Need help with my writing homework on Pros and Cons of each payment technology can be used in India. Write a 500 word paper answering; Implementation of an online payment system As per the consideration to make payments much simpler and safer, banks have resorted to using electronic systems that store details of the account holders making it much efficient while enhancing transaction for the user. Besides enhancing security details of the user, financial institutions have gone ahead and implemented the use of biometric systems such as fingerprint recognition system in handling transactions. Such systems are often characterized by the following negative and positive consequences (Maltoni et al 303).

Advantages of fingerprint biometric system

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Biometric payment system scans the fingerprints of a person and utilizes the trace to gain accessibility to individuals’ funds stored in a bank or a specific financial institution. One unique feature with biometric systems is that it does not require the use passwords because the system uses traces of fingerprints stored in their database to execute the operation. The biometric systems have a high level of accuracy since it does not use physical passwords thus more accurate. Besides, such systems are less susceptible to fraud since it is inaccessible by the second person. Moreover, biometric systems are more secure due to their use of advanced scanners that intercept the image making it more distinct from the finger print of another person making quite untraceable (Maltoni et al 303).

Biometric systems are more reliable since a person ever moves around with his hands and has minimal chances of losing the confidentiality as compared to pin numbers, which can be forgotten or misplaced. Moreover, biometric systems offer mobility because the fingerprints are different and have same dermal ridge for sensing hence applied at any place accessible by the system (Maltoni et al 303).


Although biometric systems provide positive merits to the organization, any institution planning such set up must be ready to face high costs of installation. This is attributed by the fact that biometrics cannot run as an independent system and must be supported by additional storage. Such integrations obviously incur additional expenditure to the organization. Moreover, it calls for further training cost for the employees in order to embrace the system, and this reduces the cost of productivity in the end. Consequently, implementation of such systems are faced by a lot of negativity since not many people are willing to disclose their biological traits while assuming that such disclosure are often associated to criminal contexts (Komarinski 3).

MasterCard Contactless payment


Other than the biometric systems, MasterCard also part of the leading financial payment systems through contactless payment platform. In contrast to biometric systems, MasterCard allows people to simply tap and make payments after purchasing a product. The card provides numerous benefits to the consumers who easily make payments through the till thus improving the shopping experience. Besides, MasterCard enhances accessibility to cash thus allowing people to buy goods even in absence of cash. While providing better record management than cash, it helps vendors to attract more customers due to loyalty. Moreover, it is considered to improve gross income of financial institutions since it attracts adverse payments beyond cash (Swart 342).


Although MasterCard has several benefits, it also has some disadvantages. First, MasterCard acts as avenue to excessive expenditure leading to accrual of bills because its ease of accessibility to cash. Secondly, MasterCard is prone to fraud and theft since anybody who understand the secrete identification numbers can easily withdraw cash using such card. Besides, MasterCard can easily rack up a bill especially if it is not paid on time. Finally, MasterCard accumulates additional charges such as annual maintenance fees and advances, which then pass to the cardholder in return (Swart 342).

Works cited:

Maltoni, Davide et al. Handbook of fingerprint recognition. New York. London: Springer, 2009. Print.

Komarinski, Peter. Automated Fingerprint Identification Systems (AFIS). Burlington: Elsevier, 2004. Print.

Swart, Nico. Personal financial management. Lansdown : Juta, 2002. Print.

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