E-banking And Online Payment, Based On The Case Of China
E-banking and online payment, based on the case of China
What is e-banking?
E-banking includes familiar and relatively mature electronically-based products in
developing markets, such as telephone banking, credit cards, ATMs, and direct deposit.
It also includes electronic bill payments and products mostly in the developing
stage, including stored-value cards (e.g., smart cards/smart money) and Internetbased
stored value products.
Payment Methods and Security Concerns: The Case of China
In China, while banks issue credit cards and while many use debit cards to draw directly
from their respective bank accounts, very few people use their credit cards for online
payment. Cash-on-delivery is still the most popular mode of e-commerce payment. Nonetheless,
online payment is gaining popularity because of the emergence of Chinapay and Cyber
Beijing, which offer a city-wide online payment system.
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What is the status of e-banking in developing countries?
E-banking in developing countries is in the early stages of development. Most banking
in developing countries is still done the conventional way. However, there is an
increasing growth of online banking, indicating a promising future for online banking
in these countries. Below is a broad picture of e-banking in three ASEAN countries.
The Philippine Experience
In the Philippines, Citibank, Bank of the Philippine Islands (BPI), Philippine National
Bank, and other large banks pioneered e-banking in the early 1980s. Interbank
networks in the country like Megalink, Bancnet, and BPI Expressnet were among
the earliest and biggest starters of ATM (Automated Teller Machines) technology.
BPI launched its BPI Express Online in January 2000. The most common online
financial services include deposits, fund transfers, applications for new accounts,
Stop Payment on issued checks, housing and auto loans, credit cards, and remittances.
The Singapore Experience
In Singapore, more than 28% of Internet users visited e-banking sites in May 2001.36
Research by NetValue (an Internet measurement company) shows that while the
number of people engaging in online banking in Singapore has increased, the average
time spent at sites decreased by approximately four minutes from March
2001 to May 2001. This decline can be attributed to the fact that more visitors
spend time completing transactions, which take less time than browsing different
sites. According to the survey, two out of three visitors make a transaction.
All major banks in Singapore have an Internet presence. They offer a wide range of
products directly to consumers through proprietary Internet sites. These banks have
shifted from an initial focus on retail-banking to SME and corporate banking products
and services.
Among the products offered are:
Fund transfer and payment systems;
Integrated B2B e-commerce product, involving product selection, purchase
order, invoice generation and payment;
Securities placement and underwriting and capital market activities;
Securities trading; and
Retail banking.
The Malaysian Experience
E-banking in Malaysia emerged in 1981 with the introduction of ATMs. This was
followed by tele-banking in the early 1990s where telecommunications devices were
connected to an automated system through the use of Automated Voice Response
(AVR) technology. Then came PC banking or desktop banking using proprietary
software, which was more popular among corporate customers than retail customers.
On June 1, 2000, the Malaysian Bank formally allowed local commercial banks to
offer Internet banking services. On June 15, 2000, Maybank (www.maybank2U.com),
one of the largest banks in Malaysia, launched the countrys first Internet banking
services. The bank employs 128-bit encryption technology to secure its transactions.
Other local banks in Malaysia offering e-banking services are Southern Bank,
Hong Leong Bank, HSBC Bank, Multi-Purpose Bank, Phileo Allied Bank and RHB
Bank. Banks that offer WAP or Mobile banking are OCBC Bank, Phileo Allied Bank
and United Overseas Bank.
The most common e-banking services include banking inquiry functions, bill payments,
credit card payments, fund transfers, share investing, insurance, travel, electronic
shopping, and other basic banking services.37
What market factors, obstacles, problems and issues are affecting the growth of ebanking
in developing countries?
Human tellers and automated teller machines continue to be the banking channels
of choice in developing countries. Only a small number of banks employ
Internet banking. Among the middle- and high-income people in Asia questioned
in a McKinsey survey, only 2.6% reported banking over the Internet in 2000. In
India, Indonesia, and Thailand, the figure was as low as 1%; in Singapore and
South Korea, it ranged from 5% to 6%. In general, Internet banking accounted for
less than 0.1% of these customers banking transactions, as it did in 1999. The
Internet is more commonly used for opening new accounts but the numbers are
negligible as less than 0.3% of respondents used it for that purpose, except in
China and the Philippines where the figures climbed to 0.7 and 1.0%, respectively.
This slow uptake cannot be attributed to limited access to the Internet since 42% of
respondents said they had access to computers and 7% said they had access to
the Internet. The chief obstacle in Asia and throughout emerging markets is security.
This is the main reason for not opening online banking or investment accounts.
Apparently, there is also a preference for personal contact with banks.
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