SUCCESSFUL E-BUSINESS SYSTEMS - PAYPAL ABSTRACT PayPal is an account-based system that allows anyone with an email address to send and receive online payments. This service is easy to use for customers. Members can instantaneously send money to anyone. Recipients are informed by email that they have received a payment. PayPal is also available to people in 38 countries. This paper starts with introduction to the company and its services. The information about the history and the current company situation are covered. Later some interesting and different technical issues are discussed. The Paper ends with analysis of the company and several future recommendations. KEYWORDS PayPal, Payment Systems, E-business, Money Transactions, PayPal Analyses. TABLE OF CONTENTS 1. Introduction 2. PayPal as e-Business 3. Technical Issues 4. Analysis (of PayPal as e-Business) 5. Conclusion 6. References 1. INTRODUCTION 1.1 - PayPal –A Popular Company This paper is about a company called PayPal. First I will touch the general information about the company, then provide information about several details and finish with several useful future recommendations. PayPal (formerly X.com) that was founded in 1998 belongs to an Electronic Payment Systems, more precisely to Generic Systems subgroup. It is located in San Jose and carries out services that provide the possibility of sending and receiving money by means of computers in an easy, secure and fast way using an account-based system. This can be done by anyone (a private person or legal entity) who has an email address. When the money is transferred, a message is sent to the recipient’s email address notifying about the transaction. At the same time certain security measures are taken during these operations. One can still charge his or her account without having an electronic card, using the bank transfer or a paycheck. Transferring money is as easy as sending an email for customers. Page 2 2 (Fig.1, What is PayPal, retrieved on February 15 th , 2004 From: PayPal Developer Conference Keynote, Alex Kazim, VP Marketing, 05/08/03. Data available on http://paypaldev.org/ ) In 2002, PayPal was acquired by eBay. It has quickly become popular. Today the company offers services in thirty-eight countries and has about forty million customers for today. In most of these countries it supports bank withdrawal service and is especially popular among eBay customers. Fig.1 briefly illustrates Company’s business. The system enables its users to send money, using computers. The same can be done by means of mobile phones that are support Web.
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Electronic mail is a phenomenon that has begun to pervade all aspects of our lives today. We use e-mail in our personal lives, at our schools, at our jobs, and everywhere in between. However, very few of us consider the fact that even though our e-mail is composed by the sender, and is intended to be read only by the recipient, it actually passes through many hands in between. Transmitted e-mail will often travel through up to 5 or 6 different servers on its way from sender to recipient. Along the way, it can be read, changed, and even destroyed by any party with the means and the inclination to do so.
In terms of PayPal’s corporate level strategies, they have focussed on innovation where they are trying to bring new system and feature into their existing technology or product. The process is to cope up with the growing number competitions such as Apple Pay, Google Wallet and other financial institutions and providers. According to Keith Bossey PayPal was the only alternative web and mobile based payment processing provider among a field of 35 competitors to earn ‘Star’ status in their brand equity. They are the only brand used by a majority (53%) of micro to small medium sizes business and private enterprise owners around the world (Fallon, 2014). PayPal’s another corporate strategies was to connects with financial institutions around the world and allows customers to collects payments using a wide range of payment method such as Visa Credit, Online banking etc. It happens regardless of where the business and seller is being located. Despite the split from their parent company eBay in 2015. They have embarked their payment system journey through strategic acquisitions and growth in their strategies (Nunez Enterprises, 2015). At the same time their innovation and emphasis leads one of the profitable business and trying to do their best to serve consumer their services. The report show that they continue to expend their operations covering all seven continents and trying to reach as many consumers as possible to enable easy and faster payment system. According to CEO Dan Schulman PayPal will be providing “full service” to their
The risk and cost of switching services can be too high especially for merchants who tends to require special customizations and rely on PayPal to support the various infrastructure built. As of first quarter in 2016, PayPal have 184 million active customers accounts (PayPal About - Home, n.d.). With such a large number of customers and the reliance of PayPal’s support, no one tends to have bargaining
Woda, K. (2006). Money laundering techniques with electronic payment systems. Information & Security International Journal, 18, 27–47.
One . Mobile Commerce - Money Machine : No need to delve into the importance of mobile Internet - the fact is that it is the cornerstone of almost all mobile marketing initiatives . Mobile commerce website developed brand to consumers and businesses. Successful development and positioning of the mobile commerce site can increase revenue by 3% . Sales leap...
Let’s say in small villages & remote areas where only few people have internet access. The customer can go to their local store & use the shop keeper’s internet connection to browse & select goods from Amazon.in. The shop keeper record their order & alert customer when their products are delivered to the store. They collect the cash payment & pass the money, minus a handling fee to Amazon. This arrangement intelligently patches the problem of conducting e-commerce in a cash economy. Also, the store owners report an increased in sales of their
Internet is not required for Airtel money payment: Airtel virtual wallet is used as money transfer software application in which you can load money and then use it for host of services. Airtel money works on USSD technology. In this technology you can communicate with the service provider computer which is similar to online chatting. Thus, you do have to choose the option step by step. You can easily do it without any internet connection. However, if you have mobile data, you can download the app and transact
Web based managing an account through conventional banks empower clients to carry out all routine transactions, for example, account transfer, bill payments, stop-payment requests, bank statement, balance inquiry and many more. We can get Account information at any time, irrespective of day or night, and can be possible from
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...
The first online banking system was created in 1980 in New York, and was adopted by four main banks; Citibank, Chemical, Manufacturers Hanover and Chase Manhattan. The sector needed an innovation in banking systems because of growing consumer demand for service improvements as well as fear of losing market share. In the beginning, online banking was treated at private customers and small companies, to help customers have easier access to their bank accounts, however, now it achieves a global reach through the population. (Cronin 1997) In today’s world, electronic business (E-business) is very important especially for the banking system, plays a fundamental role in online banking (Nasri 2011). A true definition of online banking is difficult, because this system is connecting with different services which are constantly evolving. Access to online banking is possible through the internet, phone or even television. (Daniel, 1999; Mols, 1998). This ‘open system’ is available to the customers twenty four hours a day, seven days a week. This is a multi-level organized system, which helps people pay bills, check credit cards or even arrange mortgages without leave their houses. (Singer 2012)
A great opportunity for Amazon to advance its business would be to create a similar payment system. Currently, Amazon does have its own system called “Amazon Payments”, however this system requires for one to use their bank account information. On the other hand, PayPal is much more advanced, and does not require a bank account. All it requires is a debit or credit card, and it also offers its own “PayPal Smart Connect” online credit card. EBay has witnessed a majority of its success from this payment system. There are thousands of online retailers who currently accept PayPal as a valid method of payment, which increases eBay’s revenue. If Amazon were to introduce a system similar to this as well, in which people are not required to give their bank information, the company would surely have a great bump in its
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.
Email (electronic mail) was one of the biggest breakthroughs in communication when the internet was commercialized. With email, it became possible to send messages and letters across the world in a matter of seconds to the recipients address. Email was used as an alternative to conventional mail or snail' mail, as the term was introduced to describe its speed. As technology improved, it became possible to attach' documents, photographs and even sound clips or songs to emails which made mail by post redundant. Emails used packet switching software whereby the email was broken down into packets' and sent via the internet to the recipient.
Electronic Mail, a means of communication that is growing at a very rapid rate. In this paper, I will write about introduction of e-mail, the advantage and disadvantage of e-mail, mailing lists, sending an e-mail message, sending attachments, e-mail improvement, and security features. Introduction of Electronic Mail Electronic mail (E-mail) has become popular and easy way of communication in this decade. E-mail is a method of sending and receiving document or message from one person to another. E-mail is not only replacement for postal mail and telephones, and also it is a new medium. E-mail send plain text, images, audio, spreadsheets, computer programs can attach to an e-mail message. Using the e-mail, you must have a computer on a network. The computer must require a modem and phone line. Sending and receiving e-mail needs an e-mail program. Every e-mail user requires an e-mail address. This e-mail address is similar to a postal address. E-mail address is written as username@domain, for instance, PCLEE@juno.com. The username is used for sending and receiving e-mail.