 20 to 30 years ago where on the street corner you can pick a fruit or some newspaper or magazine. The living pace is faster than ever and it is not stopping every single day. Nowadays on the subway underground to air flight 10,000 feet above the ground, pedestrians walking down the street to drives at red light stop, the small screen on that smart cellphone has changed the way of living for everyone. Technology innovations may be a big part of it but also it has given the wings for traditional service industry to keep up with modern lives’ needs. As the blood of modern economic system, financial industry has also utilized the IT technology to help itself running through each tubes of this system faster than ever. That is the rise of digital banking.

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.

The aim of the study is to evaluate the factors that influence the development of mobile payments, their strengths and barriers to development. I will present several key factors such as the impact on the environment and culture mobile payment changing environment, business or rapidly progressive changes in technology and relevant regulations and quite often set of new standards. I will discuss technical aspects such as safety and confidence in mobile payments, which is still not too high. So in the beginning it should be clarified what mobile payments are. Mobile payments also called m-payments are non-cash payments made by mobile device like smartphone or tablet and use mobile technologies such as. SMS, NFC, USSD, WAP. If we want to use mobile payments we

The G.A.O.S. reviewed First Data business solutions value chain of products and services, and the main segment of the company offers their merchants, financial institutions, government itineraries and small to large businesses in quality credit card processing services. The International businesses expectation of First Data to provide core competencies to develop strong profitable customer relationships in a steadfast market as well as incorporating their technology, allowing clients to pay for goods and services through electronic online payment processing system that is quick and consistent. We reviewed First Data collection of value added solutions offered to it consumers around the world and how the company established confidence among

In the year 1949, a businessman by the name of Frank McNamara, conceived the world’s first idea for a credit card. The idea was intended for when McNamara went out for an important diner. While he was out, he realized he had left his wallet at home and was unable to pay for the dinner so he needed something that could allow him to come back and pay for the balance later. Overtime McNamara’s credit card idea has evolved into an electronic way of making payments, we now use credit cards to purchase groceries at the local market and make payments online since handing cash through the Internet is virtually impossible. This small dinner idea was created for the purpose of basically generating and IOU for a man who forgot his money at home has

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

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

In today’s economy cash or a credit card is needed to meet the basic human need. It is a clear fact that we need cash or credit to purchase items such as food, clothing, to pay bills, as well as buy gas for our daily travels. However, when you are out shopping and discover that you have used all the cash in your possession, which is when we realize that the benefit of having a credit card is very beneficial. Although cash and credit cards are similar in that, they both are used to pay for goods and service. Both can be useful for the card user when they are managed wisely. While both cash and credit card share several differences that can affect the individuals who have them such as being stolen, high- interest rate, and personal identity. With cash you are limited to the amount that is in your wallet or purse, unlike with a credit card, you are allowed to pay for your purchase at a later date.

An online payment processing solution greatly improves the ease of payment via credit cards. Customers will no longer have to make the long drive to brick-and-mortar stores to make their purchases. Instead being able to perform transactions by using any computer connected to the internet from the comfort of their homes.

Smart cards and other forms of electronic cash present a huge advancement in technology, however the success of these two advancements

To supersede cash, E-money should be popularized, but it is a hard work. This is because of the low acceptance of people and the high cost of applying E-money transaction system. For the acceptance of people, people use coins and paper notes as usual practice since many years ago. Although, a growing number of banks are trying to use a “click and bricks” strategy and introduce online services so as to attract more customers (Pennathur, 2001), it helps to promote using of E-money. However, people are not familiar with it and need time to adapt. Especially for the elderly people and people without technological knowledge, they usually resist and don’t how to use E-money. Also, E-money is still not so widely used now. To deal with the daily transactions, many of them cannot be done by using E-money. However, cash using is already adapted by people, and all transaction can be done by using cash. Therefore, Wonglimpiyarat (2007) writes “there seems to be no consumer response to the e-cash as a revolutionary means of payment transmission”. It put E-money in a disadvantageous position. On the other hand, the cost of applying E-money transaction system is very high. Because E-money can only use with the E-money products, specific electronic devices are needed to apply for E-money transaction. Also, “a system [of] … electronic money on cards and hard drives … functions efficiently if