Quantitative Methods for Computing Assignment Example | Topics and Well Written Essays - 1500 words

Quantitative Methods for Computing - Assignment Example This paper involves discussion and analysis of a questionnaire carried out in united kingdom on their view on adoption of near mobile technology by the banks and other financial institutions (NFC forum 2011). Some of the companies which are carrying out experiments on the use of near field technology into the mainstream use are: NOKIA, SAMSUNG and GOOGLE. However adoption of this technology has come with several issues in terms of drawbacks, though this technology come several too which will be described in this paper. This paper will discuss the pros and drawbacks of this technology in UK and help banks which are attempting to add value to their core business function through the adoption of this technology. Based on several interviews, this paper provides some recommendations for managers wishing to take full advantage of the business benefits of NFC technology (rose 2012). This technology is ISO-based and tends to build on radio-frequency identification (RFID) communication protoc ol and also incorporates standards used in other contactless card technology (NFC forum 2011). Contactless payments involves the use of devices that make use radio-frequency identification so as to make secure payments, these include: debit and credit cards, smart cards and key fobs. The RFID chip and antennae enables users to wave the card or fob across the reader when making payments. The use of NFC technology in United Kingdom was started in the year 1997 by Mobil gas stations but financial institutions like banks adopted the technology in 2008 which involves the use of master card. These banks are; Citibank, American Express bank, Barclays bank, HSBC and the royal bank of Scotland group. Barclaycard was the first institution in UK to offer contactless cards in 2008. The use of NFC technology in United Kingdom was initiated by the orange mobile phone firm when it partnered with Barclaycard in 2010. Mobile phone with contactless technology was initiated in United Kingdom in 2011; these phones had master card paypass and visa Paywave, these services were assigned to the embedded secure element and SIM card. The number of these secure phones is increasing in united kingdom though initially they were available in small scale(carton et al. 2012). The Near field communication technology has been incorporated in contactless card standard hence making it possible to use devices which are NFC-enabled instead of credit and debit cards thereby reducing the weight to customers, For instance, there has been a prooval of a number of NFC – enabled smartphones to be used with Paywave, NFC-enabled makes it possible for users to make payments by using their phone devices in the place of credit or debit cards (visa 2012). Procedure A questionnaire containing several questions which focused on the financial industry in UK was designed. These questions were meant to review on the views of bankers and other financial institution managers on the adoption of NFC technology in banking focusing mainly on the limitations and advantages of NFC technology. The research was about contactless technology in UK though a lot of emphasis was put on NFC technology. Thirty people were given the questionnaires and were given a period of two days to fill them. The study ensured none of the questioned could interact with the other since it was carried in different part of United Kingdom. The questions asked are