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Task For Week
X E-Government in Malaysia: Its implementation so fa...
X Pros and Cons from Student Perspective on E-learni... X Corporate Blogging: A Marketing Communication Tool... X Review a local, transactional e-commerce site ... X The Application of Pre-paid Cash Card for Consumer... X Mobile payment system in Malaysia: Its potentials ... X Electronic Currency What Does Electronic Currency ... X Credit card debts: Causes and PreventionCredit car... X Phishing: examples and its prevention methodsPhish... X Safeguard and financial dataToday's world of techn... |
Wednesday, July 8, 2009
The Application of Pre-paid Cash Card for Consumers There are two types of Pre-paid Debit Cards: (i) ATM Cards- designed for payment transactions requiring the secured entry of a PIN at both the Point of Sale or ATM (ii) Branded (or Signature or full-function) Pre-paid Debit Cards- can be used for transactions at every respective Point of Sale terminal carrying the Visa or the MasterCard logo (with or without PIN pad)- can be used to pay bills and purchase online There are several applications of pre-paid cash card for consumers, such as:- (a) General Spending Debit Card (i) For funds security (ii) ATM cash withdrawals (iii) Purchase at POS(iv) Full-function Visa & MC branded Prepaid Debit card can be used for ‘signature- based’ purchases, bill payments and online purchases (b) Payroll and commission payout Card (c) Remittance – Funds Transfer within and across borders (d) Affinity Group Card (e) Travel Card (f) Student Card (g) Gift Card**These debit cards can be issued to everybody with a valid government issued ID and verifiable address, for instance, “Bankable People” and “Un-bankable People” with: (i) No bank account needed (ii) No banking history needed (iii) No credit check(iv) Just about everybody approved, no declines (v) No employment verification neededBesides, there are also several benefits by using those pre-paid cash card, such as:-- This payment quickly and securely moves “Checking Account Like” funds without the hassles or risks involved with paper checks- Security features such as personal identification numbers (PINs) protect consumers against theft and fraud- Consumers prefer Prepaid Cash Cards because they act virtually the same as cash, only with much more security- Consumers who make debit card purchases are free of interest charges associated with credit cards- Funds Transfer – Consumers can conveniently and inexpensively transfer funds to friends and relatives everywhere- Bill Payment and On-line Purchases – Un-banked consumers can pay bills and purchase products and services on-line or through phone calls. Labels: Task 4
1:49 AM
Tuesday, July 7, 2009
Mobile payment system in Malaysia: Its potentials and consumers’ adoption strategies Mobile Payments (M-Payments) Introduction According to Wikipedia, Mobile Payment is collection of money from consumer via a mobile device. It is new and rapidly-adopting alternative payment method instead of paying with cash, check or credit cards, a consumer can use a mobile phone to pay for wide range of services and digital or hard goods such as purchasing music, videos, ringtones, online game subscription or items, wallpapers and transportation fare. November 21, 2001 the first mobile payment system has applied in Malaysia, people can enjoy the secure and convenient way to conduct mobile commerce using a GSM cellular phone. TeleMoney, the country's first mobile payment service and it is expected to fully operational in the first quarter of 2002. Besides that, Mobile Money International Sdn.Bhd. is a Mobile Payment System which allows customers to send a payment request through an SMS text message by personal identification number for authorization to make payment. Potentials: The mobile payment industry will experience steady growth, as the number of mobile payment users worldwide will total 73.4 million in 2009, up to 70.4 percent from 2008 when there were 43.1 million users. It allows people to use financial services in a more-efficient way at more-affordable costs. This helps especially when consumers are in need of cash but does not have any in hand, therefore with mobile payments they do not need to even search for an ATM machine to withdraw money for payment. Beside that, it can greatly improve standards of living since this system is very convenient as users do not need to carry any cards or even cash but just mobile phone. It also reduced time to be wasted in spending time for queuing up for bill payments. There is high potential for Mobile Payment System in Malaysia because the market is very large due to the number of mobile phone users is high. The system covers all mobile operators in Malaysia and is available to prepaid and postpaid service billings. Therefore, the mobile phone users’ confidence on mobile payment will greatly increase. Consumers’ adoption strategies: 1. Educate public about mobile payments, how to use and introduce its functions (e.g. bill payment, mobile purchase) 2. Enchance security and confidence to mobile users Mobile Money allows merchants to take online order without the need for online shoppers to disclose their credit card information. 3. Collaborate with more banks and companies to widen the ability to pay via mobile at the same time it helps to increased customer’s satisfaction and confidence Currently Mobile Money has teamed up with Hong Leong Bank Bhd. and Bumiputra-Commerce Bank to allow consumers to make payments via their bank accounts linked to their mobile phones. It is targeting 1 million Malaysian mobile phone subscribers with the belief that sending cash via SMS will eventually become part of the daily life of the Malaysian community. 4. Maintain customer’s loyalty Company can reward customers by giving gift at certain level of purchasing or giving extra credit when they used mobile payment. Indirectly, it encourages the use of mobile payment. References: http://www.cellular-news.com/story/37722.php http://www.gartner.com/it/page.jsp?id=995812 Labels: Task 4
2:59 AM
Electronic Currency  What Does Electronic Currency Trading Mean?It is a method of trading currencies through an online brokerage account. Electronic currency trading involves converting base currency to a foreign currency at the market exchange rates through an online brokerage account. And Electronic currency traders use analysis based on technical and fundamental indicators to help them forecast the movement of the currency pair being traded. Because currency trading by this method is wholly electronic, execution speeds are extremely fast, allowing the trader to quickly buy and sell currencies to cut losses and take profits at a moment's notice. Technically electronic or digital money is a representation, or a system of debits and credits, used (but not limited to this) to exchange value, within another system, or itself as a stand alone system, online or offline. Also sometimes the term electronic money is used to refer to the provider itself. A private currency may use gold to provide extra security, such as digital gold currency. An e-currency system may be fully backed by gold (like e-gold and c-gold), non-gold backed, or both gold and non-gold backed (like e-Bullion and Liberty Reserve). Also, some private organizations, such as the US military use private currencies such as Eagle Cash .Many systems will sell their electronic currency directly to the end user, such as Paypal and WebMoney, but other systems, such as e-gold, sell only through third party digital currency exchangers.  rchant does not need to interact with the bank before accepting a coin from the user.Instead he can collect multiple coins Spent by users and Deposit them later with the bank. In principle this could be done off-line, i.e. the merchant could go to the bank with his storage media to exchange e-cash for cash. Nevertheless the merchant is guaranteed that the user's e-coin will either be accepted by the bank, or the bank will be able to identify and punish the cheating user. In this way a user is prevented from spending the same coin twice (double-spending). Off-line e-cash schemes also need to protect against cheating merchants, i.e. merchants that want to deposit a coin twice (and then blame the user). The main focuses of digital cash development are 1) being able to use it through a wider range of hardware such as secured credit cards; and 2) linked bank accounts that would generally be used over an internet means, for exchange with a secure micropayment system such as in large corporations (PayPal). Theoretical developments in the area of decentralized money are underway that may rival traditional, centralized money. Systems of accounting such as Altruistic Economics are emerging that are entirely electronic, and can be more efficient and more realistic because they do not assume a zero-sum transaction model. Labels: Task 4
2:15 AM
Monday, July 6, 2009
Credit card debts: Causes and Prevention Credit cards are convenient and a great budgeting tools when you used properly. If abused,though,credit cards can be start of a years long nightmare and unbelievable stress.Poor money management is one of the best reasons why so many families accumulate lots of debt. Not having a monthly spending plan and not keeping track of your monthly bills makes you unaware of where your money is going.You might be spending hundreds of dollars every month towards items that are useless and have no value in your life. Besides that, less income and more expenses also one of the point caused credit card debt. It is happens when the main breadwinner of the household loses his job but monthly expenses are not cut down in line with the reduction in income. This can leads to a rise in debt. Visual.jpg) Moreover, missed payments may result in the card being refused at retailers until payment is made.Worse still,this will affect the user's credit rating. There are some ways to control and prevent to credit card debts. First,view your credit as the same with cash.Keeping an equal perspective regarding credit and cash helps you well enough to be more aware and more keen on spending too much. If you treat your credit card as if it’s also cash, the less unaware you become of your spending. Then, simplest way to avoid unwanted debt is to prepare for unexpected expenditures by saving three to six months of living expenses. With a savings cushion in place, a job layoff, illness or divorce will not cause immediate financial strain and increase debt. You always hear, "Pay yourself first." Do it and it will grow and be there when you need it. No one has ever regretted having a savings cushion. A monthly spending plan is essential. Without one you have no idea where your money is going. You may be spending hundreds of dollars unnecessarily each month and end up having to charge purchases on which you should have spent that money. Planning is no more difficult than writing down your expenses and income and reconciling the two. You will be surprised at how powerful you'll feel when you are making thoughtful decisions about where and when to spend your money.A well-planned financial management scheme can help you become a more prepared and more organized consumer. With a great management plan, you won’t even choose to pull out your credit card from your wallet. Labels: Task 4
12:06 AM
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