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ONLINE CASH PAYMENT SYSTEM

1.1   Background of Study

Since the internet has become a famous place to buy and sell goods, online banking services have made their way into most homes. Easier to pay bills, manage money and transfer money to other accounts. Internet banking and voice  recognition is a convenient way to handle money. Many employers now have direct deposit, which make it easier to pay money into one’s account irrespective of the distance. No more trips to the bank every weekend. The money is in the account the night before and is available for use in the next morning. Most banks now offer some types of banking services on the internet. While all banks have all the options that people needs, many banks offers more service than their customer’s demand.

Some banks will allow people to send electronic cheque to credit card companies and student loan organization instead of writing out a check each month. This saves time and paper. Some banks will allow an individual to see their account at any time during the day and allow them to make changes from what they see.

They can move from saving account, to open other account or buy some items from online. Since many individuals shop online, they will use their debit card to pay for the items that they acquire. This can make money management even easier. Online banks that do not have traditional branches are also beginning to open the internet with a location to visit. In the nearest future, People will be performing all of their banking activities online; this may become the trending online banking that people will do exclusively on the internet that will not be out of reach. These days, people can look into investing, opening up other accounts and taking loan even without much computer knowledge.

There are many merits to this form of  banking, with the technology of online banking, money can be transferred faster, individuals can check their surplus within few minutes and people will no longer miss payment.

However, there are also demerits to operating internet banking; it is always important to talk face to face with a banking diplomat; in case there is a problem with the account, being able to talk to a person face-to-face will be the easier way to solve the problem. Nevertheless, online banking services would require that people communicate through email or over the phone. Another problem is that errors concerning the account that a person has in their bank without a paper trails situation could be difficult to trace.

1.2 Statement of Problem

Regarding the need for an internationally recognized banking and acceptable cash payment system, the increasing demand of an online presence of the cash is an evidence of the difficulties encountered by Nigeria internet user since most exiting web payment service on the internet are not available to Nigeria. In other words, some of the challenges the system may encounter if the use of this technology is not implemented are given as follows:

1. Insufficient security of data
2. More manpower needed
3. Consumes time
4. Consumes large volume of paper work
5. Damage of machine due to inadequate attention.

.1.3 Aim and Objectives of the Study

This research is aimed at the design and implementation of an online payment and voice recognition system and the objectives are outlined below:

1. Proposing a new system of payment in the nation that will enable users  keep  track  of their mobile phones as an integrated SMS banking features, which is also going to be implemented.
2. Nigeria should have proposed methodology that will be used to develop a system of improved facilities
3. To the online system, the security measure and techniques needed to effectively own an online payment system in a country like ours (Nigeria), to avoid the prevailing high rate of frauds in the country.
4. The proposed system can overcome all the limitations of the existing systems.

1.4   Significance of the Study

One of the major significant contributions of this research is the development of an application that will be able to create user account, recognize the owner’s name, fund their account, transfer fund and keep track of their payment history. Another Significance of this study is the actualization of internationally acceptable cash payment system and name recognition, which have not been achieved at the moment. Moreover, this study will also be of great significant to the public in the development of credit card, which is directly related to the volume of information and application that are programmed for use on a card. With the credit card; it has now made internet more efficient than the existing system,  where  people or  individuals  just  go  around  with  their card and can also get account  updates on their mobile phones through SMS, one needs not to go to the bank before one can perform transaction.

1.4   Scope of the Study

This research work is limited to  the integration of user SMS and mobile banking functionalities at Union bank plc . The need for an internationally recognized cash  payment  solution  on  the internet  made  the  researcher go  further  to  propose a system that will not only be used within the country  but leverage on the improved GSM service to ensure seamless banking transactions worldwide and to drastically reduce the risk of carrying cash from one bank to another .  Services such as transaction alert on the mobile phone through SMS, account balance checking, fund transfer, etc. can  be  performed  both  on  the  web  and  using  mobile  device.

1.6   Limitation

The following limitation/challenges were encountered during the course of this research.

1. Unavailability of research materials as well as hardware infrastructure.   The research is  connected  to  the use  of  password and  pin  codes  as  the  only  means  of ensuring security in the system.
2. Finance is another visible limitation encountered in the process of this research. Some facilities such as, short message service (SMS) to enables 3G mobile network, thumb print reader etc. would have been procured if adequate finance was available.
3. The time limit for this research project is another obstacle that militated against indebt research into the subject matter.

1.7     Definition Of Terms

FLOW CHART: A graphical picture of the logical steps and sequence involved in a procedure or a program. It can as well be defined as the diagrammatical representation of of the flow of data through an information processing system. In other word, a flow chart is a sequential diagram employed in many fields to show the step-by-step procedures used in performing a task

PROGRAM: This is a set of instructions written in computer language to help accomplish distribution processing, it can also mean a set of logically arranged instruction that are executable by the computer system in other to archive the desired results.

It is a set of statement that (after translation from programming language form into executable form), can be executed by a computer system in other to produce a desired result (Aguboshim, 2013).

FIELD: This is a collection of logically related data. (Ezeife, 2013).  Defines a field as an item of data within a record or an element of record. It can also be seen as a single elementary unit of information representing an attribute an entity.

FILE:  A file can be defined as the collection of related records. It can also mean a collection of records of an entity in a given entity set; the terminology (i.e. record, fields and characters) are firmly established as a means of describing the characteristics of files in general.

PASSWORD: A password is an identity  authenticators  of  a  key  that  allow  user  access to a program system  a  certain procedure.  It is defined as a string of characters that must be used to verify the identity of a user during the authentication process

IMPLEMENTATION: This system development-phase is focused on the user training. The site preparation and file conversion for installing a new and functional system.

RECORD: This is the collection of aggregates or related items of a data treated as unit; the records are usually similar to one another in the type of data they contain and the way they are set out. A record also means a collection of non-homogenous dada, i.e. the data items in a record may have different data types.