Software Implementation of an Online Android Electronic Money Transfer Application

1.1 Introduction

Android Electronic money transfer refers payment services operated by Mobile Network Operators under financial regulation. The service allows customers to deposit/withdraw electronic/digital money, make transfers, top up mobile airtime or pay bills performed from or via a mobile device. Android Electronic money transfer has received significant attention from academic circles. Much of this literature has focused on the acceptance (Chauhan, 2015), extent of access (Danquah et al., 2018), awareness (Gichuki et al., 2017), adoption, Infrastructure levels (Mothobi, 2017), impact of MMT (Munyegera et al., 2016), the politics and regulations (Suárez, 2016), Comparing the service (Lepoutre et al., 2017), among others. Recently, it has also been replicated in other parts of the world, even as a form of cross-border transfers, not only in developing countries. However, scholars have failed to notice the process model perspective. The service has been highly successful in developing countries.

As a prelude to other parts of this study, this chapter will discuss the background upon which this study was initiated, the statement of problems that led to this study, the Aim and Objectives of the study. Others are Significance of the study, Scope of work, Limitation of the study and Definition of technical terms.

1.2 Background of Study

Android is the leading mobile operating system worldwide. Android became the leading mobile Operating System since 2011; almost 220 million smartphones running Android were sold. This figure grew to 1.2 billion in 2015. The basic idea behind the project is to implement a money transactions system built on android, this application will be a smart and secure way to carrying out banking transactions without the long bank queues or ATM or credit cards. Android users are globally increasing every day and applications running on android platform are becoming an integral of IT within businesses as well as many homes. A vast market has been developed on android, from apps that carry out shopping activities, to online purchasing and banking have been by-products of this growth. Many businesses have been quick to recognize and exploit the niche. The range product on-line is virtually inexhaustible and puts android application at the top of the list of convenience good. In this rapidly evolving modern society of which we are all a part, convenience has become crucial to survive the ever increasing pace of life. In particular, e-banking, one of the IT applications with the highest impact upon the global economy, is creating a new business environment for bank customers to carry out transactions like fund transfer seamlessly. As a growing number of companies launch new Internet-based business lines, many of the new technology advances occur as a result of their using the android applications to improve business processes.

E-banking has revolutionized the banking sector in a way unprecedented in past centuries. It has fostered a new set of economic and social relationships between customers and banks, the structure of the Nigerian financial services industry changed drastically with the introduction of android applications, bringing about significant changes in the market. Within the context of current developments and with increased breadth and depth of competition, the task of identifying the unique characteristics that will enable any bank outperform its peers is becoming more challenging. The industry is now characterized by the following interesting dynamics, a critical use of an android app to develop and experiment funds transfer between bank customers and will help the development of e-banking. It is not technology by itself that makes or breaks an Internet venture, but the underlying innovation and adequacy of the adopted business approach. IT and e-banking have now become the key elements for strengthening the competitiveness of the national economy and improving the productivity and efficiency of both private and government banks. Transaction is a part and parcel of our life. Financial transactions involving money have been subjected to many changes in the long run. It has migrated from direct cash transfer to online payments. Automated Teller Machine (ATM) has been widely used for money withdrawal whereas money deposit is done using Cash Deposit Machine (CDM). Online banking/ shopping is easily done through the use of credit/debit cards. Technology has advanced further and mobile banking is the buzzword today.

Nowadays, almost everyone has a smartphone. We never forget to carry our smartphone even though we forget our credit cards or ATM cards. With the android Fund transfer system android users can now find an easy and efficient way to transfer money. Using this application, the user can do any type of payment such as for shopping, taxi service, local store etc. The main advantage of this application is that user does not have to carry his credit or debit card anymore.

1.3 Statement of the Problem

There are several problems, such as long queue of bank customers trying to deposit money for their business transactions, loss of ATM card for ATM transfer and also long queue on ATM machines every day. This system will help solve the problems of those bank customers using android devices that want to transfer funds for their daily activities between their banks, inter-bank and carry out other banking transactions from the comfort of their homes and offices without having to visit the bank.

1.4 Aim and Objectives of Study

The aim of the study is to design and implement an Online Android Electronic Fund Transfer Application Software. In achieving this aim, the following specific objectives were laid out as follows to develop an application that will:

1. Enable android users to easily transfer funds for business purposes without having to visit the bank.
2. Reduce queues at the banks and also at the ATM points across the banks.
3. Improve e-banking among banks customers and increase bank revenue in e-banking charges.

1.5 Significance of Study

The significance of this study is to build an android application, a platform to aid people with transferring of funds from one bank to another easily without any stress. This study will be of immense benefit to other researchers who intend to know more on this study and can also be used by non-researchers to build more on their research work. This study contributes to knowledge and could serve as a guide for other study.

1.6 Scope of Study

The study focuses on the Design and Implementation of an Online Android Electronic Money Transfer Application Software.

1.7 Limitations of the study

During the course of this study, many things militated against its completion, some of which are:

1. Time Constraint: The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.
2. Research material: availability of research material is a major setback to the scope of the study.
3. Frequent power failure: This made the researcher append more money on fuel to ensure sustainable power.
4. Financial Constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet).

1.8 Definition of Terms

Android: Android is a mobile operating system developed by Google, based on a modified version of the Linux kernel and other open source software and designed primarily for touch screen mobile devices.

Application: An Application software (app or application for short) is computer software designed to perform a group of coordinated functions, tasks, or activities for the benefit of the user.

E-banking: Is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through financial institutions through the internet.

Bank: A bank is a financial institution that accepts deposits from the public and creates credit.

Deposits: A deposit account is a savings account, current account or any other type of bank account that allows money to be deposited and withdrawn by the account holder.

ATM: Automated Teller Machine.

Smartphone: A smartphone is a handheld personal computer. It possesses extensive computing capabilities, including high-speed access to the Internet.