How Technology Develops The Way We Live Our Daily Lives

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.

Payment processing has become more universal. Each transaction, whether it's in-store, eCommerce or mobile, needs to deliver a seamless integrated buying experience at any time of the day and on any device being used.

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.

I think we are getting a glimpse into the future with Apple Pay and Google Wallet. The magnifying glass will shift from credit card security to mobile device security. The idea of a virtual wallet seems like it could be 5-10 years from having a significant adoption rate. How will mobile device manufacturers and mobile payment software companies react to the bad guys finding vulnerabilities in their systems? Will they be able to quickly release patches that fix security vulnerabilities related to the virtual wallet? I think it is a large change that will heavily impact the retail landscape and will happen sooner than people think.

The most important payment app is Applepay, which is famous and well-known throughout the world. Applepay not only shows its simpler payment, but is also makes consumers account become higher security. From the interviewing , people also hold the good view on Applepay because Applepay truly bring more advantages and convenience to them. Then trend that outweigh people are choosing Applepay is soaring. It is a fact that Applepay definitely enhances people lives quality.

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

In today’s economy, cash or a credit card is needed to meet the basic human needs. It is an apparent fact that we need cash or credit cards to purchase items such as food, clothing, and to buy gas. Also, when you are out shopping and discover that you have used all the cash in your possession, it is then that you realize that the advantage of having a credit card. Furthermore, with cash, you are restricted to the amount in your wallet or purse; however, a credit card allows you to pay for your purchase at a later date. Both cash and credit cards can be useful when you manage them wisely. While cash and credit cards are similar in that they both are readily accessible, used for goods and services at the time of purchase, they are dissimilar because of theft, high- interest rates, identity theft.

Currency acts as a store of value, a medium of exchange and a unit of account. Physical currencies are promissory notes payable to the bearer on demand. Digital currencies are internet-based form of currency. They represent both developments in payment systems and a new type of currency. Digital currencies, in hypothesis, serve as money, at present day they act as money to a small amount of individuals and institutions. It has been often questioned as whether the decentralised digital currency, such as Bitcoin and Litecoin, will emerge as the preferred method of payment for Internet Services or will remain a superficial payment method compared to well established existing payment systems.

Many financial institutions across the world have adapted to the change towards the cashless society by implementing electronic funds transfer via automated teller machines (ATM’s) and of late, the internet. By having a simple plastic card, society could completely eliminate the need for cash. The benefits range from the end user through to the government and the

Outside of the classroom and the office, technology is still omnipresent. The internet, like most advancements and perhaps the best known example of modern technology, began at a military level (“Information Technology” 2) and wound up eventually landing in the laps of businesses and the common person. With this, the normal way of conducting business changed dramatically. Instead of physically exchanging money, it is now possible to use a website like PayPal to make transactions (Friedman 84). This transaction can occur from a computer, smart-phone, or some other electronic device, possible because an extraordinary amount of people, especially young adults, now carry them around constantly (Champy 1). It may have been inevitable, but it is still staggering to see how much these advancing technologies has become commonplace.

Consumers are increasingly using credit cards to simplify their spending. In addition, carrying cash is more dangerous than carrying credit cards and

Apple Pay is a means of payment created by Apple Inc that allows its users to pay using their mobile devices such as the iPhone 6 and Apple Watch. Apple pay is very similar to paying for transactions on a credit card except apple pay is completely digital. Users of apple pay can use their mobile device at checkout to

Mobile payment technology offers benefits to consumers and merchants by providing advanced payment control and convenience for consumers and an elevated output for merchants.

The last decade has witnessed a lot of growth of mobile communication devices and wireless technologies across the globe. This has led to a change in the way many activities are conducted and opened the way for m-commerce, which is e-commerce's next evolutionary stage. The significant power of m-commerce is primarily as a result of the ability to connect wireless devices anytime, anywhere (The Future of Mobile Payment Systems : Rise of the Mobile Wallet 2012-2017 [Electronic version], 2011).