Emerging Trends in ICT and business


The new payment technology would be the core business of the report. The new payment technologies will be of great assistance and business opportunity to the potential investors. The new payment technologies in the emerging trends in information technology and business are believed to be secure and safe in the growing business world (Benson, 2014).  In the modern times, cyber crime and attack are at an increase and there has been financial security by most emerging and growing business. In order for the emerging and the already existing business to be secure in their payment processes, there is need for them to adopt the modern payment systems which would make payment and transfer of money from one payment system to the next safe and secure.  The EMV (Encryption and tokenization), Apple Pay and NFC are the major modern new payment technologies in the new business world. The role of this research is to establish how new payment technologies have impacted the emerging trends in information communication technology and business.

Credit card  


The new payment technologies to grow and secure business

The EMV are the modern credit cards which are entrenched with a microchip which is programmed with differentiated digital information. The micro-processor embedded in the credit card assists the card issuer and holder in authentication. The microprocessor ensures that the necessary requirements of the cardholder are entered in the point of sale and authenticated before any transaction is approved (George, 2012). Through the card authentication the card issuer is in position to suspect any fraud action that might be taking place at the point of sale. The continuous upgrade of the EMV is of great importance because it assists in combating any likely counterfeit and ensures that the regular purchaser of the credit card is the real owner of the card. The retailers who consistently  upgrade their point of sale does that in an attempt to reduce exposure of the points of sale from fraud related cases as well as boosting the confidence of the end users.



In the recent times, there is expectation of completion of different payment platforms such as the Google wallet Apple Pay as well as other NFC payment strategies. The difference between EMV and NFC payment methods strategies is the NFC is less cumbersome and quicker. The NFC method of payment just requires the customer to just tap in their Smartphone and is in possession to access their personal and financial data. The tokenization during the transaction with a Smartphone replaces the payment card number required by the credit card reader at the point of sale (Moses, 2009). The adoption of the Apple Pay is the new payment technology which is advancing the future payments by making them secure, reliable and safe. The merchants who have already accepted Apple Pay as a safe and secure method of payment are required to use the NFC readers. The modern retailers have embraced  tokenization and encryption technology in their point of sales  as a means of protecting their clients and ensuring that the financial transaction are safe and secure all the time. The new payment technology is a business opportunity for the retailers because they will be in position to charge transaction fees such as tokens during withdrawals of cash and during payments. In addition, just in case the cardholder misplaces his or her card the retailers ensure that the subscriber of the card pays the replacement fee. In the attempt of ensuring safety, regular replacement of the card demands the card holder to pay for the credit card and this make it a business opportunity for the retailers because they benefit from these replacements.









The above is a drawing of a client using a mobile phone to conduct a transaction using the tokenization technology through the Smartphone




The banking business in the best example of the modern business which needs to understand the new payment technology based on encryption and tokenization in order to implement it on its processes and systems. The banking business is associated with financial affairs of the most of it stakeholders. There is need for the banks to adopt the strategy of distributing the credit card to all its clients in order to make transactions fast, safe and secure. There are great risks associated with the adoption of this technology in the banking sector include: fraud and cyber crimes (Margret, 2011).  Given that some clients might be illiterate and unable to efficiently use this technology they would be the need for the management to adjust the existing business model in order to accommodate clients of different nature.

The potential value the banking organizations would benefit from the use of the encrypted credit card and tokenization process in that they will reduce paper work, ensure accountability, reduce the costs of transactions, increase revenue and profits and ensure efficient management. Despite being a safe and secure means of transaction in the banking industry, the process is embedded with a variety of risks. Through the use of the technology there is high possibility for fraud and embezzlement of credit holders’ funds. Once the personal information of the credit holders is exposed to unauthorized individual there is a high possibility of the funds in the account accessed and withdrawn (Susan, 2010). For individuals using the Smartphone platforms to conduct their transactions there is a high possibility of their transactions being hacked by the hackers and crackers. Most of the crackers and hackers understand how to hack a transaction in case they have a cruel of the individual financial transaction.

The client is visiting the automated teller machine. The teller machine is an example of the new payment technology where the bank client is issued with a credit card and with secret codes to be used in order to access the financial rocks of the clients (Robert, 2013). Despite being safe, secure and reliable, ATM transaction might be risky incase the client forget the personal identification number.



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Robert, O. (2013). New Payment Technologies to Secure and Grow Your Business. Retrieved from: http://www.heartlandecsi.com/new-payment-technologies.html

Susan, K. (2010). Emerging Payment Technologies Will Create New Winners. Oxford university press.

Margret, H. (2011). Next Generation Payment Processing Technologies. Cambridge university publishers.

Moses, K. (2009). New Payment Technologies: Digital Wallets, Mobile Applications. Oxford university press.

Edward, L.(2008). Introducing the Future of Fare Payment at SEPTA. New York Publishers.

Mildred, A. (2014) Bringing the Next Generation to Payments . New York press.

George, K. (2012). Medtronic plc Principles of Corporate Governance. New York publishers.

Benson, M. (2014). Security and privacy in electronic health records: integrated electronic health records. New York publishers.


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