E-Business

E-Business

1. Electronic Payment

   • For the most part, I pay for everything on my phone or through the internet. If I'm shopping online, I enter my card details. If I'm buying something in a physical store, I use apple pay or the digital wallet function on my phone.
     • I used to pay for everything in cash but since I set up my debit/credit cards and my subsequent digital wallet, I rarely use cash or cheques.
       • As stated by Rainier et al. (2016), 'Digital wallets replace the need to carry physical credit and debit cards, gift cards, and loyalty cards, as well as boarding passes and other forms of identification'.
         • In a sense, it can be saud that electronic payment and innovations similar to it are a disruptive technology for physical cash and credit card payments.
           • This is even more relevant today as it is safer to pay with your phone or through an online application. It removes the action of having to touch a currency that may have come in contact with someone who had/has COVID-19

2. Electronic Payment Mechanisms are defined by Rainier et al. (2016) as 'Computer-based systems that allow customers to pay for goods and services electronically, rather than writing a check or using cash'.

   • Given the efficiecny of such systems, it is easy to see why businesses have adopted said systems. For one they are faster and more efficient than cash payments or cheques.
   • A question I find interesting is in relation to the creation of such systems. Why were they created? In response to what?
     • For starters, it was made possible because of the introduction of the internet or world wide web.

3. It all stems back to E-Business. I feel that something Hughes (2020) mentioned in week 10's lecture is relevant for this situation. It was mentioned that "despite its problems (EDI) it clearly demonstrated that an electronic-supported platform to allow for this smooth transaction to occur was going to be the way forward'.