Improving Security In Cashless Application

1.5 Research Hypothesis

Ho The security challenges in cashless application is low

Hi The security challenges in cashless application is high 

1.6 Significance of the Study

The study shall proffer appraisal on the requirement for improving security in cashless application 

1.7 Scope of the Study

The study focuses on the appraisal on improving security in cashless application 

1.8 Limitations of the Study

The study was confronted by some constraints including logistics and geographical factor.

1.9 Definition of Terms

Access Products- Products that allow consumers to access traditional payment instrument electronically, generally from remote locations

ATM Card- An ATM card (also known as a bank card, client card, key card, or cash card) is a payment card provided by a financial institution to its customers which enables the customer to use an automated teller machine (ATM) for transactions such as: deposits, cash withdrawals, obtaining account information, and other types of banking transactions, often through interbank networks.

CBN - Central Bank of Nigeria.

Chip Card- Also known as an integrated circuit (IC) Card. A card containing one or more computers chips or integrated circuits for identification, data storage or special purpose processing used to validate personal identification numbers, authorize purchases, verify account balances and store personal records.

Electronic Data Interchange (EDI)- The transfer of information between organizations in machine readable form.

Electronic Money- Monetary value measured in currency units stored in electronic form on an electronic device in the consumer’s possession. This electronic value can be purchased and held on the device until reduced through purchase or transfer.

Internet Banking- This is a product that enables the Bank leverage on the Internet Banking System Module in-built on the new Banking Application (BANKS) implemented by the Bank to serve the Internet Banking needs of the Bank’s customers.

Mobile Banking - This is a product that offers Customers of a Bank to access services as you go. Customer can make their transactions anywhere such as account balance, transaction enquiries, stop checks, and other customer’s service instructions, Balance Inquiry, Account Verification, Bill Payment, Electronic fund transfer, Account Balances, updates and history, Customer service via mobile, Transfer between accounts etc.

Payment System- A financial system that establishes that means for transferring money between suppliers and of fund, usually by exchanging debits or Credits between financial institutions.

Point Of Sale (POS) Machine - A Point-of-Sale machine facilitates customer payment, withdrawals , fund transfer needs and the provision of   credit/debit Balance Inquiry, Airtime Vending, Loyalty Redemption, Printing mini statement etc.

Smart Card- A Card which is embedded with a computer chip, on which financial health, educational, and security information can be stored and processed.

Transaction Alert – The transaction alert is to provide for the tracking of customer debit and credit transactions on their accounts. The alert system also informs the customer other financial transaction of the bank involving the customer. 

Western Union Money Transfer (WUMT) – This is a facility which enables the transfer of money from foreign countries into the country. This is a facility used by business men, families and relatives for the transfer of money to their counterparts.