Chapter I -the Problem and Its Background
CHAPTER I THE PROBLEM AND ITS BACKGROUND Introduction
A growing amount of economic activity is taking place on the Internet. As a result, electronic payment displays a boom although paper based payment methods still dominate the payment system. Electronic Payment or on-line payment is a form of financial transactions that are made without the use of paper documents such as cheques or notes (“A consumer’s guide of electronic payments”, 2001).
At present, business organizations, consumers and government agencies throughout the world take advantage of payment technologies to send and receive funds (Kushawara, 2003). Consumers pay their taxes and make other payments electronically; governments receive these taxes and distribute refunds also electronically; and enterprises put these modern technological tools to move payments and other funds. Electronic business payments have proved valuable in saving money, improving efficiency and helping deliver better returns to shareholders. With these benefits, organizations are better able to use their financial and human resource on more important or critical objectives and activities than on processes that can be automated.
Recently, there are many different e-payment methods emerging on the web. Facing a wide variety of options, consumers are confused about which one is the best. The best e-payment must have a stable and secure environment offering protection to the consumer. In the Philippines, electronic payments are being continuously developed to replace or reduce paper-based payments. Many new payment services have come into existence in recent years, most of which are based on technical innovations such as card, telephone and the Internet. With all these innovations in the country, government agencies and academic institutions did not fail to make the most out of the convenience electronic payment offer.
Educational institutions which makes huge investments in technology to upgrade their infrastructure, also
A growing amount of economic activity is taking place on the Internet. As a result, electronic payment displays a boom although paper based payment methods still dominate the payment system. Electronic Payment or on-line payment is a form of financial transactions that are made without the use of paper documents such as cheques or notes (“A consumer’s guide of electronic payments”, 2001).
At present, business organizations, consumers and government agencies throughout the world take advantage of payment technologies to send and receive funds (Kushawara, 2003). Consumers pay their taxes and make other payments electronically; governments receive these taxes and distribute refunds also electronically; and enterprises put these modern technological tools to move payments and other funds. Electronic business payments have proved valuable in saving money, improving efficiency and helping deliver better returns to shareholders. With these benefits, organizations are better able to use their financial and human resource on more important or critical objectives and activities than on processes that can be automated.
Recently, there are many different e-payment methods emerging on the web. Facing a wide variety of options, consumers are confused about which one is the best. The best e-payment must have a stable and secure environment offering protection to the consumer. In the Philippines, electronic payments are being continuously developed to replace or reduce paper-based payments. Many new payment services have come into existence in recent years, most of which are based on technical innovations such as card, telephone and the Internet. With all these innovations in the country, government agencies and academic institutions did not fail to make the most out of the convenience electronic payment offer.
Educational institutions which makes huge investments in technology to upgrade their infrastructure, also