TECHNOLOGY

How Payment has been made easier with the aid of Technology

By

[Name]

[Institute]

ACKNOWLEDGEMENT

This study would have been impossible without the immense support of my family and friends and the constant guidance by my supervisors and teachers.DECLARATION

I declare that the entire content of this dissertation is entirely my own work; the content used in this dissertation has not been submitted before in any educational institution and represents my own opinion.

Signed __________________ Date _________________

ABSTRACT

The aim of this study is to understand how payment methods have been altered with the advancements with technology. The earliest forms of payment included barter, however as businesses globalised and became more digitalized it became mandatory to identify payment methodologies which could help cater a wider market. Increase in international sales made it mandatory for businesses and organisations to identify a more resourceful and simpler method of payments in order to facilitate buyers. Technological innovations and globalisation are considered to be the strongest forces affecting the financial system, internationalization and automation of payments show the greatest evolving trends all based on technological advances. Retail payments show the most obvious changes, paper cheques have been declining in their use, and owning to the ease and availability credit and debit cards are considered to be one of the most frequently used payment method. Technology has brought forward internet banking which enables people to access their money around the globe and make payments in any region, recently mobile apps are also being developed that have further simplified the whole payment procedure. This study looks into how the whole payment methodology has been altered completely based on technology. Indeed the introduction of simpler payments methods have significantly aided customers around the world however there are a number of issues associated with such payments which need to be resolved in order to make the overall payment procedure an effective one. This research study will identify those issues and how they can be eradicated in order to make payment systems more effective.

TABLE OF CONTENTS

ACKNOWLEDGEMENT1

DECLARATION2

ABSTRACT3

CHAPTER 1: INTRODUCTION5

Background of the study5

Problem Statement6

Purpose of the study7

Research Questions7

Research Objectives8

Primary research objective8

Secondary research objectives8

Significance of Study8

CHAPTER 2: LITERATURE REVIEW10

The evolution of payment systems10

Barter Systems11

Commodity Money11

Coin Money12

Bank Notes12

The rise of loaning and credit13

Cheques14

Credit and Debit Cards15

Weakness of traditional payment systems17

Incorporation of technology in payment systems17

Paypal18

Clearing House Interbank Payments System (CHIPS)19

Mobile Payment systems19

Digital Wallets the future of Payment systems20

CHAPTER 3: METHODOLOGY21

Justification for selecting qualitative Research method21

Data Collection22

Selection criteria22

Keywords22

Limitations with the Research Design23

Ethical Considerations23

CHAPTER 4: ANALYSIS AND DISCUSSION24

Requirement to change methods24

Too many options cause confusion26

Criminals also adapt to changing technologies27

Modern payment systems are only for the younger generation?28

Summary28

CHAPTER 5: CONCLUSION AND RECOMMENDATIONS30

Recommendations31

REFERENCES34

APPENDIX35

CHAPTER 1: INTRODUCTION

Background of the study

Early scholars within the banking communities faced a huge dilemma on how to address the best methodologies to regulate electronic payment methodologies which were considered to benefit the consumers drastically, the phenomenon of being able to make payments through the internet was considered to be a huge revolution which would alter how people conduct businesses and consumers make purchases. The need for such a legalized method of payment ...