Journal of Management Research ISSN 1941-899X 2013‚ Vol. 5‚ No. 1 Electronic Payment in Cashless Economy of Nigeria: Problems and Prospect. Nwankwo‚ Odi.‚ Ph.D Department of Banking and Finance‚ Ebonyi State University‚ P.O.Box‚ 435 Abakaliki Chartered Institute of Bankers of Nigeria Tel: 80-35-763-229 E-mail: Odinwankwo2002@Yahoo.Com Eze‚ Onyekachi Richard Department of Banking and Finance‚ Ebonyi State University‚ P.O.Box 435 Abakalik Chartered Institute of Bankers of Nigeria Tel: 80-36-185-506
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CHAPTER TWO 2.0. LITERATURE REVIEW In a commercial transaction system‚ a system user uses a card device to interact with sales or transaction terminals to conduct cashless transactions. Each terminal processes data including a balance stored on the card device and updates the stored data at the end of the transaction. The system is specially designed for purchases of items or transactions of relatively small monetary value‚ where purchases are generated unattended by salespersons. In this manner
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speculation about a cashless society. With a cashless society in the near future there are many benefits‚ as well‚ as many negative implications. Society without cash will lose the benefits of the most liquid asset in the world. Without cash there would be no instant payments for goods and services. It is important that‚ if society moves toward a cash free economy‚ the benefits must out weigh the negative aspects in the end. There are major social and economic benefits to a cashless society such as
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A Cashless Society A world with electronic banking Latisha N. Patterson J. Sargeant Reynolds Professor Anderson ECO 120-DL01 November 18‚ 2010 Abstract Electronic cash is a term becoming more acceptable as the world makes a shift towards a cashless society. Since the 1960’s governments and financial institutions have made steady but slow steps towards the goal of a society without cash. The cashless society is being sold as a more convenient method of payment‚ and a method of preventing
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Would a Cashless Society Have Less Crime? How paper money facilitates tax evasion and the black market. By Katy Waldman|Posted Friday‚ March 9‚ 2012‚ at 11:39 AM A cashless society could reduce crimes that depend on untraceable currency (and not just muggings). By Andrey Armyagov/iStockphoto. Like gasoline in a getaway car‚ cash fuels all kinds of black market activities. Drugs‚ blood diamonds‚ sex work—these and other illegal goods and services are often purchased with paper money‚ because
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Are we going to have a “cashless society”? I believe that our society will become “cashless” one day. Cashless is closer than you think. Only seven percent of all transactions in the United States are done with cash‚ and most of those transactions involve very little money. In some places around the world like Sweden‚ only use three percent of cash to pay for transactions. We may be close behind them. I think this because most people are shopping online more‚ and to do so you must need a credit
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one of your other credit cards like what often happens with cash. Have you ever stood behind someone in the grocery store line‚ and as they’re reaching in their wallet or purse for a $20‚ another couple of bills happens to fall out? Losing cash means it’s gone forever (unless some really nice soul sees it happen and gives it back to you!) but you do have some additional security when your credit cards are stolen. The biggest disadvantage of going cashless is the amount of interest you’ll pay
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CONCEPT OF CASHLESS SOCIETY Today this world is heading towards industrialization‚ privatization and globalization and the only thing which plays an important role is strong capital. Globally the most dominant currency is GREEN BAG ($dollar) & everyone is headstrong to grab this. Now a days money is everything name‚ fame‚ power‚ desire‚ health and wealth. Let us halt here for a second and use our divine senses. Is that money really important for us to become a good soul???? With
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Cashless Society Pros and Cons Pros: 1. reducing crime rate 2. robberies’ prime targets - less chance of robbery 3. illicit activities use cash for drug dealing or prostitution 4. card is much more convenient and easier to use 5. no need to pay cash in person 6. online shopping requires cards 7. phone/online banking saves more time that allows you to transfer money or pay bill in time and instantly 8. easy to carry with low risk of money explosion 9. easy to keep track of your money
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Cashless settlement Nowadays‚ a lot of settlements are being made without using any coins or paper money. With the increasing progress of technology‚ goods and services can be paid with cash cards or over the internet. There are several options the costumer can use to pay for a purchase. Credit cards A credit card is a card issued by a financial company giving the holder the opportunity to borrow money or buy products or services on credit. The credit card provider sets a credit limit after approving
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