...Statement of the Purpose The proposal entitled, “Implementation of reloadable debit card on New Era University” aims to attain the following: * To have an easy transaction in payment purposes of the consumers * To lessen the hassle of counting paper bills and coins * To have an accurate record of all billings in school facilities * To lessen the incident of losing large amount of money Background of the Purpose Prepaid card are rapidly growing having been introduced as an alternative to cash. One of the new trends in payment transaction today is the use of reloadable debit cards. These are actually prepaid cards that can be reloaded with value after it is issued. Within the university, for example, a student cannot control overspending of purchases (e.g.) and as a consequence, he might be forced to bring a large amount of money. Doing so, he is also carrying the risk of losing the money because of carelessness. Moreover, taking into consideration that he must convert first his cash into chits before he could buy is also another picture and the cueing problem of the long lines awaits every student which as a result, time-consuming. Whereas, it is also a difficulty on the administration to maintain transactions on a manual basis. The recognition of income would be another question. There are recent events of fraud and mischief with school chits for personal advantages. The impression to their subordinates would not be good on handling such situations...
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...Business Research Business Research with Bitcoin In this paper I want to talk about Business research and how it applies to my area of business Crytocurrency, more specifically Bitcoin. So what is Business Research? The book says it is a systematic inquiry that provides information to guide managerial decisions. Or a process of planning, acquiring, analyzing, and disseminating relevant data, information, and insights to the decision makers in the ways that mobilize the organization to take appropriate actions, that maximize performance. The way that my business uses research currently is to find new technologies that are better than the current, new announcements for Bitcoin such as features, competition, or issues (Cooper & Schindler, 2011). A good example of how research can save my business is in early 2014 the price of Bitcoin went from $1200 to around 650 in one day. If I had not sold at the start of the dump at 1150 the day before, we would have lost half of our equity in one day. However due to research that my company had done, we saw the day before that a Japanese Bitcoin exchange MT GOX had been hacked, and around 1 million Bitcoin was stolen. Considering that there are only 21 million Bitcoins that can ever be in existence, which was a huge hit at almost 5% of the total. To understand how and why we do research thee way we do, you have to understand our product. So what is Bitcoin? Bitcoin has occupied front pages and preoccupied media for many weeks now...
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...adopted by a domestic or foreign government” 1-201(24). * * The Functions of Money (1) Medium of Exchange Cures two problems with bartering: Double coincidence of wants, e.g. you have a horse you want to trade, and you want a cow—now you need someone who has a cow, and wants a horse. Depreciable commodities (2) Store of Value Money may be used as a store of value. Not all stores of value are money. (3) Unit of Account Unit in which prices are stated and accounts maintained. (4) Statement of Deferred Payment Measure of what must be paid in long-term transactions like loans and annuities. What is Payment Systems? Concerned with the law governing the payment component of commercial transactions. This is the law applicable not to money itself, but to the various substitutes for money. Payments law is not derived from principles of “higher law.” Instead, it is instrumental—designed to facilitate commercial transactions. One way to view payment law is as creating a set of default rules. These rules are designed to establish what the parties would otherwise do for themselves, if they were able to bargain about what the rules would be. Presumably, people would like to reduce transaction costs. So how do we determine what the parties would have chosen? We engage in a “thought experiment” and imagine what kind of bargain parties would strike. Self-interested parties prefer more of a good thing, so most bargainers would agree to a rule that makes them both better...
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...data. Financial support for this research was graciously provided by the NBER Africa Success Project. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. © 2011 by Isaac Mbiti and David N. Weil. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Mobile Banking: The Impact of M-Pesa in Kenya Isaac Mbiti and David N. Weil NBER Working Paper No. 17129 June 2011 JEL No. E40,O16,O33 ABSTRACT M-Pesa is a mobile phone based money transfer system in Kenya which grew at a blistering pace following its inception in 2007. We examine how M-Pesa is used as well as its economic impacts. Analyzing data from two waves of individual data on financial access in Kenya, we find that increased use of M-Pesa lowers the propensity of people to use informal savings mechanisms such as ROSCAS, but raises the probability of their being banked. Using aggregate data, we calculate...
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...A Survey of Electronic Cash, Electronic Banking and Internet Gaming 1 2 TABLE OF CONTENTS PREFACE ..........................................................................................................................5 FOREWORD ..........................................................................................................................7 INTRODUCTION ............................................................................................................... 11 ELECTRONIC CASH .......................................................................................................... 15 INTRODUCTION ................................................................................................... SMART CARDS/STORED VALUE CARDS........................................................ The Basics ..................................................................................................... Stored-Value Card Issuers ............................................................................ COMPUTER E-CASH ............................................................................................ The Basics ..................................................................................................... E-Cash Issuers ............................................................................................... REGULATORY POLICY ......................................................................................... SUMMARY OF ELECTRONIC CASH...
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...automate the functions of payment system through the clearing houses under the control of Bangladesh Bank, a program was launched in the name of Bangladesh Automated Clearing House (BACH) with two components- one is Bangladesh Automated Cheque Processing System (BACPS) and Bangladesh Electronic Funds Transfer Network (BEFTN). BACHS stands for Bangladesh Automated Clearing House System which is the nationwide electronic payment network that allows the actual clearing of electronic payments and payment-related information between financial institutions. It is an electronic network for financial transaction. The main benefits of making and receiving BACH payments are cost savings and convenience. BACH processes large volume of debit and credit transactions which are originated in batches. It has two components – 1. The Automated Cheque Processing System and 2. The Electronic Funds Transfer. The Bangladesh Electronic Funds Transfer Network (BEFTN) operates as a processing and delivery centre providing for the distribution and settlement of electronic credit and debit instruments among all participating banks. BEFTN is the central clearing facility, operated by Bangladesh Banks that receives entries from originating banks, distributes the entries to appropriate receiving banks and facilitate the settlement functions for the participating banking institutions. BEFTN is a highly reliable and efficient nationwide batch-oriented funds transfer system which provides for the...
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...Travel Expense Card should only be used for meals and ground transportation. Personal charges and excessive charges will not be covered, and if they are charged, disciplinary action, up to and including termination, may be taken. Key points: • Tipping and gratuities should not exceed 15% of the cost of the meal • If the Hotel you are staying at provides breakfast with the Hotel room cost, you are not allowed to expense breakfast • Coffee outside of with a meal is NOT expendable • Snacks are NOT expendable Each New Hire is required to retain all receipts and the Prepaid Debit Card which must be returned to the Retail Store Manager on your first day in the retail store. Failure to do so may result in delay or denial of payment and may also lead to discipline. ------------------------------------------------------------------------------------------------------------------------------ TRAINING: During your New Hire Training, you must take BSX101: Business Expense Training and RET114:...
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...NTT DoCoMo iD DCMX in Japan In Japan, the mobile money market started more than a decade ago when NTT DoCoMo introduced i-mode phones and their supporting payments ecosystem. Although there are six or seven contactless card payment systems in the market place, there are relatively few debit and credit cards in circulation; Japan is still a heavily cash-based economy. Japanese people typically go to the cash till, take out substantial sums, pay for things in cash and, in the evening, they go and put what is left back in the bank. The proximity payments sector is very competitive. The transit companies have a contactless card whose use has been extended to enable people to pay in convenience stores, at newspaper stands, other stores and venues such as swimming pools. The biggest point about the Japanese market is how DoCoMo has navigated the situation. DoCoMo has about 80 million handsets in circulation with near proximity payment interfaces. To achieve this, DoCoMo decided that the portfolio of services that it would run over the phones would be very wide. Below, David Birch, director at Consult Hyperion, walks through the DoCoMo value chain. “I walk into a shop in Tokyo and buy something with my phone – pay using my DoCoMo iD DCMX credit card, issued by Sumitomo Mitsui bank, which is part-owned by DoCoMo – that is, the operator decided to buy into a bank rather than get tangled up in regulation. In Japan, like the U.S., if you want to issue a credit product, you...
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...cash, a way to implement anonymous electronic payments in an environment of mutual mistrust between the bank and the system users. The present day payment systems fall into two large categories: account-based systems and token-based systems. Token-based systems such as paper cash, pre-paid phone cards or mail stamps, do not identify its users. A pre-paid phone card, for example, does not distinguish one caller from the other. Account-based systems such as checks, credit cards or bank accounts need, by design, to identify the system users and their transactions. People like to use paper cash because it is easy to carry around, they can make a payment with the received cash and they don’t need to ask a third party like a bank to perform their payments. Paper cash can, however, be stolen or lost and no one compensates for the lost or stolen money. Credit cards reduces risk of lost cash for people, but by using electronic money people are in the risk of losing their privacy. Annually, credit card companies and banks lose large sums of money since they are required to compensate for lost cards and the costs associated with fraud and human error. In light of the explosive increase of electronic services such as Internet, the need for more efficient electronic payments has become an essential fact. Since anonymity of payments is usually associated with anonymity of paper cash, an anonymous token-based electronic payment system is referred to as digital cash (also known...
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...America: EMV Payment Card Industry Standardization Author: R.B. America: EMV Payment Card Industry Standardization Unfortunately for the American Payment Card Industry (PCI) infrastructure, the mandated adoption of the Europay, MasterCard, Visa (EMV) standard is futile of addressing the critical deficiencies of the de facto requirements, by the Payment Card Industry Security Standards Council (PCI SSC), protecting sensitive data in memory, transit or at rest. Therefore, PCI key players: such as cardholders, merchants, acquirers, and issuers alike must continue to stay vigilant of the risk by threat agents attempting to exploit vulnerabilities in the payment processing system in order to extract unauthorized sensitive data or information. First, EMV is a two decade old technology standard that originated in Europe in the early 1980’s. Its primary objective is to address fraud that results from extracting card issuer and cardholder data that is encoded on a magnetic stripe (Track1 and Track 2) on the backside of debit and credit payment cards. Second, while it can be argued that the EMV technology standard has its pros, such as providing a single payment card a mechanism to sustain multiple applications. The implementation of the EMV standard does not address many of the critical issues or methods used to extract Track 1 and Track 2 data in the card payment transaction stages. Such as, vulnerabilities in payment applications and devices or encryption methods of...
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...Assignment 1: Fundamentals of Effective Communication in the Workplace Name: Luis Marquez Professor: Fred Brandt Date: 11/6/2015 Course Title: BUS 100 Effective communication skills are essential in the workplace. Some businesses invest in training their employees on how to effectively communicate, because effective communication skills go beyond conversations. Employees must know how to express business issues effectively when writing reports and emails. Understanding the benefits of effective communication helps businesses to develop a workforce that is able to communicate effectively with coworkers, customers, and suppliers and increase productivity. Working in retail communication skills have to be a top priority, while working in management, I have to make sure that I can relay everything with my team. I get information from the corporate chain above me, and then I must relay this on to my employees under me, if this information isn’t transmitted properly then our business can’t thrive. During the holiday season we have a lot of procedures and a new set of rules that we must follow as a whole. Now being a manager it is my job to be sure each and every employee goes over the information sent to me. New procedures included certain items can only be sold in limited quantities per customer, we can only load a certain amount of money on a gift card per transaction, as well as new scams and shifty things to look out for. Working in retail you can get a lot of people...
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...MasterCard Incorporated Company Profile Publication Date: 17 Jun 2011 www.datamonitor.com Europe, Middle East & Africa 119 Farringdon Road London EC1R 3DA United Kingdom t: +44 20 7551 9000 f: +44 20 7551 9090 e: euroinfo@datamonitor.com Americas 245 5th Avenue 4th Floor New York, NY 10016 USA t: +1 212 686 7400 f: +1 212 686 2626 e: usinfo@datamonitor.com Asia Pacific Level 46 2 Park Street Sydney, NSW 2000 Australia t: +61 2 8705 6900 f: +61 2 8088 7405 e: apinfo@datamonitor.com MasterCard Incorporated ABOUT DATAMONITOR Datamonitor is a leading business information company specializing in industry analysis. Through its proprietary databases and wealth of expertise, Datamonitor provides clients with unbiased expert analysis and in depth forecasts for six industry sectors: Healthcare, Technology, Automotive, Energy, Consumer Markets, and Financial Services. The company also advises clients on the impact that new technology and eCommerce will have on their businesses. Datamonitor maintains its headquarters in London, and regional offices in New York, Frankfurt, and Hong Kong. The company serves the world's largest 5000 companies. Datamonitor's premium reports are based on primary research with industry panels and consumers. We gather information on market segmentation, market growth and pricing, competitors and products. Our experts then interpret this data to produce detailed forecasts and actionable recommendations, helping you create new business opportunities...
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...article examines the cash management and payments developments in India, in terms of bank offerings and new corporate best practice. Traditionally having a paper-based clearing system involving not only high processing cost but security risk, cash management in India has certainly undergone a paradigm change. From a product-centric approach, the focus for almost all banks today has shifted emphatically to the customer. And success is all about bringing the maximum possible delivery channels to the prospect's doorstep. In the rapidly transforming world of business, banking faces its biggest challenge yet - constant change. With every bank seeming to offer service possible, efficiency coupled with innovative value added solutions have emerged as the key business differentiators that affect a bank's bottom line. Confronted with shrinking deposits/margins, rising customer expectations and intensifying competition, banks must at all times strive to be a step ahead of industry standards. At the same time, they cannot lose sight of credit risk, a natural byproduct of the increasingly complex relationships in today's dynamic markets. For some time now, technology has been the key driving force behind every successful bank. In such an environment, the ability to recognise and capture market share depends entirely on the bank's competence to evolve technically and offer the customer a seamless process flow. The objective of a cash management system is to improve revenue, maximise profits...
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...desserts, snacks and sandwiches. Its peak hours are 5pm to 6:30 pm everyday which makes the heaviest crowds. The majority of the customers paid with campus-wide electronic payment system. Problem Statement Customers are complaining about the waiting time is too long. This could a threat to the cafeteria because if they could not successfully decrease the waiting time, customers would switch to other alternatives. Another critical consideration to this case is that they don’t have large space for the cafeteria. This is the reason why there is congestion during the peak hours. In order to solve this problem, the assistant residence manager, Jason Mah, needs to collect and analyze information and find an effective solution. Analysis (Quantitative) According to Mah, the average waiting time for each line is: 1. Line 1=5 minutes 2. Line 2=10 minutes 3. Line 3= 1minute The precooked and interactive customer base ratio is 2:1 that precooked is more attractive than interactive. The product margin in precooked is higher than interactive meal. Moving customers will increase profits. According to the spreadsheet we can know, the standard deviation of entrance time of arrival is 3.91. This number increases as the observations grow which means the line is built up at the arrival area. The cashier payment time is at a standard deviation of 0.54 minutes that might need an improvement. Precooked and interactive of standard deviation are 1.19 and 1.07, which is almost the same...
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...Phillip Bueno Financial Reporting Case – Velocity Cellular 2/2/15 Velocity Cellular is a cell phone company who charges subscribers for its service on a yearly basis. The prepaid minutes are used by the subscriber during the year and a new voucher for another year of service must be purchased. The upgraded activation cards are one-time payments to upgrade current phones but do not provide the subscriber with a year of service. Subscribers who decide to upgrade their activation cards via the “Power Starterpack” will receive the new activation card as well as a prepaid voucher for service. The activation cards are products that can be recognized at the point of sale. However, the prepaid vouchers constitute deferred revenue which must be recognized when the service is used. When recognizing revenue for the Power Starterpack, Velocity can immediately recognize the sale of activation cards because they do not require extra service after sale. This early recognition of revenue increases income because the revenue is recognized in the same period it is earned. The prepaid vouchers in the Power Starterpack require a different method of revenue recognition. The vouchers may be redeemed in periods after the ones they were purchased in. This means that the sale of the vouchers is declared as deferred revenue because revenue is received, but the service has not yet been provided. Once service has been used by the subscriber, the revenue from the use of the service is reduced from...
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