OUGD406 - License to Print Money: The Future of Money (Research)

If ever there was any dispute over a lack of evidence showing the rapid technological advancement of the digital age, the first place to come to would be finance and transaction. No longer is money restricted to the confines of our wallets and purses as a result of the possibilities now made available both in store and online when making purchases. This is thanks to the following points of service and technology dominating our lifestyles:

Contactless Payment 

Contactless payment systems are credit cards, debit cards, key fobs, smart cards or mobile devices such as smartphones that use radio-frequency identification or near field communication to make secure payments. They are embedded with a chip and an antenna that enable consumers to wave their card, fob, or handheld device over a reader at the point of sale terminal.

Claims have been made by some suppliers that transactions can be made almost twice as fast as a conventional cash, credit, or debit card purchases as no signature or PIN verification is typically required - although this means contactless purchases are price-limited. In the United Kingdom, payments using contactless cards are limited to £30 (previously £20 until August 2015).

Research indicates that consumers are more likely to spend money using their cards due to the ease of small transactions, with MasterCard Canada saying it has seen 'about 25 percent' higher spending by users of its contactless cards. 

Apple Pay

Apple Pay is a mobile payment and digital wallet service provided by Apple Inc. The service allows users to make payments using their mobile/smart devices, and does not require Apple Pay-specific contactless payment terminals, working with existing contactless terminals - as detailed above. 



PayPal

'Checkout with PayPal – Faster. Safer. Easier.

PayPal is a service that enables you to pay, send money, and accept payments without revealing your financial details helping customers to stay secure and protected Pay however they want. 

PayPal uses the latest in data encryption and anti-fraud technology to help keep customer information secure, reducing the risk of online fraud.PayPal accounts can be linked to personal bank accounts, debit and credit cards simply by adding the details to the PayPal account. 

PayPal can be selected as a payment option when prompted on some sites, quickly opening the PayPal account before adding the payment method to complete any online purchase. PayPal accounts can be used to shop safer with millions of merchants and sellers around the globe wherever you see the PayPal logo. Every day, 173 million people use PayPal in 190 countries and with 21 different currencies.