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Electronic payment systems law and emerging technologies

Electronic payment systems may have a negative impact on electronic commerce in the near future. If they were to become widely accepted for all transactions, competition would likely be out of control, and business would grind to a halt. Although these electronic systems have seen a fair share of competition, whether it is from cash transactions or from some new alternative payment mechanism, one thing seems certain.

Electronic payments have become more popular, but when it comes to actually putting money into an account using one of these, we may soon find that we have to change all the way we think about money transactions. Currently, there are three problems that threaten to derail these systems.

The problems

The first is the new problem with scams. Not only do they target people who are trying to make a purchase on the Internet but they also target those who don’t understand how to use them. This means that even the merchants who are using these services are getting scammed.

Wireless technology has made it much easier to perform business transactions in a number of different countries. But the problem remains that many people just don’t have a wireless device with them at all times. They might have been lucky enough to be able to use their computer or laptop while walking down the street.

However, a number of these devices were able to use a WAP-PPA internet connection from a phone shop or even from the library. However, if a person has to make a purchase from a retail establishment, there’s no way they can wait around for the cashier to bring them the money before they have to write it in. In order to pay for their item, they must get a card and insert it into the reader on the counter.

It is true that electronic payment systems are increasingly popular, but in order to make use of them, people will need to have some sort of compatible gadget. As technology continues to advance, it may not be too long before the cashier requires some sort of mobile payment service. And it might not be long before the processor at the store places a limit on how much money can be spent on an electronic payment system.

Consumer bias

The second old problem with electronic payment systems is the effect they might have on the end user. Today, the payment process generally starts in the front office or a retail store, but many people purchase their goods in person. Even when they receive the final bill, it’s often the store’s way of saying “thank you” for their purchase. This is a very different concept from what the consumer had in mind.

It’s true that most small businesses today have fairly large office budgets, but the idea of transferring the sales taxes and other fees from the business to the consumer is certainly not a good one. After all, this is a transaction that was both completed electronically and that was recorded by way of digital images. All these records will need to be stored somewhere.

There are various options for storing these records in the future. The individual who makes his own payments can use a credit card or a wallet-type device. Retailers may use the technology to keep track of credit card transactions, but the customer will not have the same level of convenience.

Perhaps one of the greatest concerns that business owners face today is the possibility of the end of large-scale manufacturing. In today’s world, electronic payments are the preferred mode of payment, but in the not-too-distant future, if things remain the same, it will not be possible to use large-scale manufacturing for all of the production that goes on in a given company. Even the most highly automated factories today cannot generate products of such volume that they could meet all oftheir needs if they had to do everything manually.

As things stand now, the merchant, the customer, and the payment system are all interacting with each other in some way. The emergence of e-commerce is pushing each one of these groups to work harder, to upgrade their systems, and to focus their efforts on cutting edge products.