Electronic banking : pre-authorised payment systems

• Main Authors: Lau, Kian Lee, Wong, Liang Pin, Wong, Siaw Lie
• Other Authors: Liu Ming Hua
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::Information technology
• Online Access: http://hdl.handle.net/10356/63655
• Institution: Nanyang Technological University

The introduction of GIRO in Singapore is effectively a stepping stone to move Singapore into a cashless society. Although GIRO promises many benefits to both the payers and payees, it is still not widely accepted as a payment system. Criticisms of this payment system are few yet significant and hence the purpose of this study is to provide a more detailed insight to the problems faced by consumers. Despite measures taken to improve the features of GIRO, surprisingly, many consumers are either still unaware of such measures taken or feel that they are inadequate. In order to achieve a higher level of GIRO use, several new features will be proposed. The study can be divided into three main sections. The first part gives a literature review of the various pre-authorised payment systems pertaining to GIRO. A brief discussion of the legal rights of users of these systems will also be included. The second part examines the level of utilisation of GIRO in the local context. In addition, grievances of this payment system discovered through a survey will be discussed. Finally, solutions to these problems and incentives to promote wider use of GIRO will be suggested.