Introduction to Quantitative Research Role of E-wallets

Question: Describe about the major role of e-wallets in market especially for those who dont have all legal documents to open a bank accounts? Answer: Importance of Research Problem This article has significantly defines the major role of e-wallets in market especially for those who dont have all legal documents to open a bank accounts. People can come to join online by initiating the process through their mobile number and after mobile verification they are able to use e-wallet facilities which include deposit and credit facilities of the variable amount that completely depend on particular person's mobile uses. There are number of variants which define how much deposit or credit a single person can do (McClelland, 2015). This innovative process effectively useful to beat traditional banking system and had initiated by JUMO, a micro-financing unit of AFB Pty Ltd. Now, there are less number of hurdles while customer approaches loans, deposit, and savings through e-wallet systems and they are easy to do shopping and payments. Company like JUMO, has expanded its business in Africa and Asia pacific which are growing economy where people were most waited to see such type of services in order to avoid the tough banking process even for small purchases like; smartphones, computer system, grocery, foods, etc. Jumo incorporated its business with mobile service provider as they are assisting them in data collection and supporting the increased income through small share that brings this firm to $10 million a year a revenue through specific mobile firms (McClelland, 2015). However, there are few uncertainties which identified through a fraud users in this socio-political environment international e-wallet program. For instance, Jumos code writers tightened the loan-loss rate because there was a scam writer who made fraud through 30 different SIM cards and followed lenders algorithm to fleeced $30,000 in one day and resulted, in last two years they have down non-performing loan rate to 4 percent in order to avoid customer risk and expecting to increased business value in next two years by incorporating a new system with more services by the end of 2016. Similar, type of security issues have also faced by few other e-wallet in which Google's e-wallet is one of the susceptible to brute force attacks. This is most significant problem that couldn't be realized by company therefore, assumed they followed a security regulations and mechanism as per the standards of banking domain (Caldwell T, 2012). Purpose Statement Many experts said, one of the prominent reason of such security attacks are due to lack in design mechanism which were seemed to be based on proprietary technology instead of recognized standards and processes. There are most of the companies following implementation using Open Mobile Application Programming Interface (API) and these API provides app developers a common interface to make better use of the Secure Element for their apps, including e-wallets (Caldwell, 2012). However, if companies wants a rich user experience, e-wallet apps must run in the operating system and should consider "The Trusted Execution Environment (TEE)" that design to secure the application functions and global platform can lead the securing standards and interoperability. Additionally, there are banking Trojans family that also impacted and increased the risk of security threats and to create new malware variants with ever-shorter lifecycles which must be focused and there should be significant implementation mechanism to decrease the use of such type of Trojan based mechanism and should circumvent reactive defense mechanisms in antivirus software. Further, there should be plugging holes to limit the risks that consumers face from e-wallets and there is Trusted Platform Module (TPM) that can assist as it is efficiently use cryptographic keys so that to protect personal information which include; debit and credit card numbers, CVV number, and user credentials (Caldwell, 2012 ). Furthermore, it can be possible to consider e-wallet apps with loyalty and coupon features as it can be efficiently useful in m-wallet. Moreover for financial security PCI provides standard and DSS compliance through different levels of PCI that help to avoid critical risks through cardholder-not-present or card cloning. Similarly, cloud security is also important to secure consumer data through Cryptomathic standards. Lastly, consumer rules and disciplines awareness are also required to ignore very basic and possible mistakes like; opening e-wallet in front of others, avoid shopping in cafe's, and many more basic issues which can ignore at consumers end and should be consider by consumers themselves (Krishnaswamy Satyaprasad, 2010). Hence, these are the purposes of e-wallet system security that can expect to join a billion of customers soon in order to utilize the technology benefits. Research Questions How e-wallet has been adopted by the consumers? Is e-wallet a secure way to conduct online transactions? Quantitative Research For this purpose, it is quite necessary to conduct a research or survey to explore the opinion among the users or consumers who utilize e-wallet or think to utilize e-wallet for their convenience. They could be shoppers or even employees. The questionnaire will be distributed to them which is basically a research design of this quantitative research. The quantitative research is mainly used so that the research can get the static outcomes from the participants. The quantitative method would make an emphasis on verification, testing and also focuses on the reasons and facts for the social events. The research will help in understanding and exploring the opinion of the consumers regarding their experience with e-wallet payments and whether or not, they consider it safe and secure for their future use. Hence, the research will help in understanding the statistics of the users who consider it safe and secure for their online transactions or if they plan to utilize it for future transactions when there can be so many risks or transfer or paying heaps of amounts online. The security has protected their transactions but there can be some sort of flat in the system or even if the consumers can commit a mistake which they would not commit while adopting a traditional way of doing transactions. References Caldwell T. (2012). Locking down the e-wallet. Doi:10.1016/S1361-3723(12)70028-3. McClelland, C. (2015). Phone Stats Unlock a Million Loans a Month for Africa Lender. Bloomberg.com. Retrieved 23 January 2016, from https://www.bloomberg.com/news/articles/2015-09-23/phone-stats-unlock-a-million-loans-each-month-for-african-lender. Krishnaswamy, O., Satyaprasad, B. (2010). Business research methods. Mumbai [India]: Himalaya Pub. House.