Payment Apps and Accounting Decisions Report, BAC 8054

This report examines the impact of payment apps on financial decisions, focusing on the Malaysian context. It addresses the advantages and disadvantages of using multiple payment apps, including storage capacity, security concerns, and the challenges faced by businesses in establishing their identity. The report analyzes the benefits of dedicated payment apps for individual organizations, highlighting the control they offer and their potential to align with government initiatives like the cashless economy in Malaysia. It also explores the security risks associated with numerous payment apps, suggesting policy changes to limit the number of apps linked to a single email ID and advocating for security grading of global payment apps. The report includes interview questions and recommendations for improving payment apps, emphasizing the need for government intervention to secure customer data and facilitate informed decisions. It concludes by discussing factors influencing customer behavior, such as the convenience of mobile payments, and the importance of proactive measures by banks and other organizations to ensure greater security.

Running head: ACCOUNTING FOR MANAGEMENT DECISIONS
Accounting for management decisions
Name of the student
Name of the university
Author’s name

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Table of Contents
Answer a..........................................................................................................................................2
Answer b..........................................................................................................................................2
Answer c..........................................................................................................................................2
Answer d..........................................................................................................................................3
Answer e..........................................................................................................................................3
References........................................................................................................................................5
Appendix..........................................................................................................................................6

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Answer a
People in the world are more prone to using smartphones rather than using the offline
modes. This is the reason of introduction of so many payment apps. There are around 140
payment apps which are widely used all over the world (Europeanpaymentscouncil.eu., 2020). A
single app in a phone uses a significant storage capacity of the phone. Using 4 to 5 such apps can
result in the over usage of the smartphone capacity. Each payment app requires personal
information regarding the bank details, email id etc. including a password for a single app. It
becomes difficult for a single user to remember and manage several similar apps. In addition, the
companies who are competing with each other face difficulties in establishing their identity.
Answer b
It is important for a business entity to design an app, which will be used for payments
related to that entity only. The main advantage of developing an app dedicated to a single
organization is control. The trader can customize the features of the app as per the interests of its
user base. These apps can be developed as per the requirements of the government also.
Government of Malaysia wants to develop a cash less economy (Taasim & Yusoff, 2018). When
customers have faith in one store, they will have the same faith in the personalized payment app
of the store. They will like to pay using the personalized payment apps of the traders rather than
trusting to widely used apps which only increases the complexity of usage and customer service
in case of any discrepancy (Niya et al., 2019).
Answer c
The usage of so many payment apps in one smartphone increases threat of security. Each
apps would be using the customer data as per the policy of the controlling organization. The
government of Malaysia should not only focus on promoting the usage of online payments but

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also it should make policies, which can limit on the number of payment apps using a single email
id. This change in policy can increase the government control over the public data. In addition,
the global online payment apps must be given security grades so that customer can check it
before using the app.
Answer d
Interview Questions
Q1 What are the benefits of online payment app?
Q2 What are the flaws of the existing online payment system in the country?
Q3 What are the additional features that you recommend for improving the online payment apps?
The government should look into the matter that how the payment apps can be improved.
There should be policies imposing restrictions on the use of payment apps using a single bank
account and email id. This can increase the control of government in securing customer data as
well as it can help the customer decide in using limited apps in the phones which uses their
banking details.
Answer e
There are factors, which can influence customer’s decision regarding use of several
payment apps in Malaysia. The introduction of mobile payments apps have made the customer
carefree. They do not carry physical cash with them. Their mobile phone serves each request
with maximum benefits. However, government should always consider the loopholes of every
wide spread practice to control the economy from a major downfall. The Negara bank has
brought ICRF (Interoperable Credit Transfer Framework) and PCRF (Payment Card Reform

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Framework) to provide greater security to its banking users as the ICRF and PCRF are the
personalized networks which are operated internally by the bank (Liew, 2019). This is a step by a
single bank of Malaysia but there is a need of greater efforts from all the organization and the
country itself.

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References
Europeanpaymentscouncil.eu. (2020). Retrieved 12 February 2020, from
https://www.europeanpaymentscouncil.eu/sites/default/files/inline-files/Payment
%20Methods%20Report%202019%20-%20Innovations%20in%20the%20Way%20We
%20Pay.pdf
Liew, J. M. (2019). A Study of Factors Influencing Customers’ Acceptance of Mobile Payments
in Malaysia, UTAR.
Niya, S. R., Alleman, S., Gabay, A., & Stiller, B. (2019). A Blockchain-based Anonymous P2P
Trading System (No. 2019.04). IfI Technical Report.
Taasim, S. I., & Yusoff, R. (2018). An Instruments Developing Cashless in Malaysia. Shirkah:
Journal of Economics and Business, 2(2).

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Appendix
Interview
Q1) What are the benefits of online payment app?
The online payment apps help in reducing the cost of every transactions. There are
several benefits like cash back offers which customers are enjoying while the companies are
using it as a promotional tool. In addition, online payment apps help in reducing time
consumption. People are not carrying their wallets and banking cards rather mobile phones apps
serves the purpose.
Q2) What are the flaws of the existing online payment system in the country?
Existing of so many apps in a single mobile phone uses unnecessary burden on the
storage capacity of phones. This also create burden on the company mobile phone companies
and government in keeping the customer data secured.
Q3) What are the additional features that you recommend for improving the online payment
apps?
Different customization options should be developed in governmental payment apps so
that a trader can customize the app as per its customer base. This would increase in the number
of users of online payment apps.