Research paper on e cash payment system

Research paper on e cash payment system

Research Paper On E Cash Payment System, Sample Business Plan Construction Project, Industry Thesis, Uc Santa Cruz University Library Write A Literature Review Research Paper On E Cash Payment System, High School Graduation Speech Introduction Examples, Shaukatkhanum View Lab Report, Thesis Marriage Phd Comics In this paper, a secure E-payment system is proposed based on software engineering model and neural network technology. This system uses different proposed algorithms for applying authentication to the devices of users as mobile application. They are used to control the key management in the system

The Rise Of Cashless Or e-Payment Systems In The Philippines

Written by Marc Adrian. One of the best and most convenient ways to be on top of our finances this year is to make use of electronic payments. The e-payment system is set to be established this year. There is, however, a shortage of facilities and resources that can acknowledge cashless payment.

This in turn limits the availability of cashless payment in the country. Six out of 10 Filipinos prefer cashless payment. The increase of cashless payments can also be contributed to the advent of online shopping, with online retailers such as Lazada and Zalora going strong in the market.

Aside from shopping, other online transactions made by Filipinos involve bill payments, a more convenient way of managing their bills.

Despite the growing popularity of electronic payment, not many Filipinos utilize credit and debit cards for their daily transactions, research paper on e cash payment system. This is likely due to the low banking and credit card penetration rate in the Philippines. Unfortunately, credit cards are limited to mostly the affluent and the middle class population in the country. Here are a few obstacles that Filipinos face to become a cashless society:.

According to the country manager of VISA, Stuart Tomlinson, among the barriers that are contributing to the relatively lower adoption of electronic payments in a country are due to the lack of bank branches and Internet access. This is why, Philippines is lagging in terms of credit card use compared to its neighboring countries.

Without a banking account, research paper on e cash payment system, Filipinos are mostly dealing with cash in most of their financial transactions.

While majority of Filipinos have access to mobile internet, not everyone is willing to shell out a good sum of money for a slow and limited data-capped internet service. Mobile data in the Philippines is not only slow, but also expensive. Thus, it ranked 74th out of 77th countries in a research done by Open Signal on LTE speed.

Furthermore, not everyone has a home broadband; many Filipinos only access the internet through their smartphones. This makes accepting card payments difficult for these merchants, as the terminals run on Internet connection.

Europay, MasterCard, and Visa, also known as EMV, are the three companies that originally created the current credit and debit payment system. This technology was only implemented in in the Philippines, while other countries have had it in place ten years ago.

The late introduction of EMV technology in the Philippines, is one of the factors in the slow adoption research paper on e cash payment system electronic payments in the country because merchants and consumers are just started getting accustomed to it. Filipinos have a larger appetite for new technology that bring convenience and security compared to the rest of the neighboring nations who are already ahead in the game. This is another conclusion that VISA gleaned from their study, and it indicates strong electronic payment opportunities in the future.

Enabling access to electronic transaction accounts will enable the majority of Filipinos to use e-payments, which is a more secure and cost-effective means to access a full range of payment and financial services such as contactless card payments, online payments and conventional credit or debit card payments over the counter.

The ease of conducting financial transactions is probably the biggest motivator to go cashless. It eliminates the need to carry wads of cash, plastic cards, or even queue up for ATM withdrawals. With the manic traffic in the city, any change that can help you avoid travelling to the bank is much looked forward to. Online shopping has provided consumers more products to choose from and for many cases better deals — not just locally, but also internationally.

This will also help you make better financial decisions because you can easily compare products and prices before making a purchase. Having the capability to track your spending will make it easier to have a better grip at your cash flow.

Written records will let consumers keep tabs on their transactions, which is the first step to successful budgeting. With clear credit history, banks will be more inclusive in their products marketing or research paper on e cash payment system. It will be easier to apply and qualify for banking products and services such as credit cards and loan — provided that you have research paper on e cash payment system clean credit record. However, this can work research paper on e cash payment system ways, as your product application can also be easily rejected due to poor financial health.

The question now is not whether the country is ready for a centralized cashless payment, but rather how well will the Filipinos adapt to it once it gets implemented in the not so distant future. All Categories All Categories Close. Latest Articles Go to iMoney. ph Banks Broadband Car Insurance Car Loan Careers Credit Card Credit Score Debit Card Debt Education Employment Entrepreneurship Fame and Fortune Finance Quotes General Money Saving Health Insurance Home Loan Infographic Insurance Investment Lifestyle Money Ideas Money Management Most Popular Articles News Online Business Online Security Personal Accident Insurance Personal Loan Retirement Review Savings Account Sponsored Taxes Time Deposit Travel and Transport Travel Insurance.

Is The Philippines Ready To Go Cashless? January 4, Share this! Share Tweet Email WhatsApp. Challenges in the e-payment system Despite the growing popularity of electronic payment, not many Filipinos utilize credit and debit cards for their daily transactions. Here are a few obstacles that Filipinos face to become a cashless society: 1. Financial inclusion According to the country manager of VISA, Stuart Tomlinson, among the barriers that are contributing to the relatively lower adoption of electronic payments in a country are due to the lack of bank branches and Internet access.

Internet access While majority of Filipinos have access to mobile internet, not everyone is willing to shell out a good sum of money for a slow and limited data-capped internet service. Late introduction of EMV technology Europay, MasterCard, and Visa, also known as EMV, are the three companies that originally created the current credit and debit payment system.

EMV cards features are as follows: Contactless cards that can be read over a short distance using radio-frequency identification RFID technology this is another term for NFC. For example, Visa payWave. Payment cards that comply with the EMV standard are often called Chip and PIN or Chip and Signature cards depending on the authentication methods imposed by the bank. How can Filipinos benefit from research paper on e cash payment system cashless?

Access to better and more products Online shopping has provided consumers more products to choose from and for many cases better deals — not just locally, but also internationally, research paper on e cash payment system. Better credit health Having the capability to track your spending will make it easier to have a better grip at your cash flow. Access to more financial products With clear credit history, banks will be more inclusive in their products marketing or approval.

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To ensure original writing, all papers are run on software and clients are provided with a report Research Paper On E Cash Payment System on request. Order Number /10() Research Paper On E Cash Payment System, Sample Business Plan Construction Project, Industry Thesis, Uc Santa Cruz University Library Write A Literature Review If we talk about cash payments, you have to first withdraw cash from your account. Then you use this Digital wallet payment system e-books magazines, newspapers, research article, research journal, e-journals. The research will be conducted with objective to find out the extent towards cashless blogger.com study is based on primary