Money Is A Huge Part Of Everyone 's Life

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

beginning to be installed in our stores this combined with self checkouts will allow for quick

Technology has really changed the ways of paying, we can easily buy something online by clicking one bottom of our smartphone, or purchasing a car by swiping our credit card. In another word, modern day financial and identical information are just bunch numbers and letters stored in the digital world. Unlike our unique appearances or finger prints, the numerical information such as our password, credit card numbers and social security numbers can be used for financial gain by some criminals, the identity theft. The United States Department of Justice defines Identity theft as “all types of crime in which someone wrongfully obtains and uses another person’s personal data in some way that involves fraud or deception,

Nowadays, almost people are used electronic payment cards such as credit card, debit card and so on. Credit cards are more popular than other electronic payment cards because it not requires saving money first in the user bank. According to Vera Birukova (26/12/2017), “a credit card allows you to borrow money to pay for things. There will be a limit to how much you can borrow called your credit limit. At the end of each month you can either pay off the full amount you owe or pay defined minimum proportion of the bill by a due date.” There are many advantages for using it because we can buy things in another country without having to worry about local currency. We can make purchases with it on online, can save money for transportation, and can’t waste a time. Many credit cards offer some type of insurance if your purchase is stolen. But there are many disadvantages for using it because it can take some crimes such as fraud among cardholders. “The biggest disadvantage is that they are inviting cardholders to spend more money that they don’t yet have. It is far too easy to spend more than you can afford using a credit card. Credit cards can be stolen, as can cash. They may be physically stolen or someone may steal your credit card number from a website, over the phone etc.” (Vera Birukova, 26.12.2017)

In the old days, people go to bank branches in order to either make a deposit or a withdrawn to their accounts. From 14th century in Venice, Italy to 1970s in New York, United States, banking seems to the same as it never changes. There is no other options if you don’t want to have your own house full of cash open for thieves and robbers. But with digital currency and online banking system, those days have long gone for younger generations only with pictures shown on the history books. Starting from 1990s, growing with the boom of IT technology in Silicon Valley, digital banking has given itself a key role of shaking up the entire banking industry as

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.

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

The name of “Square” can refer to Square’s card reader that are white square in shape or it can refers to the whole Square payment system. For hardware products, it has three different devices based on different ways for customers to handle their credit cards, they can either swipe or plug the card in Square. So for its original product, magstripe reader, buyers are able to use their cards to swipe through square which is a small magnetic reader that plugs into the headphone jack of an iPhone. Once a credit card or a debit card is swiped through the reader, it reads the data and converts it into an audio signal. The microphone picks up the audio, sends it through the processors and then is routed to Square’s software application on the iPhone. From there the encrypted data is transmitted using

In 2009, that was a total of 16.2 billion dollars in fees. (Collins, 2011). Consumers are currently using their debit cards more and more, with many of them using the cards almost exclusively as their primary means of payment. Apple Pay is Apple Inc.’s way of getting in on some of those billions of dollars of moving money, as well as trying to provide a service that is potentially more secure than a debit card could ever be. The company 's mobile payment system works in the Passbook app on Apple 's iPhones and Apple Watches, which already allows consumers to store loyalty cards, coupons and airline tickets. Customers will now be able to store their credit card information in Passbook, then be able to touch or wave the phone or watch over a pay terminal in participating stores. The phone uses a near-field communications chip to broadcast through radio waves to the pay terminal all the necessary information to complete the transaction. (Hardekopf, 2014).

According to Vacca (2007), fingerprint authentication is trusted for e-commerce since most of the Internet users are uncomfortable of disclosing their credit card information online (p. 123). Some businesses and companies are starting to integrate fingerprint scanning into their products and systems. Potter (2015) states that Royal Bank of Scotland would enable fingerprint authentication on its mobile banking apps. Mobile banking users would be able to access their accounts instantly by tapping their finger on the fingerprint sensor. According to Wielch (2014), Apple’s new payment method called Apple Pay allows consumers to transact securely without taking their credit card out. Furthermore, Wielch (2014) states that a consumer simply holds their phone near the payment terminals and places their finger on the Touch ID to authorize the transaction. Sustar (2014) affirms that Apple Pay is being integrated by leading retailers, banks and credit card companies into their

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

As technology grows, so do the consumers. Consumers rely so much on easy shopping and simplified checking out possibilities that application developers have started to develop more mobile payment applications. These mobile payments are the technology of the future and yet the United States is still lagging behind in the rush to simplify shopping from a plastic card to a mobile app. However, with such developers from Apple and Google, there are applications where the mobile phone can stand as a wallet, but retailors do not necessarily choose a universal application to use. With Apple Pay and Google Wallet actively used, many retailors have opted to convert their merchandise to be payable with such applications .

There is a common phrase that used by many people around the world. That saying is, “Money is what makes the world go around.” Every individual in the world has things and items they need or wish to have. In the modern world, currency is used to purchase every one of those items whether it be a basic need or a selfish desire. In order to have a shelter for living, an individual has to purchase one for a price or even multiple payments every month. In the United States, a person has to use money to buy basic needs such as food, water, and clothing. There are other needs to live in a modern society such as electricity, the internet, education, and transportation. The acquisition of these needs to survive in society causes stress for a

Mobile commerce is not only an extension of an eCommerce business model but also an