NEW ONLINE PAYMENTS ARE THE FUTURE
May 2021
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ABSTRACT
TABLE OF CONTENTS
1.0 CHAPTER ONE
1.1 Introduction…………………………………………………………………………………
1.2 Background…………………………………………………………………………………
2.0 CHAPTER TWO
2.1 Customers’ needs…………………………………………………………………………....
2.2 Benefits………………………………………………………………………………….......
2.3 Issues with Online Payment Methods…………………………………………………….....
3.0 CHAPTER THREE
3.1 Technological framework of Online Payment………………………………………………
3.2 Features/Deliverables…………………………………………………………………………
3.3 Available Types of Online Payment…………………………………………………….......
3.4 Online Payment Methods Internationally……………………………………………………
3.5 Most likely to become the mainstream online payment system………………………..........
4.0 CHAPTER FOUR
4.1 Developments in Online Payment Methods………………………………………………...
4.2 Timeline………………………………………………………………………………….....
4.3 Role of the Government in Establishing Mainstream Online Payment………………………
4.4 Social Media as a driver of E-commerce..................................................................................
LIST OF TABLES
LIST OF FIGURES
CHAPTER ONE
1.0 Introduction
The trajectory of the global society continues to be one that places emphasis on technological
innovations to replace traditional methods of conducting business and many other activities. One
such advancement of particular interest is the proposed transition from a cash fueled economy to
a cashless one that is governed by e-commerce or mobile/online payment. An economy that is
completely cashless brings with it numerous advantages and progress in the way business is
conducted and even more so aids the progression of the benefits gained from globalization,
however, there are many associated challenges as well. E-commerce offers a level of convenience
and reliability that is often missing in traditional methods of cash payments, especially for large
amounts of money. However, there are those in society that argue that more convenience,
reliability and security is ensured with the utilization of cash transactions. Despite this belief, over
the years there has been increasing demand for mobile payment methods and it is expected that in
the near future, the transition to a cashless economy will be complete. Hence, this research papers
aims to highlight the issues with a cash driven economy, the advantages and disadvantages of
mobile payment as well as what can be done to improve the acceptance and use of mobile payment
methods.
1.2 Historical Context
The history of the concept of money is one which has been studied for decades to establish where
the true origination of this system began. According to historians, given the difficulties with storing
large amounts of products paired with the inability to acquire some products due to limitations on
scope of travel in the old days, a system of exchange was designed to facilitate providing one thing
to receive another. Simply put in modern terms, this system is known as trade but the official term
for this system of exchange was Barter. The Barter system predates the recorded use of any form
of currency in the world, however, the system became problematic for a number of reasons one of
which was the inability to trade across borders because of the lack of knowledge about the accurate
value for certain products.
Hence came the development of currency. The history books report that in an attempt to facilitate
cross border trades which proved to be a challenge with the Barter system, currency was developed
to standardize valuation of products and prevent unfair trade agreements. The first record of
currency was approximately 1200 BC where the use of cowrie shells became popular in China to
exchange goods. Cowrie shells were not isolated to China however as they were further used across
boundaries as far as in Africa. Additionally, it is interesting to note that currency shells were still
recorded to be in use as recent as the early twentieth century.
However, a form of money familiar to modern society did not come about until approximately 650
BC where the Lydians created the first recorded metal coin as a form of currency. After the
emergence of the use of coins by the Lydians came the development of cash or paper forms of
money in China between the period 1368 to 1399. Further progression and the need for an outlet
to provide safe keeping for money resulted in the need for and hence development of the banking
system. Ultimately, in the modern and highly technological twentieth century, the concept of
electronic money emerged to facilitate globalization and the transfer of cash across borders at an
almost immediate speed.
1.3 Background
Traditional forms of payment have a multitude of limitations, for example: cash is easy to be
forged, cannot meet large payments, it has geographical and time limitations. Additionally, cash
payment provides convenience for various criminal activities. Online payment is relatively more
convenient, easy to recharge, and no need to take cash, no need to make change, no need to count,
no need to be restricted by time and place. It avoids the risk of carrying a large amount of cash,
and it will relatively reduce some criminal activities that rely on cash transactions.
A few major objectives of E-payment methods are: security, comfort, and straightforwardness,
time and taken a toll investment funds of exchanges. The installment course of action of a nation
plays an imperative work in its money related framework, since it is the encourage channel for the
stream of financial resources. The monetary framework is progressively subordinate on the Web
for communication and information exchange. Thus, assaults on the Web can influence the
monetary framework. All sorts of entities, as well as other types of budgetary institutions, transfer
cash electronically. The Internet’s World Wide Web (WWW) has created into the most driver of
cutting-edge E- commerce framework. The total E-commerce handle carried out with the
application of data advances concentrated on EDI (electronic information compatibility) in
abundance of restrictive value-added framework, is rapidly influencing to the Web. However,
while there are benefits attached to the use of online payment methods in the place of the cash
payment method, widespread adoption of this payment method is halted by a number of factors.
In fact, many cities outside of China still mainly support cash transactions and the more mature
credit card payment methods. Fast payment systems relying on mobile phones have not reached a
high penetration rate in most areas outside of China. Many people think that it is very unsafe to
use only one mobile phone for fast transaction transfer. However, people who have experienced
Alipay and WeChat payment in China certainly know the benefits of mobile phone fast payment:
through software binding bank card, real-time transfer, scan code payment. This is much faster
than entering a password, signing, and getting change! In fact, fast payment software has emerged
in the United States in recent years, such as PayPal, Zelle, venmo, and apple pay. Some retailers
offer their own unique payment methods, such as Starbucks pre-deposited fast payment, and
Amazon's password storage payment method.
However, these payment methods are not popular, nor are they suitable for electronic wallet
payments in daily physical stores. So far, no company has occupied the dominant position in the
US market, and it is still in the evenly divided stage. But supporting bank card payment is much
better than going out with a bunch of heavy coins every day. Of course, it is not only that China
has relatively popular electronic wallet payment, such as the Korea local online payment methods:
TOSS-electronic wallet, Kakao Pay-electronic wallet, Syruppay, Samsung pay, etc., as well as
different local payment methods in European countries.
If every country can have their local online payment method relying on mobile phones, this method
is suitable for all types and sizes of corporate payments and personal payments (B2B, B2C, C2C).
And this kind of online payment can realize a convenient, fast, relatively safe, and globally unified
online payment method, then this will provide maximum convenience and speed for our lives,
travel, and travel. So that it can be realized at any time online payment method anywhere. If in the
current social environment, will the popularization of this kind of online payment prevent more
local small businesses from closing down? So today let us talk about whether these online payment
methods using mobile devices as the payment system are likely to be accepted and popularized.
1.4 What is Online Payment
Online payment is a form of electronic payment. Electronic payment refers to the use of secure
electronic means between consumers, merchants, and financial institutions to securely transmit
payment information to banks or corresponding processing institutions through the information
network to achieve currency payment or capital flow. By definition, mobile payment is given as
the compensation for goods and services provided through the use of an electronic mode of
payment by way of a mobile device (Dahlberg et al., 2008). Online payment is an instant payment
method through a payment interface provided by a third party and the bank. The advantage of this
method is that funds can be directly transferred from the user's bank card to the website account
In, the remittance will arrive immediately without manual confirmation. A variety of electronic
payment methods such as credit cards, electronic wallets, electronic checks and electronic cash
can be used between customers and merchants for online payment, and the use of online electronic
payment methods saves transaction costs (Taylor, 2016).
From the perspective of the development of online payment business, the provision of online
payment services by banks has been involved in B2C and B2B e-commerce. In B2C e-commerce,
banks cooperate with B2C e-commerce platform providers to provide payment and settlement
services for individual users; in B2B e-commerce, the bank’s support for B2B settlement business
has changed from simply providing online transfer and settlement for corporate users (Yindi et al.,
2020). Services have been developed to intervene in the company's procurement and distribution
systems, and the means of payment and settlement have also developed from a simple transfer
function to an online letter of credit service that combines the company's comprehensive credit
line (Taylor, 2016). It has also developed from a computer payment that needs to be connected to
an available network to a mobile phone mobile network system payment.
Given the wide range and variety of available electronic devices such as mobile phones, mobile
payment methods are associated with high levels of convenience. Duncombe (2011) stated that
while cash methods of payment offer a certain sense of security that mobile payment lacks, more
emphasis on e-commerce can significantly impact international relations and expand the
possibilities of globalization. Iman (2018) reported that if the needs of the consumers can be
efficiently achieved and the major challenges removed in mobile/online banking technology, it is
expected that e-commerce will be the future of payment services, eventually leading to a cashless
global economy.
CHAPTER TWO
3.1 Globalization and E-commerce
Friedman (2000) defines globalization as the process through which businesses or organizations
expand their operations across borders to develop and grow the scale and scope of their product of
service. In doing so however, globalization is also beneficial to the global economy and creates
opportunities in places where there were not before. Globalization is characterized by worldwide
integration through an ongoing, dynamic process that involves the interplay of free enterprise,
democratic principles and human rights, the high-tech exchange of information, and movement of
large numbers of people.
A contrasting view of globalization is that it undermines international relations in several ways.
Specifically, nations are weakened due to challenges to centralized economies and the pursuit of
private wealth as well as the growing standardization of experience via telecommunications
(Zimmerman, 2011)). The weakening of nations yields a political vacuum that is often filled by
xenophobic and aggressive reactionary forces, some international in scope, that, paradoxically,
strengthen either a malignant form of nationalism that globalization was expected to supplant or a
parochialism that might fuel international conflict and support terrorism (Olanrewaju, 2015).
Globalization, especially is the manufacturing industry has also been found to be a driver of
environmental degradation through pollution in various forms.
However, for the sake of this paper, the link between e-commerce and globalization will be
explored. Globalization and e-commerce are expected to change economic structure of nations.
The expected superior economic structure is mainly influenced by the above two factors. In
literature the new structure is generally referred as Knowledge Economy, New Economy or Eeconomy. E-commerce not only reduces communication costs, but also increases flexibility in
locating activities. Research posits that internet technology has lead to an increase in international
trade.
International trade has increased over time, with one hypothesized caused using technologies. Ecommerce is a nebulous term used to describe business sales transactions mediated by the Internet
or other computer networks rather than through direct interaction between humans. E-commerce
benefits internationalization in two ways: There is a direct substitution of e-business technology
and processes for physical locations, manual processes, or other expediting functions. E-commerce
reduces coordination costs, which can reduce the costs of working with those foreign subsidiaries
still required because of the nature of the product or service or because of regulation or cultural
issues.
While any evaluation of the potential consequence of the growth of e-broker age activity is
necessarily speculative, it seems plausible that those consequences will derive primarily from
changes in the costs of acquiring, processing and transmitting information among market
participants. In this regard, segmenting the brokerage process into a number of components or
value-added activities facilitates an evaluation of how e- commerce might alter the completive
process. The first component involves the basic linking of buyers and sellers. Here the booker's
primary role is to serve as an intermediary between those selling and those purchasing securities.
The advent of e-broker services has significantly expanded the scope for competing in the
transaction function. It is clear that the growth of e-brokerage services has contributed to
substantial reductions in average brokerage commission wherever those services have taken hold.
Most obviously, the Internet has dramatically reduced the cost of communicating information on
a point to multi point basis. In addition, e-commerce is enhancing the underlying economies of
scale in processing securities transactions.
3.1.1 Globalization and E-Commerce Adoption
Firm globalization is heralded as a key driver of e-commerce diffusion. It is expected that highly
global firms are likely to employ e-commerce more intensively than less global firms. Firms facing
foreign competition are under greater pressure to adopt technologies such as e-commerce that
enable them to protect or expand market share and operate more efficiently.
Firms doing business outside their own country may be more motivated to lower their transaction
costs (such as search for information, negotiation, and monitoring of performance) by using
information technology. Using the Internet for transactions and coordination can save time and
money on delivery of goods by using rich information flows to simplify and streamline the flows
of physical goods in the supply chain.
Firms that buy and sell in international markets are under pressure from trading partners to adopt
e-commerce to improve coordination with other members of the value chain. This is especially
true in the case of global network production dominated by multinational corporations that may
require partners to adopt ecommerce in order to do business with the multinational corporations.
It is often assumed that e-commerce adoption is a global process, driven by a common set of actors.
However, there is a theoretical basis for expecting that some industries and business activities will
tend toward global convergence while others will be marked by local divergence. Globerman and
his colleagues apply Porter’s theories to e-commerce specifically. They contend that the impacts
of e-commerce differ across various stages of an industry’s value chain, and that purchase of
business inputs (B2B) is becoming globalized while purchase of end services by consumers (B2C)
tends to remain localized. They focus on the retail brokerage industry and conclude that retail
(B2C) e-commerce is relatively unaffected by globalization and is characterized by multi-domestic
competition due to the heterogeneity of consumers and different national regulatory systems. By
contrast, they find that e-commerce for wholesale brokerage activity (B2B) is more globalized.
As a result, they argue that e-commerce is not inherently a globalizing force, but one that can
actually enhance local competitive advantage. Similarly, Steinfield & Klein argue that rather than
fostering seamless global markets equally open to all businesses, much e-commerce activity
(particularly B2C) is regionally focused. Steinfield and his colleagues furthermore argue that local
businesses can develop Web strategies that successfully leverage their local physical presence.
Thus, firms that leverage their local presence with their online business strategy may have
competitive advantage over firms with only virtual presence, for several reasons. First, embedment
in pre-existing relationship enhances consumer trust and recognition of online firms. Second,
integrating online business with local presence helps to serve diverse consumer preferences and
shopping habits and takes advantage of local knowledge. Finally, such firms can take advantage
of an existing infrastructure for delivering physical goods and services. Research at the country
level suggests that global convergence may take place in B2B e-commerce through integration of
business processes and systems, but B2C e-commerce seems to remain more of a local
phenomenon due to national divergence in consumer preferences and habits.
3.2 Available Types of Online Payment

Credit Card
Credit cards are by a distant percentage, the foremost prevalent mode of online payment methods
among those that are available worldwide. In its early stages of release, security concerns
hampered the acceptance of this mode of payment but gained momentum in terms of use afterward
when security highlights were given for each exchange (Khan et al., 2017). Credit card
appropriateness is one of the most grounded components which contribute to its extensive use all
over the world. In any case, it is not considered a reasonable choice for making small payments or
petty transactions since the use of credit cards require tremendous expenses. The foremost critical
advantage of credit cards is the convenience that they give in performing exchanges online from
almost any region of the world where there is access to the internet and in no time. Besides, they
can be acquired effortlessly without the burden to have any extra equipment or program for making
them work. The confirmation and security given to a credit card holder is the unique identifying
features that are associated with their credit account. These unique identifiers include; a credit card
number, a title and expiry date (O’mahony, Pierce and Tewari, 1997).

Debit/ATM card
Debit cards are picking up notoriety with each passing day and have ended up to be one of the
second most well-known cashless modes of payment strategies all over the world (Choe, Lee and
Chung, 2004). As compared to credit cards, the installments made by means of the use of credit
cards are extracted from the consumer’s individual bank account and not from any middle person
account. Therefore, clients come up short to have an extra security in their credit accounts in this
manner alarming them whereas dealing with installment debate. Be that as it may, as it were the
account number is required for making debit payments with no requirement to deliver a card
number or a physical card. In spite of the fact that debit cards have a gigantic client base in a few
nations but they are not broadly utilized on online shopping websites due to their disappointment
to fulfill universal clients. The costs caused by the utilization of debit cards, also referred to as
charge cards, are lower as compared to credit cards which makes them the reasonable and more
economically viable choice for petty transactions (Popat and Chaudhary, 2018). Moreover, they
have a better level of security than credit cards due to the necessity of broad distinguishing pieces
of proof requested by banks.

Smart Card
A smart card is a card that bears physical similarities to credit and debit cards that is used to
facilitate similar transactions. Smart cards have embedded in them a specialized chip, referred to
as an integrated circuit (IC) chip which is what distinguishes it mainly from debit or credit cards
(Popat and Chaudhary, 2018). This integrated circuit chip provides an extra layer of security
because the chip has to be recognized in order to provide authentication of the card before the
transaction is carried out. In addition, smart cards store transaction data to provide a record of the
use of the card for future reference and this data is encrypted and requires additional information
to gain access.

Net Banking
Net banking, also commonly referred to as online banking, is the system that is provided by banks
and other financial institutions to facilitate transactions that usually require a visit to the bank, on
an online platform (Hu, Hsi and Kuo, 2002). In this way, customers are able to transfer funds from
their personal account to another or accept a transfer from another account into their own. Online
banking allows for local, regional and international transfers and provides great convenience to
those customers who utilize this service. Additionally, online banking transfers does not require
that the financial institution or bank be the same in order to facilitate a transfer; transfers can also
be made from one bank to another.

Paypal
Paypal is American founded online payment platform that facilitates a wide range of financial
transactions (Hu, Hsi and Kuo, 2002). While Paypal is not available internationally, many
countries around the world have access to and use this service to make large and small payments.
Paypal is one of the most common services used by small businesses to receive payments from
their customers given the convenience and ease of use that the platform provides on both ends of
the transaction. Paypal however, is not a standalone method of payment but it requires access to
credit, debit or bank account details which then allows the platform to function as a middle man
that extract and deposit payments to the respective accounts (Preibusch et al., 2016) The
widespread use of Paypal in the United States especially is largely as a result of the reliability and
safety it has proven to provide to its customers. However, the online payment platform has not
gone without controversy as some accounts subscribed to the platform have reported instances of
hacking and theft (Trautman, 2015).

Cash App
Cash App, as the name suggests, is a mobile application that was created for the sole purpose of
facilitating financial transactions over the online platform (Hu, Hsi and Kuo, 2002). Cash App is
very similar to the Paypal platform in the types of transactions that it allows. However, one of the
major differences between the two is the fact that while Paypal can be used to make payments to
major shopping sites like Ebay, Cash App is primary used for more informal transactions such as
sending money to family or friends. Similar informal online payment platforms include Zelle,
Venmo, among others (Acker and Murthy, 2020). Additionally, the use of Cash App is restricted
to the United States and the United Kingdom unlike Paypal which is used internationally.

Mobile Wallet or e-Wallet
This is a product that enables users to conduct funds transfers, make payments or receive balance
enquiries on their mobile phones. Agreeing to Doan (2014), “Mobile wallet is shaped when your
smartphone capacities as a calfskin wallet: it can have advanced coupons, computerized cash
(exchanges), advanced cards, and computerized receipts”. Utilizing versatile wallets, clients are
permitted to introduce the application in their smart-phones which they can utilize for making
offline as well as online buys. In future, versatile wallets are accepted to offer more comfort to
clients in making exchanges with the assistance of innovations which interface smart-phones and
the physical world by means of sound waves, cloud-based arrangements, NFC (Close Field
Communication), QR codes, etc.

Electronic Checks
Electronic checks, also more commonly referred to as E-checks, adopt the same purposes and
principles as standard paper checks. E-checks are used in the United States through the online
Automated Clearing House network. Customers who utilize electronic checks use them to make
payments in the form of bills or for services acquired online. After an e-check is prepared, in order
for the receiver to cash the electronic check, they have to access eCheck processing which allows
the funds specified on the check to be taken from the sender’s account (Chen, 2005). While credit
cards or debit cards are more commonly used for the type of online transactions that electronic
checks set out to target, reports show that electronic checks are becoming one of the most common
methods of paying rent, especially in light of the current global pandemic.

Quick Response Code
Quick response code, commonly called QR Code, could an innovation in the mobile payment
sector that has the potential to alter the way retail, both online and in physical stores, is conducted
(Hartung, 2014). A QR code, could be a network or two-dimensional code made in Japan for the
vehicle sector in 1994. QR codes were initially as it were able of being machine examined, be that
as it may, with later mechanical advancements, QR codes are now able to be perused right away
by keen phone cameras (Hu, Hsi and Kuo, 2002). The innovation, within the final decade or so got
to be of use to a large demographic for coupons and web media download among numerous others.
The foremost later utilize of QR codes that has the potential for worldwide use is mobile payment.
This innovation began with utilization in China through Alipay and WeChat (Lu, 2018). QR code
installment is where buyers can exchange reserves from their accounts to retailers by checking QR
codes which takes the bother out of the method as with credit cards and other modes of cashless
payment methods.

Google Wallet
Google wallet is an e-commerce platform that facilitates financial transactions in the form of
payments or informal transfers with the use of their mobile devices. The Google wallet service is
offered free to customers and can be used for credit or debit purchases.
2.1 Customers’ needs
The satisfaction of a company’s customers is often, if not always, at the forefront of its goals given
the heavy reliance of the success of any company on the support provided by said customers. This
remains the same when it is applied to the roll out of any new technological innovation; in this
case, the acceptance of mobile/online methods of payment. In the United States, and many other
countries around the world where mobile payment methods have already begun to be used widely,
one of the major concerns that these respective companies had to address was the perception of
users about the technology behind mobile payment (Mallat, 2007). Much like with Artificial
Intelligence (AI), the public’s perception (often guided by misrepresentations of the technology in
popular media) is the deciding factor on the successful implementation of the technology.
According to a study done by Liu, Ben and Zhang (2019), the acceptance of technological
innovations by society at large are determined by two direct factors; these include customers’
perception of the usefulness of the product or service as well as perception of its ease of use. The
combination of these factors determine and are directly linked to the public’s intention to utilize
the product or service being offered. In addition to supporting the model for intent by Liu, Ben and
Zhang (2019), Mallat (2007) reported that intention to accept and utilize newly released
technological innovations is further impacted by compatibility, trust, complexity and relative
advantage.
The components displayed in this subjective investigation are steady with those in Liu, Ben and
Zhang’s (2019) study since seen value and ease of utilization typify most of the components
recorded in Mallat’s consideration of the model provided. The figure that stands out is the general
public’s trust in the reliability of the mobile payment technology. Trust is a basic component of
human intuition. Lu, Yang, Chau and Cao (2011) expressed that mobile payment methods
increments the vulnerability of users to attacks which equally and subsequently diminishes level
of the trust in the service. Zhou (2014) expressed that consumers’ readiness to trust mobile
payment methods will increase once companies can identify and address the specific needs of
customers.
The perceptions of the value of mobile methods of payment are the conceivable positive focal
points of the execution of these frameworks into brick-and-mortar businesses According to the
study done by Mallat (2007), it was found that the “mobile” in mobile payment is the foremost
critical advantage of the technology. The greatest selling point is the mobility that this service
provides to its users given the trajectory of the current and future generations which demands
convenience to be provided in all sectors. The two most common perspectives of portability;
autonomy of time and location, are related with online payment methods since it permits clients
helpful access their monetary data at any time or place (Au and Kauffman, 2008).
Low exchange costs specifically affect consumers’ perception of the convenience of mobile
methods of payment. Mallat (2007) expressed that the utilization of credit cards for transactions
bring about a huge normal exchange fetched than the costs charged by the administration of mobile
payment service providers. At the side benefits for shoppers, retailers would also encounter
benefits through the utilization of portable installment administrations. Concurring to Taylor
(2015), staff taken a toll would diminish with the execution of versatile installment. The number
of checkout staff needed would diminish which spares fetched on installment of staff which cash
can be reinvested into client benefit staff which draw in more customers to the commerce
expanding generally benefits.
2.1.1 Integrity and Authorization
The integrity of the service being provided may be described more specifically as the legitimacy,
precision and completeness of information as per commerce qualities and needs. In frameworks
designed for online payment methods, integrity of the system or its keenness infers that no cash is
taken from a client if the transaction was not endorsed by the said client (Khan et al., 2017).
Moreover, it is not necessary for customers to acknowledge any transaction without the supreme
authorization of the customer themself; this feature is typically appealing when clients do have to
be compelled to accept any undesirable attempts at bribery.
2.1.2 Privacy
Privacy may be characterized as the security of private or delicate information from unwanted
exposure. A number of organizations included on the mobile payment networks may need to have
secrecy in their trades. Secrecy in this setting suggests the restriction of information about
distinctive pieces of information which are related to the trade; the confirmation of the person
making the payment, purchase substance, entirety of the total amount, among other elements that
require privacy (Ali et al., 2017). Usually, individuals included need to ensure that exchanges are
confidential where secrecy is their aim, the requirement that mobile payment platforms should
consider, could be to create accessibility to this data by only a defined group of individuals.
2.1.3 Accessibility
Accessibility is ensuring that information systems and data are arranged for use by customers on
demand which is routinely described as the time that it takes a system to be utilized for productive
work. All groups ought to have the capability facilitate transactions (give or receive) at whatever
point the requirement emerges. Prerequisites for users of these types of technology want platforms
that emphasize and incorporate adaptability, convenience, accessibility, reasonableness, speed of
exchanges and unwavering quality (Khan et al., 2017).
2.1.4 Enhancing Online Payment Security
As increasingly individuals are associated to the Web, the ubiquity of online commercial exercises
is developing as well. All things considered, the dangers related with online installment
frameworks are truthful and increasing day by day. As per the study conducted by Affiliation of
Money related Experts within the year 2013, it was found that around sixty percent organizations
fell prey to effective or endeavored extortion installments though up to sixty percent organizations
appeared up appropriation of unused security measures or arrangement to do the same within the
time to come. In this manner, for their wide acknowledgment all over the world, online payment
methods must take after an proficient convention guaranteeing the next level of security for
performing online exchanges (He at al., 2007). The foremost broadly recognized procedure for
securing online installments is utilizing cryptographic-based advancements, for case,
computerized marks and encryption. On application, these advancements reduce speed and
capability and in this way exchange off monetary benefits.
2.2 Benefits of Mobile Payment
As was previously described in the model put forward by Liu, Ben and Zhang (2019), the public's
perception of ease of use is one of the major determinants of intent to use the service. Hence, this
perception that is associated with mobile methods of carrying out transactions, is likely to be the
greatest influence in the adoption of online payment methods. Cashless installments have a few
points of interest, which were never accessible through the conventional methods of doing
monetary transactions, a few of which are; security, judgment, compatibility, great exchange
productivity, worthiness, comfort, portability, reduced budgetary risks and privacy. There are
numerous benefits of a cashless economy that will further be explored below.
1. Ease of Conducting Financial Transactions: Firstly, there is an ease of conducting financial
transactions, which is probably the biggest motivators to go digital. In cashless payment there is
no need to carry wads of cash or even stand in long queues in bank. It will be easy to carry money
with you during travelling. It will be especially useful in case of medical emergencies. You can
pay easily during working hours also.
2. Risk reduction: The policy will help fight against corruption/money laundering and reduce the
risk of carrying cash, reduced cost, corruption and money laundering.
3. Reduced Tax Avoidance: Thirdly, the cashless economy gets benefit of reduced tax avoidance.
The recent waiver of service tax on card transactions also promotes digital transactions. This has
been followed by a series of cuts and freebies. People will get discount on digital purchase which
will cut their cost. Add to these the cash back offers and discounts offered by mobile wallet like
Paytm, as well as the reward points and loyalty benefits on existing credit and store cards, and it
could help improve your cash flow marginally (Dave, 2016).
4. Reduced Tax: Taxation with lesser availability of hard cash at homes and more in banks, there
is lesser scope of hiding income and evading taxation and when there is more tax payer it ultimately
leads to a lesser rate of taxation for the whole country (Sparrow, 2016).
5. Transparency: It is not just the easiest way to transact but also brings about a lot more
transparency in the financial system, which helps to curb generation of black money.
6. Reduce prices of real estate: Further, it will reduce real estate prices because of curb on black
money as most of black money is invested in real estate prices which inflates the prices or real
estate markets. In India, every year RBI spent lots of money (2 billion, 2015) on just the activity
of currency issuance and management. It will also lead to lesser funding for illegal trades and
activities including terrorism.
7. Hygiene: It will also help in improving hygiene on site eliminating the bacterial spread through
handling notes and coins.
8. Reduced Fear of Theft: It will lower risk, it is easy to block a credit card or mobile wallet
remotely, but it is impossible to get your cash back.
9. Reduced Bureaucracy: With cashless transactions through electronic means the wire transfers
are tracked and people are accountable which in turn reduces corruption and improve service time.
10. Lesser Interest Rates: More currency in bank will mean more circulation of money in the
economy, leading to greater liquidity and would eventually mean lesser interest rates (Sparrow,
2016).
11. Efficiency: Cash collection made simple as time spent on collecting; counting and sorting cash
is eliminated it will lead to efficiency gains. There will be greater efficiency in welfare programs
as money is wired directly into the account of recipients. Further it reduces transfer/processing
fees, increases processing/transaction time, offers multiple payment options and gives immediate
notification on all transactions on customers’ account.
12. Track on Spending: If all transactions are on record, it will be very easy for people to keep
track of their spending.
13. Benefits to Banks: It is also beneficial to the banks and merchants; there are large customer
coverage, international products and services, promotion and branding, increase in customer
satisfaction and personalized relationship with customers and easier documentation and
transaction tracking (Ashike, 2011).
14. Benefit to Government: The government will benefit from the cashless economy in the area
of adequate budgeting and taxation, improved regulatory services, improved administrative
processes (automation), and reduced cost of currency administration and management (Ashike,
2011). Jimi Agbaje, one of the former governorship candidates on the platform of DPA in Lagos
State states that the advantages of a cashless society range from regulating and controlling to
securing the financial system of our economy.
2.3 Issues with Online Payment Methods
Given that trust in the reliability of the mobile payment service being provided is a major deciding
figure of customer utilization of the service, Lu, Yang, Chau and Cao (2011), it is critical to
investigate the potential dangers related with the implementation of an online mode of payment
administrations within the United States. Karimi and Lui (2020) detailed that security is the
number one need of shoppers for the foundation of established trust in the administration of online
transactions. Wang Hahn and Sutrave (2016) found that extortion and robbery by way of malware
that may effortlessly be downloaded on phone could be a major security danger to administration
of online transactions. They moreover expressed that monetary information spillage could be a
security risk related with the benefit.
Taylor (2015) in their investigation of the security issues related with portable installment
concluded that multistep confirmation forms is the foremost compelling way to diminish
defenselessness to extortion or burglary. Agreeing to the existing literature, the foremost critical
aspect within the acknowledgment of versatile installment is buyer recognition of ease of utilize
and aim to utilize administered by components such as believe. Whereas the usage of online
payment platforms would be exceptionally important to the current society, as with everything
else, it has both preferences and drawbacks that may impact the trust levels of consumers.
2.3.1 Infrastructure
Infrastructure is fundamental for the effective execution of online payments. Appropriate
infrastructure for online payments is an issue. For online payments to be fruitful, it is necessarily
required to have a financially savvy and reliable infrastructure that can be availed by dominant
part of the populace. In developing nations, large portions of the country don’t have banks and
have no access to basic infrastructure that drives online payments. In connection to this, a research
work by Mishra (2008) reveals that in Nepal, Electricity and Telecommunication are not accessible
all through the nation, which contrarily influences the advancement of online payments. The
performance of B2C in developing countries, particular Tanzania, faces significantly greater
challenges than B2C in developed countries due to unreliable Internet connection, which is
unsatisfactory because of unstable infrastructure, high maintenance costs and the basic level of
ICT penetration throughout the country (Kabango et al. 2015)While (Park and Kang 2014)
Suggested adaptation of B2C among Ugandans facing challenges due to environmental factors
such as unreliable as grid infrastructure and electricity. The government faced challenges to
develop good strategies and policies that will strengthen infrastructure to encourage e-commerce.
(Oreku et al. 2013) Argued the role of government in developing countries remains important in
facilitating the essential conditions for the development of e-commerce, like providing strong
secure online payment options, ensuring a strong ICT infrastructure, delivering educational
programs and raising awareness through such means as media and educational institutions
(Chaffey, Edmundson-Bird and Hemphill 2019)meanwhile (Gorla, Chiravuri and Chinta 2017)
showed how the level of e-commerce knowledge within an organization can influence its
adoption? They pointed out that knowledge among non-IT professionals is the most critical factor
in Internet adoption. While (Alrousan and Jones 2016) argued that e-commerce adopting in SMEs
in developing states is slow compared to developed countries due to many obstacles, like ICT
infrastructure, level of economic, cultural, legal, and social, computer skills among people and
postal infrastructure factors. (Oreku et al. 2013)Private organizations are not organized enough to
provide an IT infrastructure that the executive should launch programs to reduce these barriers.
Most African countries road structure is organized non-properly it is characterized by heavy traffic
jams that lead to delayed deliveries, cancelled orders for on-demand services and therefore, loss
of revenue.(Alyoubi 2015) The temporary method to meet this infrastructure challenge in the
delivery process is using motorcycles, popularly known as Bodabodas. About 1.2 million
passenger motorcycles in Kenya and Tanzania are used by online companies in the B2C service
these companies have sought to tap into online markets using Bodabodas to deliver products
quickly, especially in active cities. (Biztech Africa 2019) Governments of developing country
should create a favorable policy and appropriate environment for e-commerce and ensure a strong
infrastructure, such as the availability of reliable and cost- effective broadband and verified and
maintained roads all the time.
2.3.2 Regulatory and Legal Issues
National, provincial or global arrangement of laws, standards and different other directions are
imperative prerequisites for the effective execution of online payment plans. A significant portion
of components incorporate guidelines on tax evasion, supervision of e-money organizations and
commercial banks by supervisory specialists; central banks should keep an oversight on payment
systems, buyer and information protection, participation and rivalry issues. As indicated by
Taddesse and Kidan (2005) the worldwide and virtual nature of online payment additionally brings
up legal issues, for example, which laws are relevant in debated cases and which jurisdiction will
be competent, legitimacy of digital signatures and electronic contracts. A legitimate and
administrative structure that builds confidence and trust helping technical endeavors is a vital issue
to be tended to in executing online payments.
2.3.3 Socio-cultural Issues
Social and socio-cultural dissimilarities in viewpoints and the use of different sorts of cash (e.g.
use of credit cards in North America and use of charge cards in Europe) tangle with the work of
building a web installment framework that's relevant at a worldwide level (Khan et al., 2017). The
inconsistency within the level of the security required and efficiency among people of different
social orders and the degree of progression compounds the issue. Buyers’ belief and certainty
within the standard strategies of installment make clients more unwilling to grasp unused
advancements. Unused advancements won't run the show the showcase until clients are sure that
their security is guaranteed and palatable affirmation of security is shielded. Modern propels
moreover ought to stand the test of time so as to secure people’s certainty, in any case of the reality
that it is easier to utilize and less costly than the more set up procedures.
2.4 Necessities for Transition to Mobile Payment
Power: Power must be improved dramatically to accommodate for smooth operations of financial
activities. The State of Infrastructures: The financial infrastructure of a country is essential for
carrying the load of a cashless society. ATMs, point of sales system, mobile banking and other
mediums have to dramatically expand to the whole economy before any meaningful effect can be
achieved.
Availability of Real Data: Proper and accurate identification of account holders must be
maintained and shared when necessary, by all financial institutions. The collaboration of
government and private agency responsible for collection of identification of individuals for
reconciliation of any identification.
Investments: Technology is not cheap and ever changing at a very fast pace. Investments in
billions of dollars made in infrastructure, training, marketing, security, maintaining its networks
and so on will be on a yearly basis for the years to come and should be a collaboration of efforts
by all invested parties.
Security: The security of the proposed and existing systems of payment must be enhanced to
protect the users from malware, hackers, fraudsters, viruses and identity theft. As it relates to laws,
there are needs to enforce new methods of transactions and a changing culture, the government
must partner and work with the National Assembly to ensure
proper legislation is being formulated.
Online, Real-time, Every Time: These alternative means of payment require that the different
media used should be online real-time and every time. For those who have experienced downtime
in banks, it is totally a frustrating experience. The devices must be online for the transactions to
sail through. For POS terminals, it has been announced that dual-sim POS terminals will be used
to minimize downtime (Okoye & Ezejiofor, 2013).
Awareness and literacy among masses: Another very important factor in the successful
implementation of a cashless economy is the levels of awareness and literacy, of the populace.
Security from internet-related crimes: The issue of security is very serious, with country like
India, having been described as the hub of internet scam; one can only wonder how the
vulnerability of the cashless system to various forms of internet-related crimes will be addressed.
The regulatory agencies in the financial sector ensures that service providers adhere to minimum
security standards on their web-based platform, the current move by the country towards a cashless
economy may end up being a fruitless exercise (Azeez, 2011).
Thus, security concerns on the web, the platform of cashless economy, are massive. India is replete
with cases of internet scam and this will only increase as we enter into the e- payment era if the
issue of security is not comprehensively addressed. Another facet to the cyber security concerns is
the recent spate of cyber-attacks worldwide. Can we guarantee a sufficiently sophisticated system
as to scale the hurdle of cyber-attacks which are capable of derailing the whole cashless system?
If the case is so with the more organized economies, it can only be imagined what can take place
in an unorganized and vastly lawless economies. If we must go cashless, cyber security must be
guaranteed by government first. There is the need for proactive measures by companies in the
country to put up a defensive mechanism against these attacks.
CHAPTER THREE
3.1 Technological framework of Online Payment
a. How an existing new payment system works
b. How some of the needs are met and how it provides the stated benefits.
Figure 1: Framework of online payment.
3.2 Features/Deliverables
Convenience, efficiency and safety
3.4 Online Payment Methods Internationally
3.5 Most likely to become the mainstream online payment system
CHAPTER FOUR
4.1 Developments in Online Payment Methods
Globalization in today's world is the result of innovative technological endeavors. The
advancement in technology has changed the skyline of payment systems, moving towards eWorld. Decisively, current innovation has changed customary systems of payment into a more
proficient and viable system, which is free from the cash-and-carry disorder. The effectiveness of
executing financial transactions and also a more secure and faster access to funds, among different
other components, has put e-payment system on a more celebrated pace than the paper moneybased framework. Interestingly, in Nigeria, online payment framework is picking up eminence to
the degree that clients have now wanted to do financial transactions without going to the banks.
Thus, time of money-based payment framework is slowly blurring out as the cashless economy
dominates present day financial systems. Lately, online payment system has turned into a
standard through which fiscal element moves advantageously, particularly in a developing country
like Nigeria where it is habitual to carry cash. In such a country, the online payment system has
shaped into an important starting point of her present-day economy; a well-working system of
online payment has been perceived to have much pertinence to budgetary strength, overall
financial activity, and monetary policy. In the meantime, the initiative for an economy that is not
based on cash will be preferred in the new era only when it is supported with age advantage, good
education, ownership of important innovative foundations, among different other components,
appropriately set up by every concerned individual of the economic system and proficiently
managed before forcing the citizens to comply.
A number of researches were done on the systems of online payment and development of economy
in the current time. Newstead (2012) inspected cashless systems of payment and monetary
development and found a connection between cashless payment and the pace of financial
development. The review discovered that cashless payment volumes are developing twice as quick
in the developing countries as they are over the world. Likewise, World Payments Reports (2012)
investigated the state and advancement of worldwide non-paper money systems and discovered
non-cash payments make it less demanding and speedier for individuals and organizations to
purchase products and enterprises, thrusting cash into the framework quicker and adding to the
GDP. The conclusion of the review was like that of Hasan et al. (2012) who investigated principal
connection between online retail payment and general financial development utilizing information
from over 27 European nations from 1995 to 2009 and came to know that relocation to proficient
electronic retail payment empowers general financial development, utilization and exchange.
Apart from the safety and convenience, online payment systems additionally have a significant
number of financial advantages. Their chief financial advantage involves mobilizing investment
funds and guaranteeing a large portion of the cash accessible to the nation and with the banks,
making funds accessible to borrowers (organizations and people). Moreover, an online system of
payment can track spending of a particular individual; to simplify the framework of services
offered by the banks. This data is likewise helpful to the administration when settling on financial
adoptions. Online payment system likewise can diminish the cost on money handling and costs on
printing. As per (Moody's Analytics, 2010), genuine worldwide GDP on an average increased by
an additional 0.2% per year considered to what it would have been without the utilisation of cards.
Basically, the use of cards develops a nation's GDP by 0.2% every year.
Figure 2: Projects if 2024 Consumer payments based on data from 2014 (Payments UK, 2015).
In a society where 90 percent of money is held outside of the banks to migrate to a cashless
economy is a major transformation (Khan et al., 2017). It is subsequently a gigantic test for the
government, money related establishments, people and different other partners in charge of making
this framework accomplish its financial advantages. There are probably going to be economic,
operational, financial and advertising changes that should be overseen in a proper manner.
Conventional techniques of payment incorporate bank exchanges, debit cards, and credit cards. In
2014, the quantity of cards with a function of payment improved up to 766 million in the EU. The
measure of exchanges by means of cards was 47.5 billion, with an aggregate estimation of 2.4
trillion dollars. However, individuals incline towards other choices or local solutions of payment.
The scene of optional payments has advanced and is believed to assert 55 percent of e- Commerce
revenue by 2019, as was previously described.
The payments industry all over the world is growing at a fast pace with the filtering of investments
by big banks and the development of emerging technologies by progressing start- ups. It was
reported by Boston Consulting Group in 2016 that the transaction banking may reach from $1.1
trillion in the year 2014 up to $2 trillion in the year 2024, as depicted earlier (Roy et al., 2007).
While the focus has been on technology and innovation, the advantages of new payment
mechanisms are now being realized by businesses for improving the bottom line and fueling
corporate growth.
As per Vaughan Rowsell (2016), chief product officer and founder at Vend, “Popular businesses
are showing others that those payment solutions, which were new a few years ago, like contactless
cards or mobile wallets, are now real, reliable and widely used. As adoption has been slow, but
steady, the technology has been able to evolve and become better overtime.” Furthermore, he also
says that a lesson that businesses can take from this is the revelation of the number of choices
available to the user as the largest element of bottom-line growth. The greater number of user
payment options, cheaper and quicker systems imply that there is reduced dependence on cash.
Nevertheless, it also implies that the expectations of customers are growing.
4.2 Timeline
Successfully popularize online payment methods, and realize safe and efficient online payment,
unified online payment, and expand the online economic market. Let the common people and most
local enterprises be the beneficiaries. Ordinary people can get more convenient shopping and
payment methods. For example, salary settlement can be directly entered into the electronic bank,
without receiving or depositing cash and checks, and relatively avoid taxation problems for
taxpayers. As online payment methods become mainstream, small businesses will not easily lose
customers and avoid being replaced by some large online sales model companies.
4.3 Social Media as a driver of E-commerce
Social media and mainstream media play a significant role in raising awareness of e-commerce.
So, these media remain the future of e-commerce (Han and Kim 2016. Social media have the
largest impact on The internet users, especially on how people communicate and exchange
information through common sites such as Facebook, My Space, and YouTube (Abed et al. 2015).
Social media are seen as a solution for trust and adoption of e-commerce. (Makki and Chang 2015),
while roger stated that both mass media and interpersonal communication channels involved in the
dissemination process.
Popular media are no longer sites where people can access and exchange information. Social media
serve as a market strategy by facilitating the process of getting customers, attracting people and
implementing new forms of marketing for adaptation campaigns (Abed et al. 2015) have further
argued that in fact, the way consumers communicate with each other has changed over the last
decade, as retains the way they gather product information, exchange, get products and consume
them, they have evolved into commercial platforms that more and more companies are utilizing.
Social media is a source of business information through effective product development, marketing
and distribution, customer communication, and also improving customer loyalty and relationships;
social media is useful for building trust, reputation and brand image in B2C e-commerce (Makki
and Chang 2015). According to Rogers (1976) time remains a crucial aspect in the adaptation
process, the length of time it takes to decide to adopt innovation to use new ideas is also relevant
when considering how an individual or other adoption unit changes its internal state (e.g.
knowledge or decision to adopt) and its manifest behaviour (actual adoption or rejection).
The number of social media user in Tanzania is increasing significantly everyday Internet
penetration in this country of around 60 million people had increased to 54 % in 2017 from 49%
a year before but most users of social media are for leisure, citizens have not yet transferred their
online time for e- commerce activities. The reasons for this may be that people are still not aware
of the real benefits of adapting to B2C e- commerce. (TCRA Report 2017) Meanwhile (Abed et
al. 2015) argued that Social Media as a Bridge to the adaptation of e-commerce. Online forums,
web blogs, podcasts and popular media are rapidly becoming an essential part of the daily,
personal, social, and business life as well as a major source of customer information and a channel
of communication, information sharing, and distribution of creativity and Individual entertainment
(Cawsey, Rowley and Planning 2016). It is a simple and inexpensive solution to reaching potential
customers, listen to the voices of customers, creating vast business networks, (Glenn 2013).
Social media offer organizations and customers new ways to connect them. Businesses have begun
to embrace social media websites as a way to improve information sharing, communication and
collaboration by implementing many innovative and essential business practices(Iankova et al.
2019). Kenyans are traditionally wary of online payment 94% of online shoppers choose cash on
delivery as the method of payment and prefer to have the free return option (Gachenge 2020).
Lacks appropriate delivery addresses and trust in sellers has also hampered the growth of ecommerce. (Park and Kang 2014) using mass media is possible for the government to change the
behaviour of the population of e-commerce and building trust. Today, a significant percentage of
advertising campaigns take place through social media sites. Many social media users shop online
after sharing articles on Pinterest, Facebook and Twitter. This is a clear indication of how essential
social networks can stimulate adaptation to B2C e-commerce (Leong, Jaafar and Ainin 2018).
Meanwhile (Park and Kang 2014) believed that National Policy Initiatives (NPI) and the
government action, for example, training, advertising on mass media are helping to promote B2C
e-commerce in developing countries. Social media has a profound effect on the world in a short
time by connecting people and businesses in new and exciting ways. Now, social media has an
impact on general e-commerce, besides that is used by brands as a way to advertise, increase their
online presence and providing high-quality customer service. According to (Beier and Wagner
2015) pointed out that media, such as newspapers, television and radio can be used as a tool to
broadcast extra knowledge and awareness about e-commerce in developing countries. Through
social networks, people share common interests or needs that did not normally meet; they support
each other in knowledge, sharing and solving problems (Zhang et al. 2017). Promotion of B2C in
popular social media is another method that can be used to raise awareness of online business and
B2C in general (Riu and Review 2015).
4.4 Role of the Government in Establishing Mainstream Online Payment
Inadequate national and regional physical infrastructure, like roads, ports and broadband, as well
as unreliable electricity supply, are serious barriers to e- commerce in Tanzania. To a large extent,
these phenomena hamper the adaptation of B2C trade and place a nation at a disadvantage in global
competition (Mlelwa, Chachage and Zaipuna 2015). At the same time (Awa et al. 2015) have
argued that clear government policy on e-commerce is the first step towards adaptation, they
argued more tax and tariff policies need to review, regulatory frameworks, subsidies and
innovation infrastructure need to be well defined and promoted.
Besides, inadequate infrastructure and interconnectivity do not exist in a vacuum; infrastructure
like energy, software and hardware suppliers, skilled labour, broadband, backbone and fibre optics
need to present for communities to integrate web-based services to help adaptation. (Laudon and
Traver 2016) found that poor ICT infrastructure and shortage of technical and managerial skills
are barriers to e-commerce adoption. (Rahayu and Day 2017) also revealed that poor
communication infrastructure, lack of ICT knowledge, lack of IT resources, lack of financial
resources and poor legal infrastructure are some factors leading to low ICT adoption in developing
countries.
Choshin and Ghaffari (2017) suggested that to expand the acceptance and adoption of e-commerce,
it is essential to agree on the requirements of the technology, including telecommunications
infrastructures, legal, security and messaging issues. The presence of a high-speed Internet,
appropriate communications network, adequate organizational infrastructure, educational play a
role in the success of B2C e-commerce. Lawrence, Tar (2010) suggested that before citizens and
businesses in developing countries can consider participating in e- commerce, they must address
the problems of lack of telephone lines, insufficient quality, slow and high cost of bandwidth and
security. Most developing countries do not have ICT policies to guide the delivery of Internet
services (Garg and Choeu 2015).
No progress can be made without effective policies and resolute implementation of those policies.
The lack of policies to guide the expansion of e-commerce in developing the country is a
significant obstacle to the adoption of e-commerce (Alyoubi 2015). Government initiatives are
essential to the adoption of e- commerce and other ICTs. They may involve promoting the use of
ICT, education and establishing an appropriate regulatory framework for e-commerce. Telephone
access and competition among Internet service providers are key areas where government policies
can influence access and adoption of e-commerce. It is hence an immense test for the government,
cash related foundations, individuals and distinctive other accomplices in charge of making this
system finish its budgetary points of interest. There are likely progressing to be financial,
operational, money related and promoting changes that ought to be managed in a appropriate way.
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