The Banking industry has no doubt has witnessed advancement technology just like any other sector; adoption of e-banking that affects banking operations entirely. The continuous advance in technology characterize by a complex and competitive environment. Growth in electronic payments surpassed not only general economic growth but also growth in financial sectors. Using cards for transactions provide a chance to consumers for satisfying their buying desires.
Consumer paying their expenses by credit card are the once who tend to make additional purchase which increase the amount of spending (Lo and Harvey, 2011). Cardholders are the once paying/spending much compared to cash users due to availability to purchase. Due to an abundance of cost-saving and revenue generating benefits consumers adopt cashless payment systems, which are proven to increase spend per head depending on the event with fast transaction times they offer speedy and convenient way to spend.
Denmark is one of the world’s innovative countries, the companies Danse Bank, IBM, Cellpoint mobile and Net Denmark are working together on developing concepts of cashless society(CFIR, 2011).Finance IT of Copenhagen deals with developing a new, cashless payment system for all Danish citizens(Finansforbundet, 2010).Cashless society increased competition, convenience in payment and better transactions .
In the Philippines, Bankard, Inc., known for its innovative products, introduced in 1996 its own version of digital currency, Bankard E-cash, bringing in the age of cashless shopping to the country. Since its market launch as the country's first electronic reloadable cash card, Bankard E-cash has enjoyed quite a following from people looking for convenience and flexibility in making small everyday purchases at Rustan's Supermarket, gasoline stations, selected outlets of Mercury Drug and National Book Store and moviehouses. It is now gaining acceptance at corporate canteens in industrial parks.(Cosgrove,James C.2000)
In the local setting, one of the biggest and oldest taxi fleet operations in Davao paying taxi with ATM or debit card. China bank, Bancnet and Mabuhay taxi have teamed to pioneer to meet customer satisfaction in providing passenger’s comfort, security and convenience in using cashless system (business.inquirer.net).
The result of this research points out competitive advantage and evaluation of consumers in using cashless transactions .It provide prospective understanding in the cashless system, this will also enable customer’s suggestions and comments in improving services, and strategies for its market survival, competitive advantage and profitability. To Understand and engage new ways in payment means by gaining the insight of those who adapt cashless system.
Everywhere public place you go it is hard not to run in to the idea of the credit card. You will see credit card logos on the front of every business. Every department store you go in has it’s own version of a credit card from Target to Macy’s. The Diner’s Club Card that originally was only for businessmen to eat lunch at 27 different restaurants. Now it is accepted almost everywhere. And for everything else there’s Mastercard……(or Visa, Discover Card orAmerican Express.
American Express cardholders are least likely to live in the South, which is in contract to Discover cardholders. People who are considered to be in the Connoisseurs and Top Rung categories are usually wealthy, and educational with high quality of life and are the target market of American Express. In the previous financial crisis, the U.S. economy recovery is still sluggish; with many entrepreneurs go through crisis on their businesses; they lost their buying power, and thus spend less money by using their credit cards. Therefore, the American Express gained fewer revenues from service fees and interest revenues. This trend influences American Express’s profit directly. To deal with this downward trend, American Express’s strategies has been focusing more to opposite directions. It now has two pre-paid debit cards, one of them with Wal-Mart (Associated Press, 2015). This new type card gives low-income consumers incentive to spend money. There are no hidden fees, no credit check. people can pay bills online, withdraw cash from 22,000 ATMs, enjoy global assist services, they are protected from purchasing, overdraft, and fraud (Daniel,
The world people live in revolves around money. The money will satisfy the feeling of importance. Money gives people power. It arouses in everyone an eager want. In fact, a great portion of everyone’s lives is spent working to earn more money. From changing jobs to changing careers, people do what is needed to earn more money. Once the paycheck comes in, some people prefer to make their purchases in cash, while others prefer to use credit cards. Both cash and credit cards are widely accepted, but the best choice is cash because of the person’s lifestyle.
Earlier general purpose technologies, such as the telegraph, the steam engine and the electric motor, illustrate a pattern of complementary innovations that eventually lead to dramatic productivity improvements (Brynjolfsson & Hitt, 2000). Today the technology are developing and it change everything on this world. From the lifestyle, education, hospitality, social, military to business are develop by technology. For business, there are a lots of changes compared to 20th century. One of the technology uses on business are online payment system that used by many party which can save many time and energy. “The first rule of any technology used in a business is that automation applied ...
The. However, there has been much controversy over these cares. whilst many people believe the cash card system is less time. consuming, easier to use, fits into your wallet easily. cancelled and stopped money is safe.
You have a choice of paying by cash, debit card, online account or credit card. If you do not have money in your bank or online accounts, then either you go without, or you use your credit card. But, what about the people who have money in their bank account and still use their credit card.
Over the last ten years people in the United State and around the world have heavily relied more on their debit or credit cards to process transactions of their purchases. In the old days it used to be when you would get your paycheck on Friday and rush to the bank during your break or lunch in order to cash withdraw your funds or deposit them into your account. It used to be where you carry cash to buy groceries, pay bills, and go shopping. Now some people don’t even set foot inside their bank branch because they are paid using direct deposit or the funds are loaded into a debit card provided by their employer. Many employers from around the globe don’t even issue paper check anymore.
Credit plays a significant role when it comes to consumer spending, but can have a significant impact if misused. It doesn’t take much for consumers to get in over their head with the overuse of credit, credit debt can quickly mount if left unchecked. According to Stinson (2016), “The road to a credit card debt pileup is often paved with spending that seemed like a good idea at the time. But too many well-intended moves can lead you into a financial ditch and ruin your credit” (Stinson,
Mobile money has led to the emergence of mobile wallets and digital payment techniques that help people leverage from virtual money transfers and payments. With mobile phones become an inseparable tool in one’s daily life, mobile money market provides the ultimate solution to enhance the customer’s in-store or online shopping; travel, and banking experiences by providing them with utmost convenience in payments and fund transfers. In addition, mobile money solutions have helped the mobile users in send and receive cross-border remittances, make bill payments, send and receive money over their mobile devices.
E-commerce, a system by which people can buy, sell and deal without even seeing the person on the other side, has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking.... ... middle of paper ... ...
From PayPal to Debit cards, from EFT to Credit cards, this modern world has been inundated with new ways of making business transactions. Instead of the conventional use of dollars and nickels, now there are electronic payment systems. These types of systems allow for better trust and acceptance between consumer and businesses. In the traditional way of buying a product, one would see a product in person, and pay for it with cash or credit. In e-commerce, the business uploads images of its products online and it enables its customers to shop it using any type of electronic payment system.
during these operations. One can still charge his or her account without having an electronic card, using the bank
The invention of money was a major improvement in peoples’ lives. In the past, people usually had to travel all day to find the person who is willing to exchange their goods. In addition, the goods people want to exchange did not have the standard value of measurement. This led to unequal exchanges. Furthermore, it is not convenient to carry heavy goods from one place to another for an exchange. To solve these issues, money will be the only solution. Later, people tend to develop money from cowry shells to credit cards for the convenience and to improve their society.
The use of credit and debit cards today are taking a tour in the sense that electronic cash is becoming more admissible as the world makes a switch towar...
A cashless society will further improve the globalisation that characterise our present time. The computerised systems can be used to decrease the quantity of paper trail therefore substituting paper cash with cashless credits or electronic money transfers. However, in a cashless economy, this will change with certain crimes almost eradicated. It will also be faster to generate electronic payments than cash as Near Field Communications (NFC) chips make their way into more payments cards and mobile handsets as well providing protection not applicable to purchases made using cash. This technology is simple with low power wireless link evolved from radio-frequency identification (RFID) tech that can transfer small amounts of data between two devices identifying us and our bank account to a computer. Another benefit of drawing nearer to a cashless society is that other companies are providing pioneering cash-free solutions to the payment related problems we come across. For example, WisePay, a provider of e-payments services, is deploying technologies that ensure parents no longer have to worry about sending their children to school with cash to pay for meals, excursions and other fees that will eliminate the likelihood of being caught short for cash or children misplacing money. The Government also has valuable explanations why they may deem to turn away from cash. Due the main factor of printing and distributing cash, not to mention ensuring the economy is free from forgeries which are all costly endeavours estimating that the cost to society of using cash is between 0.5 and 1.5% of GDP annually. In addition, there are many technological innovations that propose there is a real enthusiasm for an alternative to cash with the upsurge...