Financial narket Article Review PDF

Preview

Summary

FACULTY OF BUSINESS MANAGEMENTBACHELOR OF BUSINESS ADMINISTRATION (HONS) FINANCEFIN 435 FINANCIAL MARKETS AND BANKING SERVICESARTICLE REVIEWThe Impact of Using Cashless Payment during the Covid-19 Pandemic:A Case Study of MaybankPrepared by:NAME MATRIC NUMBER GROUPFARAH NUR SYAHIRAH BINTI SALIM 2021...

Description

FACULTY OF BUSINESS MANAGEMENT BACHELOR OF BUSINESS ADMINISTRATION (HONS) FINANCE

FIN 435 FINANCIAL MARKETS AND BANKING SERVICES

ARTICLE REVIEW The Impact of Using Cashless Payment during the Covid-19 Pandemic: A Case Study of Maybank

Prepared by: NAME

MATRIC NUMBER

GROUP

FARAH NUR SYAHIRAH BINTI SALIM

2021178733

BA2422B

Prepared for: MADAM SITI SALWA BINTI HASSAN Submission Date: 05 JULY 2021

FA FAC CULT ULTY Y OF B BU USIN SINES ES ESS SA AND ND MAN MANAGE AGE AGEME ME MENT NT ASS ASSIGNM IGNM IGNMEN EN ENT/ T/ PR PROJEC OJEC OJECT T DEC DECLARA LARA LARATION TION F FORM ORM

Student’s Name

:

FARAH NUR SYAHIRAH BINTI SALIM

Student’s ID

:

2021178733

Program Code

:

BA242

Course Name

:

Student’s I/C No. Part

:

2

Course Code

:

001121-13-0296

:

FIN 435

FINANCIAL MARKET AND BANKING SERVICES

Assignment/ Project No.

Due Date

:

05.07.2021

Submission Date

:

3

:

05.07.2021

Assignment/ Project Title

:

ARTICLE REVIEW: The Impact of Using Cashless Payment during the Covid19 Pandemic: A Case Study of Maybank

Lecturer’s Name

:

MADAM SITI SALWA BINTI HASSAN

I hereby declare that the work in this assignment/ project was carried out in accordance with the regulations of Universiti Teknologi MARA. It is original and is the results of my own work, unless otherwise indicated or acknowledged as referenced work. This assignment/ project has not been submitted to any other academic institution or non-academic institution for any degree or qualification. I acknowledge that I have been supplied with the Academic Rules and Regulations for Universiti Teknologi MARA’s Diploma/ Bachelor Degree/ Master’s Degree students, regulating the conduct of my study and exams. I hereby declare that this assignment/ project is written by me and: i. is a result of my own work; ii. has not been used for another assessment at another department/ university/ university college in Malaysia or another country; iii. does not refer to/quote works of others or own previous writings without stating it both in the text and in the reference list; iv. mentions explicitly all sources of information in the reference list; and v. will go through similarity check (Turnitin). I am aware that disciplinary action (which may include the deduction of marks in the assignment/ project) will be taken against me if I am found to be an offender.

05.07.2021 Date

Student’s Signature

Covid-19 does exist and is very dangerous and has a deadly effects not only on humans, but also on businesses in Malaysia. It can spread easily if a person is in close proximity to people who have been infected with the disease. Therefore, the government has initiated measures to reduce Covid-19 from spreading to the corners of the country by closing educational institutions, manufacturing, construction, employment in offices and reducing operating hours for economic activities in our country, Malaysia. Money is one of the mediums that can spreads this dangerous disease easily if the money has been touched by a person who has been infected. Maybank is a Malaysian Bank and one of the bank that has provided cashless payment facilities or can be known as e-payment. These facilities involve electronic payments, namely e-wallets, e-cash, online credit card transactions, digitally collecting balance systems, wireless payment systems, and digital check payment systems. In the article with title The Impact of Using Cashless Payment during the Covid-19 Pandemic: A Case Study of Maybank written by Daisy Mui Hung Kee, Nur Nuha Binti Nor Hisam, Nur Hidayu Binti Abd Rashid, Nur Sobbah Binti Abdul Aziz, Nur Aqilah Binti Mazlan, Nur Aimi Zayani Binti Mahadi, there are some issue pointed by the authors that is the World Health Organization (WHO) has urged all citizens to use cashless transactions for every purchase in order to reduce the spread of this deadly disease. Based on the article, according to NST Business reported that there are 70% of Malaysians are in favor of the country to be cashless and also there are 62% believe that this will be achievable in the next five years. According to The ASEAN Post, it reports that there are some shipping companies received an increase in the number of orders from customers by 30% since the Movement Control Order (MCO) was directed nationwide. This shows that society loves to buy thing online more than buy things in directly from the stores. Not only that, under the e-Tunai Rakyat program, the government has given an appreciation gift payment of RM30 for eligible Malaysians. There are some advantages that was pointed by the authors in this article. Number one, it has increased e-commerce shares of global retail sales. Not only that, it has also helped many small and medium enterprises in doing business during the Covid-19 pandemic. Number two, cashless payment can reduces the spreads of Covid-19 disease. This is because with the presence of cashless, it can avoid the use of cash that often changes owners and reduces human contact. Number three, cashless payment has widely available facilities, safety and simplicity. For example, Maybank has launched Maybank EzyQ which is an online appointment

management system for customers. With EzyQ, customers can choose the appropriate date and time to go to the desired branch easily and this can reduce the waiting time for customers while at the bank. If using cash, it will charge a high cost for transportation to go to the store and it is also less safe because there are armed robberies everywhere that we do not know. With cashless, it is safer because we do not have to carry a lot of money in the wallet, just carry either credit cards, debit cards, or currency exchange services and also do not forgot to bring our phones. Number four is to make it easier for the community to grow their business by attracting customers from abroad to buy their goods online. This is because they just can pay it online and do not have to pay it in cash. We also have a delivery services that can ship out the parcels to other country. In this article, the authors does not mention many disadvantages of using cashless. However, the authors state that with the presence of cashless, it affects companies that have not used cashless services in their companies. Many people do not bring cash and wanted to pay without cash but they do not have the facility for cashless payment causing customers to be unable to pay for their purchases. It also has a risk for society to overspending. Of course they can see the value that has been spent, but since this facility is too easy, then more of them like to spend money to buy goods online and ignore the value spent but regret it later. To conclude, cashless payments provide more benefits to society than provide disadvantages. Covid-19 has changed the trend of every community and made them focus on using cashless payments. This caused them to register in Maybank and use the services available at Maybank. Covid-19 has also increased the users of the cashless payment method in Malaysia. In my opinion also indeed the payment in cashless should be implemented better because it simplifies, only requires one finger so to buy the items that we desire.

References Mui Hung Kee, D., Nor Hisam, N., Abd Rashid, N., Abdul Aziz, N., Mazlan, N., & Mahadi, N. (2021). The Impact of Using Cashless Payment during the Covid-19 . International Journal of Accounting Finance in Asia Pasific (IJAFAP), 1-11. http://ejournal.aibpm.org/index.php/IJAFAP/article/view/1118...