Advance in technology changed every aspect of the manner in which businesses operate. Tech-savvy students and customers can now order and receive goods and services using their electronic devices in their residents (Suen, 2014). Credit and debit cards are the most common payment methods which students use in their online shopping today. However, cybercriminals can hack the cards and use the data to steal money from holders’ accounts (Miller " Jentz, 2013). As such, there are concerns about whether online payment is secure or insecure. In this regard, as increasing numbers of businesses allow online shopping, it is essential to assess customer confidence in the security of online payment methods. This paper aims to examine views of students who use debit or credit card on whether or not they believe that online payments are secure.
A recent study conducted to assess the perception of students on the safety of online payments indicated that the majority of them believe that the payments are secure. The study involved 173 students. The table 1 and figure 1 summarize the findings of the survey.
Table. Students’ Trust in Online Payment Methods
Do you believe online payments are secure?
Definitely yes
Probably yes
Might or might not
Probably
Definitely not
Total
Debit or Credit Card
11
68
26
6
2
113
E-transfer
1
10
4
2
0
17
Tap Technology (Apple Pay)
1
1
1
0
0
3
Third-party software (WeChat, Alipay)
2
22
12
2
0
38
I don’t pay fees online
0
1
0
1
0
2
Total
15
102
43
11
2
173
Figure1. Students’ Trust in Online Payment Methods
Table 1 and figure 1 indicate that only two participants believed that online payments are definitely not secure. The rest, 11 out of 113 students representing 10% said definitely yes the payments are secure, 68 customers equal to 60% said probably yes, 26 customers (23%) said might or might not, while 6 (5%) said probably the payments are secure. Therefore, the majority of the students who took part in the study believe that online payments are secure.
The findings are in line with Adamson’s (2008) assertion that online payments are secure because customer protection laws treat them differently from other payment methods. According to Adamson (2008), the US’s Fair Credit Billing Act of 1986 allows those who use online payments to dispute fraudulent charges on their accounts as well as charges resulting from merchant error. Shoppers can also dispute unauthorized charges and withhold payments without damaging their credit scores. As such, customers feel that online transactions are secure.
On the other hand, Electronic Fund Transfer Act of 1693 protects customers engaging in electronic fund transfers as well as remittable transfers (Johnson " Kingshott, 2009). According to Johnson and Kingshott (2009), the Act covers unauthorized charges on debit cards. Szabo (2016) also believes that online payments are secure because customers can keep the cards in safe places in their houses and only use them to shop in authorized online merchants.
In conclusion, the primary objective of this study was to assess the perception of students who use credit or debit card on the safety of online payments. The study involved 173 participants including 113 who use debit or credit card in online shopping. The majority of respondents believe that the payments are secure. The conclusion was based on the findings that only 2 out of 113 respondents who use the cards said that the methods are not secure. The payments are also protected by the law thus making users to prefer them to other payment methods.
References
Adamson, J. E. (2008). Law for business and personal use. Mason, OH: South-Western Cengage Learning.
Johnson, B. R., " Kingshott, B. F. (2009). Safe overseas travel: Maximizing enjoyment by minimizing risk. Flushing, NY: Looseleaf Law Publications.
Miller, R. L. R., " Jentz, G. A. (2013). Business law today. Mason, Ohio: South-Western.
Suen, A. (2014). Downloading and online shopping safety and privacy. New York: Rosen Digital.
Szabo, D. A. N. I. E. L. (2016). Fraud smarts-Fraud prevention handbook. S.L.: Lulu Com.
