ITC563 IT Management Issues : Wave Card System
Questions:
Answers:
1.Case study:
The innovation of trends and technologies helps in bringing new scenario to the world of supermarket. The Oz supermarket wants to overcome the problem of exit queues by indulging the new technology within the curriculum of the organization. The time of the customers spent on shopping can be reduced and minimized by making use of new technology. The growth of the organization depends on the number of customers associated with the enterprise. The innovative idea of saving time plays a key role in appealing customers to remain associated with the organization. The direct billing system can be initiated by suing the technique of pay wave card system. The time of the customers can be saved by shopping and doing direct billing through pay wave technology without spending time on the exit queues. It helps in reducing the burden of the person at billing counter during the peak season of shopping. The payment is directly done through pay wave card.
Introduction:
In the contactless payment no physical connection is required between the payment device and the device located at the terminal. “The pay wave card is hold by the customer during shopping” (Xu, 2016). The bill of shopping is directly deducted from the pay wave account of the user. “The pay wave technology provides speed and convenience to the customer during the time of payment” (Quibria, 2015).
Operation:
The working culture of the Oz supermarket can completely transform with the association of pay wave technology. The changes can be e
fficiently seen in the operational working functionality of the enterprise. The pay wave card is used for doing payment of shopping done by the customers. The Oz supermarket provides the facility of providing pay wave card for shopping to those customers who are not having pay wave account. The customer can deposit the cash at the entrance for receiving pay wave card. The customer can directly do the payment of shopping without standing in long queues at the exit corner. The RF technology is used with pay wave technology. The RFID reader is used for tracking the manufacturing and payment information. “The robust security is provided by RFID reader used in pay wave technology during the scanning of pay wave card” (Radostina, 2014). The items are added to the billing information by reading the bar code of the items kept in the trolley. After the completion of shopping, the payment is done through the pay wave account. There is no chance of fraud because before leaving the supermarket, the payment is directly deducted from his pay wave account. There is no chance of wrong billing. The international standards are used for doing communication for financial payments. It is the most preferred technology than credit and debit card. The billing payment through pay wave technology depends on three process step which are categorised as tapping and going, system used for contactless payment, and waving and paying. The operational working of the pay wave technology is summarised in the diagram below:
The infrastructure of pay wave technology is based on five layers which can be divided into schemes of payment, innovative payment technology, operational devices, transactional channels, and stakeholders. “It provides easy and secure technique of payment to customers. No PIN number or other credential is required for payment” (Morea, 2010). “It provides the convenience of tap and go to the customers” (Phair, 2014). It reduces the time spent on long queues of payment at exit. Mobile wallet can be used for doing payment through mobile devices. It helps in increasing the sale of the business. “The handling of cash can be reduced to large extent. It is the secure means of doing payment” (Ahsan, 2012). In today’s world, the supermarket is moving towards pay wave technology to change their billing system. The higher throughput can be retrieved by contactless payment scheme. The innovative idea of saving time plays a major role in pressuring customers to remain united with the organization. The use of pay wave technology focuses on lower downs the cost of purchase, operational efficiency of the organization can be improved, contactless reader can be maintained easily. “It helps in raising the satisfaction level of the customers by saving their crucial time which they usually spent on long queues at exit of the shopping mall” (Wang, 2012). It provides multi-layer security and secures the transaction of the customers from fraud. The loss of pay wave card does not result into misuse of card because it had limited amount in account and cannot be used by other persons. There is no chance of fraud because before leaving the supermarket, the payment is directly deducted from his pay wave account. There is no chance of wrong billing. The payment system is directly attached to the smart phones. It increases the capability of SIM-based tokenization. The shopped item can be deleted from the billing information by removing the item from the trolley where RFID reader is placed. “The message of payment done is sent to the mobile number saved at pay wave account” (Agarwal, 2010). “The innovative idea of saving time plays a key role in appealing customers to remain associated with the organization” (Ramachandran, 2013). RFID reader is the layer between customers and pay wave account for reading and making appropriate bill of the customer shopping.
Recommendation:
- Use of NFC and mobile phones: Mobile wallet can be used for doing payment through mobile devices.” It helps in increasing the sale of the business” (Perkins, 2016). The customers do not have to pay any extra charge for doing payment through pay wave technology. The payment can be directly done through mobile phones. RFID reader is used for reading the bar codes of the shopped item for the calculation of bill.
- Payment system using Mobile phones: Pay wave technology makes use of mobile phones for sending SMS of shopped item. The customers have to show the message of payment at the billing and exit gate.
- Direct billing system: By using the pay wave technology, user does not have to enter PIN number or other credential for doing payment of every item shopped. The payment of the bill is subtracted from the amount available in the pay wave account.
2.Literature Review:
From the research and analysis, it has been concluded that the pay wave technology provides numerous benefits such as driving the economic growth of the shopping mall, the financial inclusion can be extended and increased, the digital commerce can be increased, the penetration of the GDP can be increased of the nation, the social cost can be reduced, the e-payments are greatly accepted by financial inclusion, the regulatory framework can be enabled, facilitates the online payment, and others. The people are habituated to use cash fluently. The strategies should be developed to transforms the business tactics from cash to cashless. The new regulations should be developed to provide fiscal incentives to associated stakeholders. Open loop system should be adopted for doing payment through pay wave system. The pressure built by the stakeholders to renovate the current working tactics of the organization by using some trendy and efficient tools in the curriculum. The collaboration of inter-financial institution is facilitated by the inclusion of pay wave technology. The strength should be given to promote financial participation. The pay wave system is frequently admitted by the customers and associated stakeholders. The customers do not have to enter login credential again and again for every payment. The RFID readers are associated with micro-chips which carries the information regarding cost and payment details of the customers. The use of pay wave technology focuses on lower downs the cost of purchase, operational efficiency of the organization can be improved, contactless reader can be maintained easily. The customer can kept the product of their choice in the trolley for making read by RFID reader, after completing the shopping the payment of bill is directly subtracted from the pay wave account of the customers. The digital payment system is remains confined to smaller section of population. The proper training program should be arranged for making every individual aware of the advantage of using pay wave card system. The pay wave technology provides the safeguard to the digital payments. The emphasis should be given on mobile payments. The infrastructure of electronic payment should be globally adopted. The billing information of the customers should be updated on the database for future reference. The burden of managing payment of the cashier can be reduced by using the technique of pay wave technique. The user interface design of the pay wave technology should be simple, accessible, and convenient. The innovative idea of saving time plays a key role in appealing customers to remain associated with the organization. The factors which are responsible for changing the working functionality of the Oz mall are descried below:
|
Factors |
Description |
|
The changes occurred in customer necessity |
Today is the era of trends and technology. Every used to prefer new technology to facilitates themselves by saving their precious time |
|
Threat of competitive market |
The involvement of new technology by the competitors compels the enterprise to make use of new trends and technology to remain superior of their competitors. The Oz supermarket adopted the pay wave technology to remain higher than their competitors |
|
Changing of demand of associated stakeholders |
The pressure built by the stakeholders to renovate the current working tactics of the organization by using some trendy and efficient tools in the curriculum. The burden of the cashier can be reduced by managing payment through pay wave gateway. The quality of service can be provided to the stakeholders by doing transaction through pay wave technology. |
|
Evolution of tools and technologies |
With the fast growing rate of science, tools and technologies are evolved within every seconds which are capable of transforming complete business tactics of the organization. It is directly proportional to the rising demand of the consumers. |
Suggestions:
- Safeguard and security procedures: The older generation have a feeling of insecurity in their heart while doing payment through card. The pay wave technology uses a Micro-chips and associated PIN number as a credential for carrying out transaction. The user do not have to enter PIN number again and again for transaction. 128 characters are used for generating security key of pay wave card. Dynamic card verification value is generated with every transaction to make the payment secure and free of fraud. The security system of pay wave methodology is based on encryption and cryptography procedures.
- Product Location: The features associated with finding the path of product location should be indulge with the pay wave technology because it will facilitate the user to easily find the location of the product and save their time. The pay wave technology provides speed and convenience to the customer during the time of payment. Knowing the location of the product customer can pick the product and leave near the RFID reader for reading the bar code. It is the secure means of doing payment This process helps in saving the time of the customers.
- Procedures for counting the customers at the shopping mall: The mechanism should be used for counting the number of customers present at the shopping mall which helps in preventing theft and other vulnerabilities to occur. The heat sensitive infrared system should be located at the entrance and exit point. It works by sensing the occurrence of the consumer. The customers leaving the mall should show the message received by them on their phone so that no chance of theft can occur.
Conclusion:
The innovative idea of saving time plays a key role in appealing customers to remain associated with the organization. The strength should be given to promote financial participation. The pay wave system is frequently admitted by the customers and associated stakeholders. The emphasis should be given on mobile payments. The infrastructure of electronic payment should be globally adopted. The pay wave card system is the secured method of doing payments. The customers can save their precious time by using the concept of pay wave card system.
References:
Agarwal, N. (2010). Tokenisation (1st ed.). Retrieved from https://www.visa.com.hk/en_HK/aboutvisa/research/include/Tokenisation_Whitepaper_HK.pdf
Ahsan, A. (2012). Community perception of mobile payments in e-government services (1st ed.). Retrieved from https://dro.deakin.edu.au/eserv/DU:30049159/ahsan-communityperception-2012.pdf
Morea, D. (2010). Contactless payments: The tipping point is at hand (1st ed.). Retrieved from https://www.firstdata.com/downloads/thought-leadership/fd-contactless-payment-wp.pdf
Perkins, N. (2016). Financial services innovation: Payments innovate to differentiate (1st ed.). Retrieved from https://www.finsia.com/docs/default-source/Industry-reports-Research-partnerships/finsia-aiia-payments-innovation-thought-leadership-paper.pdf?sfvrsn=2
Phair, N. (2014). The truth about contactless payments (1st ed.). Retrieved from https://www.canberra.edu.au/cis/storage/Contactless%20payments.pdf
Quibria, N. (2015). The contactless wave: a case study in transit payments (1st ed.). Retrieved from https://www.google.co.in/url?sa=t&rct=j&q=research%20paper%20pdf%20on%20paywave%20technology&source=web&cd=6&cad=rja&uact=8&ved=0ahUKEwjOi_e9vfLTAhVDM48KHbKLAOcQFghCMAU&url=https://www.bostonfed.org/-/media/Documents/economic/cprc/publications/briefings/transit.pdf&usg=AFQjCNFp-MAJJOhJU2O9UQy7deF0BgsebQ
Radostina, S. (2014). Exploring the effect of speed of purchase on consumers intension to adopt NFC mobile payments (1st ed.). Retrieved from https://studenttheses.cbs.dk/bitstream/handle/10417/5047/radostina_simeonova_abadzhmarinova.pdf?sequence=1
Ramachandran, T. (2013). Accelerating the growth of digital payments in india (1st ed.). Retrieved from https://www.visa.co.in/aboutvisa/research/include/Digital_Payments_India.pdf
Wang, K. (2012). Contactless payments: Frequently asked questions (1st ed.). Retrieved from https://www.visa.com.hk/en_HK/aboutvisa/research/include/Tokenisation_Whitepaper_HK.pdf
Xu, T. (2016). An overview of contactless payments benefits and world wide (1st ed.). Retrieved from https://www.smartpaymentassociation.com/images/news/16-04-26-SPA-Contactless-Payment-Benefits-WP-Final.pdf
https://www.fos.org.au/custom/files/docs/fact_sheet_paypass_and_paywave_cards.pdf
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