University Management Report: Afterpay Payment Tool Perception

This report delves into the consumer perception of Afterpay, a popular "buy now, pay later" payment tool. It begins with an overview of Afterpay and electronic payment systems, highlighting their speed, efficiency, and the importance of trust and security. The report examines how Afterpay influences consumer behavior, considering factors like cost, customer satisfaction, and the types of e-payment services available. It also addresses environmental benefits of e-payments and potential issues related to payment tools. Through a literature review, the report analyzes the impact of Afterpay on consumer choices, the role of information satisfaction, and the shift in shopping paradigms due to technological advancements. Ultimately, the report assesses the advantages and disadvantages of e-payment services in the retail sector and their growing importance in the evolving landscape of e-commerce.

Running head: MANAGEMENT
Management
Name of the student
Name of the universities
Author note

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Table of Contents
After pay payment tool...............................................................................................................3
Electronic payment.....................................................................................................................3
Speed and efficiency..................................................................................................................4
Trust and security.......................................................................................................................5
satisfaction of the consumer.......................................................................................................5
Influencing consumer behaviour................................................................................................6
Cost............................................................................................................................................7
Types of e payment service........................................................................................................7
Environment friendly.................................................................................................................8
Issues related to payment tools.................................................................................................9
Reference list............................................................................................................................10

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People perception towards after pay as a payment tools.
Literature review
After pay payment tool
A payment system is any kind of system which is used for settling the financial
transactions through the transfer of monetary value. The payment tools usually facilitates the
acceptance of the electronic payment for the online transactions. The payment tools
nowadays are becoming increasingly popular as a result of increased usage of the internet
based shopping as well as banking. The After Pay refers to the method of payment which is
known to accept debits and credits which will allow make payments at the time of purchase
of later. The After Payment tool have been founded in the year 2015 in Australia which is
used by more than 3 million users. After Pay is one of the most used payment tools in
Australia (Ab Hamid and Cheng 2019). The After pay Touch group is a financial technology
company which operates in United States, New Zealand and Australia. However in the year
2017, Touch Group and after pay have merged to form After Touch Group. After pay have
merged with Touch Group, it have become a leader in the “buy now pay later” industry. The
pay later business of After Pay is known to allow the retailers to offer their customers the
facility to buy now and then they can pay back later without any additional credit or interest.
The customers are charged with no interest fees for using this particular service. Although,
failure to make their payments will result to late fee. However the user should be above 18
years for using this service.
Electronic payment
Payment of service and goods over the internet is termed as an electronic payment. An
electronic payment is any kind of non cash payment which does not involve a paper check.
There are various methods of electronic payments which comprises of credit cards, debit

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cards along with Automated Clearing House network. In a given transaction, the consumers
will have a given number of options as to how to pay for the purchase. The E- payment
system is nowadays becoming a daring means for the present business world. This happens
as a result of efficiency, timeliness and convenience. This is a payment system which is been
continuously been embraced and adopted in the financial system in both the developed as
well as in developing countries. The emergence of the information and the communication
technology known to have completely changed the lives and operations of the individuals.
The digital technologies known to have great evolutionary development in finance. With the
introduction of the system of e payment the world payment system known to have aligned
with the current trend of the cashless transaction.
After the introduction of the cashless transaction, the world payment system is known to
change from the coins and paper based money to the electronic forms which is known to be
convenient, fast and are comparatively more convenient in nature. The global annual non
cash transaction are being facilitate by the mobile payments and e payments. The e payments
are also known to be one of the important mechanism which is used by the individuals as
well as by the organizations as a secured and convenient way for making the payments over
the internet. It have been found out that the system of electronic payment known to have
attracted much attention from the researchers and information system.
Speed and efficiency
The speed in the tools of electronic payment are meant for new technologies for
integrating with the present system and the methods to rapidly respond for the expectation
and need of the consumers. The electronic payment is also quite efficient since it performs
the best operation at each stage of the process of payment.

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Trust and security
The e payment system is known as the way of making the transactions for paying the
goods and services through the electronic medium with the usage of cash. The e payment
system is also termed as the online payment system. The payment gateways along with the
payment providers are known to offer highly effective security along with anti fraud tools in
order to make the transactions much more reliable in nature. The challenges which the
electronic system faces are known to include privacy and information security concerns.
Usually, the consumers and the commercial settings are known to have high trust. The
reasons in that providing services as well as procedures by the commercial units are known to
depend on the easy access to the payment infrastructures (Safa and Von Solms 2016).
Therefore, it can be said that the security in the payment systems means that the national as
well as the personal information are known to be the essential features for accepting e
banking and e payment. In this case the lack of security is known to be a great obstacle for
accepting them. In all the information system the security of data as well as information is
known to be of utmost important. The data security is known to involve methodology,
practice as well as technology which makes sure that the data is secured. Therefore, it can be
said that the electronic payment tools need to have all kinds of the security features of the e
payment system. Trust is extremely important to guarantee acceptance from the clients. The
data security must comprise of integrity, prompt accessibility to the clients and
confidentiality.
satisfaction of the consumer
The perception of the consumer of the digital payments are known to have a significant as
well as a positive impact on the adoption of the digital payment. The information satisfaction
is also termed as the customer satisfaction which provides an overall information which is
known to provide for the goods and services. The information satisfaction is known to be

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affected by the quality of information along with user interface quality. For satisfying the
needs of the customer information, the information needs be up to date when offering the
products and service. As it should be sufficient enough for helping the consumers while
making a choice and should also make it much easier to understand. For this reason, it can be
said that information satisfaction will be affecting the behaviour of the customer purchase
decision. The consumers which will have greater internet experience will be utilizing on the
web channels for gathering the item data (Gao. and Waechter 2017). The customer
satisfaction and the quality is known to play an essential role for the survival and the success
in the present world competitive market. The satisfaction of the customers are known to have
attracted the most attention in the recent study since it has known to have impacted the
behaviour of the consumers and purchase intentions. The customer satisfaction is known to
be an emotional as well as cognitive reaction which focuses on expectation, consumer and
experience at a certain time. The customer satisfaction is known to measure how well a
product or a service is known to be supplied by the firm is known to meet the expectation of
the customer. A lot of researchers known to have investigated the usefulness for measuring
the level of customer satisfaction. The customers are known to adopt a technology when they
find it quite easy for understanding and also find it quite easy to implement. The perceived
usefulness is known to have a positive impact on the behavioural intention for using the
mobile banking.
Influencing consumer behaviour
The electronic payment system are known to influence the consumer behaviour. The
sopping has a paradigm shift as a result of the technological influence. The consumer
behaviour is the study of individuals as well as experiences or the ideas for satisfying the
needs and impacts of the processes on the consumer and society( Aswani et al., 2018). This
paper is known to state how the behaviour of the consumers changes as a result of electronic

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payment system. People are known to spend a lot of time in online shopping sites and prefers
to buy online. There are many changes in the mode of selection and the online shopping will
become very popular soon. Some of the research states that while finding the motivational
factor for online shopping, it have been found out that the convenience of shopping plays an
important role for decision off the online shopping.
Cost
Some of the researchers have known to argue that price is known to play a much lesser
role on the internet. According to Smith in case of online purchasing, lower prices are being
charged compared to the traditional practices. In case of traditional retailing wider prices re
known to be charged for the similar products. Therefore cost is known to play a less crucial
part in the process of customer choice. The consumers can also spend a lot of time going
through the products and also evaluates the information of non price attributes. The
customers of the digital market will be having more information about the services and
products since there will be ease of search will be much higher comparatively (Liébana-
Cabanillas, Herrera and Guillén 2016). The global annual non cash transaction are being
facilitate by the mobile payments and e payments. The e payments are also known to be one
of the important mechanism which is used by the individuals as well as by the organizations
as a secured and convenient way for making the payments over the internet. It have been
found out that the system of electronic payment known to have attracted much attention from
the researchers and information system. For this reason, when consumers will be making
choice of their products they will be fully informed and will have more opportunity to be
fully informed. Therefore, it can be said that the cost efficiency is known to have a huge
impact on the behaviour of the consumer purchase.

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Types of e payment service
There are also presence of large number of e payment services which have been
developed within the payment system present around the globe. The services of e payments
are known to include e cash, electronic fund transfers as well as credit cards. According to
( Marinkovic, V. and Kalinic, Z., 2017 ) there are presence of four categories of the
electronic payment system which are online card payments, electronic cheques, small
payments as well as electronic cheques. Although there are presence of both advantages and
disadvantages of the e payment services in the industry. The electronic payment system
which are known to be used in the retail sector are credit cards, e money, card fees as well as
debit cards. The payment system have known to grow significantly along with technological
advances. With the evolution of the e commerce system along with technological
advancements, the electronic cashless payments are presently used conveniently. From the
year 1960s, the electronic system is known to grow complexities in operations which have
known to grow rapidly. The electronic payments are known to be one of the necessary part of
the E commerce and is also one of the most critical aspects. An e commerce payment system
is known to facilitate the acceptance of electronic payment for the online transaction.
Environment friendly
Getting rid of the paper money are known to provide huge benefits which are known to
go beyond the convenience of the customer. There are various advantage of the payment
tools to avert environmental threats which comprises of reduction in fare collecting cost,
reduction of maintenance cost, reduction in the cost of production of paper and coins and also
reduction in noise and air pollution. Presently the urban congestion as well as air pollution
are known to be two of the biggest problems in which the cities are facing. One of the biggest
advantage of the cash transaction is that they help in reducing pollution (Khalilzadeh, Ozturk.
and Bilgihan 2017). With the help of cashless transactions, the need for producing paper,

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printing money and distribution can also be very easily avoided. The electronic payment
method are also known to reduce re carbon footprint in the world. For this reason, the
cashless economy is known to be highly popular in nature. The electronic money are known
to be traced very easily traced. This kind of electronic payment is known for reducing risk of
transferring disease and therefore contamination from the notes will also get reduced.
Issues related to payment tools
Due to various issues related to security the payment tools are currently offered by the
service providers and few banks in a restricted manner. However most of them are
known to provide the support for the transactions in case of credit cards. For exploiting
the full potential of the online electronic commerce, the users need to be given the
provision for adopting various payment options like ATM cards and E cheques. One of
the issue that the current payment gateways face is that the present facility is applicable
only for the business to customer’s transaction and business to business transactions while
neglecting the worthwhile government business (Cagliano, De Marco and Rafele 2017).
The other issues include problems, limited payment information and the lack of trust. As
the online payments have become quite popular in nature, the security threats can also
take place in the form of malware, theft, spyware, hacking and data security breaches
which are presently in rise. The security payment gateway is known to be characterized
by confidentiality, authentication, integrity as well as non repudiation. Therefore, it can
be concluded by saying that the security is one of the biggest issue for the customers. The
consumers will not be able to put their trust on the new techniques which are used for
enhancing the security of payment tools.

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Reference list
Roozbahani, F.S., Hojjati, S.N. and Azad, R., 2015. The role of E-payment tools and E-
banking in customer satisfaction case study: Pasargad bank E-payment company.
International Journal of Advanced Networking and Applications, 7(2), p.2640.
Marinkovic, V. and Kalinic, Z., 2017. Antecedents of customer satisfaction in mobile
commerce: Exploring the moderating effect of customization. Online Information Review,
41(2), pp.138-154.
Cagliano, A.C., De Marco, A. and Rafele, C., 2017. E-grocery supply chain management
enabled by mobile tools. Business Process Management Journal, 23(1), pp.47-70.
Liébana-Cabanillas, F., Herrera, L.J. and Guillén, A., 2016. Variable selection for payment in
social networks: Introducing the Hy-index. Computers in Human Behavior, 56, pp.45-55.
Chan, K.M., Anderson, E., Chapman, M., Jespersen, K. and Olmsted, P., 2017. Payments for
ecosystem services: Rife with problems and potential—for transformation towards
sustainability. Ecological Economics, 140, pp.110-122.
Aswani, R., Kar, A.K., Ilavarasan, P.V. and Dwivedi, Y.K., 2018. Search engine marketing is
not all gold: Insights from Twitter and SEOClerks. International Journal of Information
Management, 38(1), pp.107-116.
Khalilzadeh, J., Ozturk, A.B. and Bilgihan, A., 2017. Security-related factors in extended
UTAUT model for NFC based mobile payment in the restaurant industry. Computers in
Human Behavior, 70, pp.460-474.
Pei, Y., Wang, S., Fan, J. and Zhang, M., 2015, August. An empirical study on the impact of
perceived benefit, risk and trust on e-payment adoption: comparing quick pay and union pay

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in China. In 2015 7th international conference on intelligent human-machine systems and
cybernetics (Vol. 2, pp. 198-202). IEEE.
Kolinjivadi, V., Gamboa, G., Adamowski, J. and Kosoy, N., 2015. Capabilities as justice:
Analysing the acceptability of payments for ecosystem services (PES) through ‘social multi-
criteria evaluation’. Ecological Economics, 118, pp.99-113.
Ab Hamid, N.R. and Cheng, A.Y., 2019. A risk perception analysis on the use of electronic
payment systems by young adult. order, 6(8.4), pp.6-7.
Imran, M., Hamid, S., Aziz, A. and Hameed, W., 2019. The contributing factors towards e-
logistic customer satisfaction: a mediating role of information Technology. Uncertain Supply
Chain Management, 7(1), pp.63-72.
Iberahim, H., Taufik, N.M., Adzmir, A.M. and Saharuddin, H., 2016. Customer satisfaction
on reliability and responsiveness of self service technology for retail banking services.
Procedia economics and finance, 37, pp.13-20.
Safa, N.S. and Von Solms, R., 2016. Customers repurchase intention formation in e-
commerce. South African Journal of Information Management, 18(1), pp.1-9.
Gao, L. and Waechter, K.A., 2017. Examining the role of initial trust in user adoption of
mobile payment services: an empirical investigation. Information Systems Frontiers, 19(3),
pp.525-548.

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