CASHLESS TRANSACTIONS OF UNIVERSITY OF MINDANAO EMPLOYEES
A BUSINESS RESEARCH PRESENTED TO THE FACULTY OF COLLEGE OF BUSINESS ADMINISTRATION EDUCATION
UNIVERSITY OF MINDANAD
CHAPTER 1
INTRODUCTION
Background of the Study
In recent years, debit and credit cards have become increasingly common as retail payment mechanism and have increasingly displaced checks and cash. The payment system has no doubt has witnessed advancement in adoption of cashless payments to provide a chance to consumers for satisfying their buying desires in a convenient way. Cashless payment system where transactions is functioning, operated or performed without using coins or banknotes for money transactions instead using credit and debit card or electronic transfer of funds. Growth in cashless payments surpassed not only general economic growth but also growth in financial sectors. Thus, it is too valuable for the development, growth, promotion and enhancing competitiveness of banks.
Cashless payment system has been widely accepted by consumers and merchants throughout the world, and by far the most popular methods of payments especially in the retail markets (Laudon and Traver, 2002).Consumers 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.
In using cashless transactions, China is already ranked second to the USA in the number of plastic cards in issue particularly with the credit card products (China Union Pay, 2006).China’s cardholder revealed more often use...
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... 20% of the time activity is performed.
Department Store 5
Always 4
Often 3
Sometimes 2
Rarely 1
Never
1. I prefer to use credit card.
2. I prefer to use debit card.
3. Carefully plan most of purchases using swipe card.
4. Keep track record of how much I spend.
5. I find more convenient using swipe cards.
Restaurant
1. I prefer to use credit card.
2. I prefer to use debit card.
3. Carefully plan most of purchases using swipe card.
4. Keep track record of how much I spend.
5. I find more convenient using swipe cards.
Grocery
1. I prefer to use credit card.
2. I prefer to use debit card.
3. Carefully plan most of purchases using swipe card.
4. Keep track record of how much I spend.
5. I find more convenient using swipe cards.
...rder to better protect consumers. I learned that in Europe, there is a technology that supports greater cardholder verification, and there has been a great decrease in the number of people affected by financial fraud. I think that advanced technology like this should be more widely used in order to make credit card use more secure.
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 has been known as a commodity to most business travelers. In order to build its customer base, other consumers need to see the card as an indispensable convenience in their lives. American Express offers convenient methods to obtain account information, pay bills, find discounted products, and even make travel plans via the Internet. The Internet site offers these options, as well as other services, such as on- line help and assistance for small businesses. American Express realizes the need for many consumers to save time and money, but to still feel important and respected. The ingenuity and thought put into the services offered on the web site shows that American Express is genuinely concerned with the satisfaction of its customers.
If a customer refused the card, he was told to cut and discard it upon arrival. However, they were not informed that issuing each new card required a credit check, which can lower a person’s credit score
... a candy bar. These thin wallet size magnetic strips are the keys that unlock the vaults of banks, ATMs, and any cash dispenser around the world. Credit cards have become important sources of identification holding a name and number of a cardholder in just a thin card. There are many cardholders around today such as American Express, Discover, Master Card, and Visa. These companies go head to head with customers around the world. These thin wallet sized cards are a part of most Americans everyday life and some people are very dependent on them. If you come into a situation where you don’t have cash all you have to do is use your card and pay it off later. As many Americans say “I’ll charge it”, this has become a world wide saying. The modern day credit card was invented many years ago and will be continued to be in use for many years to come.
In the fall of 1998, the rampant rise in electronic credit card fraud led congress to pass the Identity Theft and Assumption Deterrence Act. This act prohibits, “ knowingly transfer[ring] or us[ing], without lawful authority, a means of identification of another p...
Where in 56 million payment cards were stolen and the issues related to the occurrence.
When it comes to convenience credit outweighs cash. It’s always easier just to pull out a card and swipe rather than pull out cash and should give exact change. Swiping a credit card is also less time consuming which can be convenient when running low on time. Credit also lets you keep track of your transactions, that way you know where your money is going. I know personally that keeping track of my
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.
By offering consumers both a means to pay for goods and services and a source of credit to finance such purchases, credit cards have become the most widely used credit instrument in the United States. As a payment device, credit cards are a ready substitute for checks, cash, and debit cards for most types of purchases (Federal Reserve, 2013).
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.
Digital money is undeniably convenient; anyone who has used a credit or debit card understands this. However, the era of digital money is only beginning; rapid technological advances will continue to make paper money a remnant of the past. Several innovations are already lessening the burden in your wallet. For instance, the seemingly innocuous mobile phone is actually playing an increasing role in facilitating monetary transactions, especially in Asia. Already, in Japan, large companies such as Coca-Cola have sanctioned vending machines that are not only compatible with common cell phones but also allow consumers to earn credits for using them (Kupetz). In this regard, the United States is strikingly behind the times when compared to other countries. Another new technology in the vein of mobile phones is no-contact cards. These innovative cards do not require a cashier to conduct a transaction; one simply holds a specia...
The introduction of the credit card first came around while the economy was booming in the early 1950’s. American consumers were in buy mode and the credit card was a genius idea to let people buy now and pay later. At first look this idea seemed great but what looks and sounds great does not always mean that it is going to be great overall. Over the years credit agencies have released thousands of credit cards with several questionable polices and high interest rates. “Any given American family in the present day possesses an average of eight credit cards with about 15,000 dollars of debt”(Canner 8). Many consumers have become addicted to wasteful cyclic consumption and living beyond their income due to the ownership of credit cards. The invention and continued implementation of credit cards into the American economic and social systems appears to be the cause of the struggling economy, the weakened U.S. dollar, the sky rocketing prices of gas and grocery store goods, the all-time highs of American debt, and social deprivation in some regions.
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...