An Investigational Analysis of the Challenges Facing Online Payment Methods in Finland and Their Future Adoption
Rezvee, Md fakru-Uddin (2016)
Rezvee, Md fakru-Uddin
Seinäjoen ammattikorkeakoulu
2016
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2016092114457
https://urn.fi/URN:NBN:fi:amk-2016092114457
Tiivistelmä
The payments industry is one of those sectors that has experienced changes in terms of technology adoption globally. Finland tops the European nations in the adoption of technology with relation to payments. More specifically, online payments have been adopted in Finland by different parties. These parties include commercial banks, supermarkets, online retailers such as online retails shop, hardware and home improvement shops, among others. Several online payment methods have been implemented, and these include the use of debit and credit cards such as those powered by Visa and MasterCard, PayPal, ePay, Amazon Payment, among others.
However, the continued adoption of these payment methods faces some challenges and thus hindering their future adoption. This research aimed at conducting a qualitative study on the use of online payment systems and the challenges facing their future adoption in Finland. Data was collected through interviews and questionnaires, as well from secondary sources such as the web. Participants included commercial banks, supermarkets, and other merchants such as online retail shops and hardware, and finally employees within different organizations and students.
The study findings indicated that a large segment of the Finnish population used online payment methods to shop and pay for other transactions. Technicalities and complexity of the technology used in the online payment systems was the most common problem as per the responses. Online fraud discouraged customers from using the online payments. The study recommended that the government, banks, and the merchants should adopt conditions that would make it easier for the customers to use the online payment platforms.
However, the continued adoption of these payment methods faces some challenges and thus hindering their future adoption. This research aimed at conducting a qualitative study on the use of online payment systems and the challenges facing their future adoption in Finland. Data was collected through interviews and questionnaires, as well from secondary sources such as the web. Participants included commercial banks, supermarkets, and other merchants such as online retail shops and hardware, and finally employees within different organizations and students.
The study findings indicated that a large segment of the Finnish population used online payment methods to shop and pay for other transactions. Technicalities and complexity of the technology used in the online payment systems was the most common problem as per the responses. Online fraud discouraged customers from using the online payments. The study recommended that the government, banks, and the merchants should adopt conditions that would make it easier for the customers to use the online payment platforms.