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BM 565 Digital Business & New Technologies Assignment Sample
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In the business, a product or service is exchanged for money between the business and the customers. The method which is used by the customer to pay for the product is called a payment method. In the regular brick-and-mortar shops, this payment method is usually cash or cards, and in some rare cases, gifts cards as well. In online businesses, the payment methods can be cards, gift cards, vouchers, direct bank transfers, or cash on delivery (Berenson et. al, 2016). The payment method can have multiple options such as the payment processors in the online method can be PayPal, Razor Pay, American Express, Visa, etc. The primary use of payment method is used to exchange value with money between the customer and the business. It is used in every industry, every business. Further, the report will discuss the technologies used in digital payment, the use of payment methods in different organizations and industries followed by a discussion of the effectiveness of payment methods as a business tool.
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Order AI-FREE ContentIt is an everyday activity to buy something that adds value to one’s life and pay for it. The payment was accepted in many ways in history and developed to the current digital methods. The evolution of payment methods is discussed in this section.
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The transactions that take place through the digital medium with no physical exchange of the money is called digital payment. There are several methods of digital payment such as internet banking, card payments, stored value cards, E-cash, E-cheque, E-wallets, Mobile wallets, etc. The digital payment method is explained below.
There are different nodes of online payment that are explained here, the first is payment initiation; after confirming the purchase, the customer selects a method to pay based on which the details are required such as CVV, card pin, expiration date, etc. The next stage is payment authentication, it is an important step to ensure security during the transaction, if the system detects any authenticity mismatch, the transaction is failed. This is conducted by the service provider’s data network through a secure channel to the buyer’s bank or credit card company (Alaeddin et. al, 2018). This task is secured through a payment gateway followed by a payment processer. Once, the authentication is approved by the buyer’s bank, issuing bank settles the amount to the acquiring bank.
Payment methods are used in every field and by every firm for the business such as restaurants using cards, UPI, QR scanning, contactless methods to receive the payment. In the pandemic, digital payments were the only mode of payment accepted in many stores to reduce the chances of spreading the virus. Digital payment methods are widely used by e-commerce websites to accept payments.
Digital payment methods are not bound to any specific industry and are used widely in all businesses and industries. Digital payments have been established as a convenient, secure, and transparent system of payments in every industry. In the Covid-19 pandemic, the use of digital payments modes skyrocketed as it is a safe method to reduce the contact between people which reduces the spread of the virus.
There are several apps and software used for digital payments. Software like Google Pay, Apple Pay, PayPal, etc. is used as the link between the customer and the acquiring bank. The details for authentication such as card number, UPI ID, etc. are saved in these apps and authenticated every time the user tries to initiate the payment. Banks offer their applications for direct debit between the sender’s bank and the acquiring bank. The virtual technology used in the payment methods is Wi-Fi, and ethernet connectivity (Nikulchev et. al, 2019).
The hardware used in the digital payment methods includes chip readers to tire the information, near field communication technology for accepting the digital payments, scanners, swipe machines, monitors, mobile phones, and in many cases, a POS device which is issued by the bank to the merchants. For data storage and usage, the secure network established by the banking system is used by the payment gateways and payment processors to ensure a secure transaction. Live data processing tools are used to ensure security as the data is processed and authenticated and the bank account holder receives a notification about the transaction in real-time to avoid any fraudulent transactions (Nandlal et. al, 2021).
The technology is widely used by businesses to facilitate the transaction as it provides ease and convenience to the merchant as well as the buyer. Digital payment is also important for economic progress as it makes the transactions transparent and a seamless experience encourages buyers to spend more occasionally which is beneficial for the economy. The business transactions history is easily available which makes it easier for the customer as well as business to track their inflows and outflows of money.
Digital payment methods are a highly effective business tool as compared to the traditional cheques and cash as the e-payment systems are easy to carry, instant, and many other benefits that are discussed in this section.
Conclusion
This report summarizes what a payment method is, its importance, and its evolution throughout history. The payment method has been present in human civilization for a very long time as a means of exchange of goods and services between people. It fulfills the basic purpose of business i.e., to exchange goods and services. In addition, it emerges as a time saver and makes the business easy to conduct. Payment methods started as the rudimentary barter system which involved the direct exchange of goods, which evolved to sophisticated financial systems like coins, currency notes, cheques, etc. With the advent of the internet, payment methods found their most sophisticated method of evolution yet, digital payment (Berenson et. al, 2016). There are a plethora of businesses like healthcare, banking, education, real estate, etc. which involve the use of digital payment methods in the current times. Banks and organizations offer their means of digital payment which are usually mobile or web applications that users can easily use to complete any transaction. Some examples of such apps are Google Pay, Apple Pay, Paypal, etc. These methods are extremely fast, secure, easy to use, and reduce the risk of physical thefts. In conclusion, payment methods will always be present in the world and digital payments are the current and possibly the future evolution of a payment method.
References
Alaeddin, O., Rana, A., Zainudin, Z. and Kamarudin, F., 2018. From physical to digital: Investigating consumer behaviour of switching to mobile wallet. Polish Journal of Management Studies, 17(2), pp.18-30.
Anshari, M., Almunawar, M.N., Masri, M. and Hamdan, M., 2019. Digital marketplace and FinTech to support agriculture sustainability. Energy Procedia, 156, pp.234-238
Ardiansah, M., Chariri, A., Rahardja, S. and Udin, U., 2020. The effect of electronic payments security on e-commerce consumer perception: An extended model of technology acceptance. Management Science Letters, 10(7), pp.1473-148
Berenson, R.A., Upadhyay, D., Delbanco, S.F. and Murray, R., 2016. Payment methods: how they work. Washington, DC: Urban Institute.
Bezovski, Z., 2016. The future of the mobile payment as electronic payment system. European Journal of Business and Management, 8(8), pp.127-132.
Gupta, A. and Singhal, R., 2021. Impact of COVID-19 on Digital Payment Services at Towns and Villages. IJCRT2106045 International Journal of Creative Research Thoughts (IJCRT).
Mekuria, L.A., de Wit, T.F., Spieker, N., Koech, R., Nyarango, R., Ndwiga, S., Fenenga, C.J., Ogink, A., Schultsz, C. and van’t Hoog, A., 2019. Analyzing data from the digital healthcare exchange platform for surveillance of antibiotic prescriptions in primary care in urban Kenya: A mixed-methods study. Plos one, 14(9), p.e0222651.
Nandal, N., Nandal, M.N., Mankotia, K. and Jora, M.N., 2021. Investigating Digital Transactions in the Interest of a Sustainable Economy. International Journal of Modern Agriculture, 10(1), pp.1150-1162
Nikulchev, E., Ilin, D., Kolyasnikov, P., Zakharov, I. and Malykh, S., 2019. Programming technologies for the development of web-based platform for digital psychological tools. arXiv preprint arXiv:1906.05276
Singh, S. and Rana, R., 2017. Study of consumer perception of digital payment mode. Journal of internet banking and commerce, 22(3), pp.1-14.
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