148,694 research outputs found

    Clash of the Titans: Regulating the Competition Between Established and Emerging Electronic Payment Systems

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    This article equates the providers of traditional electronic payment services with the Titans of Greek mythology, and the providers of new electronic payment technologies with the Olympians. Professor Winn concludes, however, that unlike the Titans of Greek mythology, these modern Titans appear to be winning in their battle with the upstart Olympians. This article describes the fundamental characteristics of payment systems, reviews the applicable law, and describes the new technologies that were, until quite recently, expected to displace older electronic payment systems. Professor Winn finds that consumers and merchants, by and large, are happy with the existing regulatory structure. And, because of the failure of new technologies to gain significant market share yet, regulators have not yet been obliged to revise existing regulations to take account of these new technologies

    Factors Affecting Consumers’ Perception of Electronic Payment in Saudi Arabia

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    The recent growth and development of technologies has led to considerable improvement in internet technologies. Largely, electronic business services are fulfilling consumers requirements. Electronic payment (e-payment) systems are increasingly popular in Saudi Arabia, due to the widespread use of internet for shopping and banking services. Saudi Arabia has established a centralized online payment system with other online payment services to facilitate sending and/or receiving of services for individuals or corporations via electronic channels.This study has developed a conceptual model to examine the determinants of the significant factors that influence consumers’ perception of e-payment in Saudi Arabia. The findings of a sample set of respondents (229) analyzed using multiple regression analysis indicate that benefit, ease of use, and self-efficacy influence Saudi consumers’ perception of e-payment systems, while trust and security are not significantly associated with consumers’ perception of e-payment. Keywords: electronic payment, consumers’ perception, trust, self-efficacy, ease of use, security

    Personal on-line payments

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    The swift growth of e-commerce and the Internet has led to the development of a new form of electronic funds transfer—the personal on-line payment—that uses web and e-mail technologies to initiate and confirm payments. This article describes this payment instrument and the trends that have given rise to it. The authors explain that personal on-line payment systems are already providing a convenient alternative to checks, money orders, and cash, and may replace credit cards for some small-scale retail e-commerce. However, issues such as the interoperability of diverse systems and the systems’ inherent risks will continue to be central. The authors also suggest that although personal on-line payment systems are not likely to have a great impact on monetary policy, they do raise regulatory issues associated with consumer rights and protection.Electronic funds transfers ; Electronic commerce ; Payment systems ; Finance, Personal

    The electronification of transit fare payments: a look at the Southeastern Pennsylvania Transportation Authority's New Payment Technologies Project

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    Over the past decade many of the nation's largest public transit providers have gone from fare-payment systems based on cash and coin to more modern electronic systems that implement payment cards, including agency-issued prepaid cards, credit cards, and debit cards. On September 16, 2008, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a workshop to discuss the challenges and opportunities facing the Southeastern Pennsylvania Transportation Authority (SEPTA) as it attempts to redesign its transit-fare payment system to accept payment cards. Jerry Kane, manager of SEPTA's New Payment Technologies Project, led the workshop. This paper summarizes Kane's presentation and the ensuing discussion. In addition, this paper offers some thoughts on why the modernization of transit-fare payment systems has begun around the country; what obstacles still stand in the way of using credit, debit, and prepaid cards to pay fares; and what this movement means for consumer payments generally.Payment systems ; Credit cards ; Debit cards ; Transportation

    Developments, Issues, and Initiatives in Retail Payments

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    Innovations in basic information technologies, in payment applications, and in the availability of global markets, as well as substantial changes in financial sector policy, have fundamentally changed how the retail payments system in Canada operates. Principally, the volume and types of electronic payments have grown, and there is increased participation by diverse groups of financial and non-financial institutions as providers of retail payment services. The resulting policy problem for payment systems is how best to benefit from efficiency gains while managing payment risks. O'Connor examines the effect of the technological and legislative changes and the initiatives developed by the public and private sectors in such areas as the market arrangements for services; customer risks and costs for settling large-value retail payments; the security of payment information and the efficiency with which it is transmitted; and the effects of differing regulatory regimes on competition among providers of retail payment services.

    Payment cards and the unbanked: prospects and challenges.

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    On July 13-14, 2005, the Payment Cards Center of the Federal Reserve Bank of Philadelphia hosted a conference to better understand the ways in which electronic payment tools are being adapted to meet the financial needs of underserved consumers. This event, “Payment Cards and the Unbanked: Prospects and Challenges,” brought together a range of perspectives from the banking industry, community development arena, academic community, and regulatory groups, as well as providers of new and emerging payment technologies. These participants examined the opportunities and challenges in providing financial tools that are less costly than those offered in the alternative financial sector — check cashers, money transmitters, payday lenders, and the like — but that, at the same time, meet the financial needs of underserved consumers and are economically viable for traditional and emerging providers.Payment systems ; Unbanked

    Analysis and evaluation of security developments in electronic payment methods

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    This master thesis with the name "Analysis and Evaluation of Security Developments in Electronic Payment Methods," aims to make a compendium of the technologies and standards used on today's payment card transactions since there is no such compendium available today. This thesis also evaluates the security of the technologies used and the amount of effort required by merchants for the compliance of the Payment Card Industry Data Security Standard (PCI DSS). With the results of these evaluations, it was possible to make recommendations to the merchants using payment cards as a form of payment and to the manufacturers of payment cards. Recommendations that its intention is to increase the security of the card payment transactions

    The Influence of Trust and Security in the Use of Electronic Payment System in Manado

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    Electronic payment is the way to make in the process of buying and selling customers in real estate market or online market easier. Electronic payments give innovation to consumer with transaction overseas like online shopping. This study aims to determine the influence of trust and security in the use of electronic payment system. Where the independent variables are trust and security influence in using electronic payment system as the dependent variable. This research used quantitative method. The analytical method used was multiple linear regression analysis. The data used in this research is primary data obtain through the questionnaire. The population is this study was taken at mall and superstore in Manado. Samples are taken from 100 respondents using purposive sampling technique. The result found that security is the most influential to usage of electronic payment system, then trust. Indeed, security and trust has significant influence on usage of electronic payment system. In fact customers are scared that during the transactions hackers and Internet interlopers will steal their information. The service providers should improve the security system to prevent fraud. The service provider must build customers trust, avoid the misuse of technologies, protect customers privacy and maintain the companies reputation. So the effectiveness of security can be created. Keywords: trust, security, electronic payment system

    Measuring the Impact of the Spread of Electronic Payment Methods on the Market Value of the Bank Using the ARDL Methodology Applied Research at the International Development Bank

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    The research problem was represented in the problem of the weak use of banks for modern technologies represented by payment tools such as (electronic cards) and the weakness of strategies for disseminating them in a way that meets the needs and desires of customers in a way that can attract the largest number of customers. By adopting the descriptive statistical approach and using the statistical analysis program (Eviews 12) to test the research hypotheses, and the results of estimating the relationship between electronic payment methods represented by electronic cards and automated teller machines in the market value of the stock indicates the significance of the estimated relationship and that there is an effect of electronic payment methods on the market value of the stock

    An Exploratory Study of User Perceptions of Payment Methods in the UK and the US

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    This paper presents the design and the results of a cross-cultural study of user perceptions and attitudes toward electronic payment methods. We conduct a series of semi-structured interviews involving forty participants (20 in London, UK, and 20 in Manhattan, KS, USA) to explore how individuals use the mechanisms available to them within their routine payment and banking activities. We also study their comprehension of payment processes, the perceived effort and impact of using different methods, as well as direct or indirect recollections of (suspected or actual) fraud and related interactions with banks and retailers. By comparing UK and US participants, we also elicit commonalities and differences that may help better understand, if not predict, attitudes of US customers once technologies like Chip-and-PIN are rolled out – for instance, several US participants were confused by how to use it, while UK participants found it convenient. Our results show that purchasing habits as well as the availability of rewards schemes are primary criteria influencing choices relating to payment technologies, and that inconsistencies, glitches, and other difficulties with newer technologies generate frustration sometimes leading to complete avoidance of new payment methods
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