Total revenue in the retail market is the money that flows through payment systems at the time of sale. These payment service systems are ruled by contractual agreements between the retailer and the payment service provider (Waters & Rinsler, 2014). By considering the increasing trend of online retail, the systems are essential for the smooth selling and distribution of products and services.
These electronic payment networks develop value for all customer segment by interceding the exchange (Khanna, T., & Palepu, 2013). However, management of electronic payment network is not an easy task as the company is required to face issues such as comparability, expectations and coordination (McNeill, 2015). Another major issue related to this network is security concerns and confidentiality of client information as there is the severe threat of malicious act on the internet (Hirt & Willmott, 2014). On the basis of these aspects, there are many questions about efficiency on the operating system of Visa Inc. for retail electronic payment network.
Purpose of the research
The primary objective of this study is to describe what issues are faced by Visa Inc. in operating world’s largest retail electronic payment network.
The purpose of research is developed by considering current developments in the retail payment market. It is because; the victory of the online retail sector is mainly dependent on the efficiency of electronic payment systems (Lewis, Whysall & Foster, 2014). Due to this explosive growth of Internet and on-line businesses, electronic retail sector makes use of numerous electronic payment apparatuses that can cater for much multiplicity of applications (Dodgson, Wladawsky-Berger & George, 2015). Further, there is a continuous increase in a number of service providers, the decline in cash transactions and the introduction of new technologies (Valdez & Molyneux, 2015).
Research includes a detail description of these issues along with its consequences on the company as well as is customers. In this research project, I will reconnoitre ways in which managers can resolve these issues by providing them viable recommendations. Present study will give insights into the workings of retail electronic payment network, in an organisational form of Visa Inc. that is promptly gaining popularity in global market
Research design (inclusive of design of questionnaire)
By considering the central question of the study that what issues are faced by Visa Inc. in operating world’s largest retail electronic payment network, the following hypothesis emerges: Company with greater social and economic integration in the global market is required to develop an efficient system which is secure and user friendly by coping with emerging issues (Piotrowicz & Cuthbertson, 2014). Described hypothesis mainly comprises four variables to be measured which are enumerated as below:
- Issues faced by Visa Inc. in operating world’s largest retail electronic payment network
- Severity of arising issues
- Consequence of issues on market reputation and operational activities
- Ways to resolve arising issues in an effective manner
Research design can be defined as methodical and systematic study used for a particular research topic (Flick, 2015). By making use of appropriate research design, I will be able to move to correct directions throughout the research process by preventing the risk of wrong interpretation of collected data. By considering objectives and purpose of the present study, descriptive research design has been applied for data processing.
Descriptive research design will assist me in identifying the hypothetical constructs along with the variables that can be explored through other means. For the present study, by making use of selected research design, data for research is collected without making alterations in the environmental variables. Moreover, the descriptive design will assist in making better use of survey methodology for collection of data which is essential for achieving objectives of the present study.
The present study is quantitative in nature as study deals with figures, convergent reasoning, rationality, and has an independent stance instead of having a divergent reasoning. By considering this factor, quantitative research type is the suitable for the present study. This research type will provide statistical accuracy to the conclusions of the study (Panneerselvam, 2014). Further, this method will assist in evaluation data as information is collected through a survey in which responses are quantitative by nature.
For the present research study, primary data will be collected by making use of questionnaire survey method. The questionnaire will include close as well as open added questions in order to get better data for analysis. It will include approximately 20 questions and will be provided to all 50 respondents.
The questionnaire has been prepared in a meticulous manner as it has multiple choice questions, questions developed on the basis of Guttman scale and some open-ended questions. The primary purpose of designing questionnaire is to use it as the key research instrument as it is considered as an efficient tool for effective data collection in comparison of other available techniques in research methods. For data collection using questionnaire technique, 80 questionnaires will be distributed to the managerial authorities and technical staff of Visa Ina. After this; scrutinising process will be carried out in which only 50 questionnaires will be selected for the purpose of data analysis and in order to draw appropriate findings for the study.
The sample design is significant for research purposes as it determines respondents who will assist researchers in collecting data from the primary source. Sampling can be defined as the choice of certain sample size i.e. a group of individuals from the entire population as viable representative (Lewis, 2015). On the basis of aims and objectives of the present study, purposive sampling has been used.
For the current research, stratified sampling random sampling has been employed. Selection of a purposive sample will prevent generalisation from the research study to some extent. By making use of this method, I will be able to select respondents that maximise variation on the independent variables (Saunders & Lewis, 2011). The population of Visa Inc. is segregated in two parts i.e. managerial authorities and technical staff. From the considered two strata, purposive samples of each group will be taken.
First, managerial authorities i.e. authoritative persons of the company who make decisions for managing operational activities. Two technical staff were selected randomly from the all the departments. Strata will be again formulated for the selection of a sample of employees. From the developed sub-categories, random selection for individuals will be made. After the completion of whole sampling procedure, I will have total sample size of 50 individuals, 25 managers and 25 technical staff from each department of Visa Inc.
Purposive random sampling will be used to attain the sample population for the research study which will prevent the possibility of biases as each variable has equal chance to get selected. In addition to this; it will help in sampling each stratum in an independent manner. This method will also categories entire population into strata through which data analysis will become convenient and less cost consuming (Saunders & Lewis, 2011).
Data collection, processing and analysis
Sampling and choosing key informants
Sample frame of the study will be the managerial authorities and technical staff of Visa Inc. From this sample, I will consider of the population of 50 respondents (25 managers and 25 technical staff. Respondents will be designated to get the most out of variation on the following described variables:
- Their work experience
- Qualification and post in company
- Areas of work ,
Selection of a purposive sample will prevent generalisation from the research study to some extent (Taylor, Bogdan, & DeVault, 2015). By making use of this method, I will be able to select respondents that maximise variation on the independent variables. A sample of 50 is optimum, further by taking help of my research assistant I will be able to do an in-depth study of the selected sample. In addition to this, I also have sufficient observations to conduct inferential statistics for testing of developed hypotheses.
In this research, I will also make an attempt to determine key informants by making use of a priori analytic framework. This framework will be based on individualities that will give informants access to different experiences in the company. Additionally, I will be able to check assessments by making comparisons of norms by having numerous crucial informants.
Determination of issues faced by Visa Inc. in operating world’s largest retail electronic payment network
I will consult secondary source to determine major issues faced by IT companies in managing network of online payment to provide satisfaction to customers as well as retail stores. To determine the issues faced by respondents in each interview time, I will make use of a Guttman scale. First, I will elicit their work area and experience and then will ask them about issues faced by the company. On the basis of this responses; I will develop a list of common issues to be more specific as per research objective. After this, I will determine ways in which companies is planning to mitigate these issues and their level of acceptance and satisfaction on it.
Informal and semi-structured interviews will be conducted with managerial authorities and technical staff of Visa Inc. Further, by taking permission of respondents, I will record interviews through a digital sound recorder. Spradley’s method will be used for note-taking for detailed field notes and observations.
Data processing and analysis
Data entry and coding
For data processing and analysis, interviews will be conducted by providing a questionnaire to them. Data collected through questionnaires will be used to determine major issues faced by managerial authorities and technical staff of Visa Inc. on the basis of their past experience and future instincts by considering market changes. Quantitative data provided by managerial authorities and technical staff will be mentioned directly into Excel spreadsheets for applicability of statistical tools.
For this study, I will make use of t-tests for comparison of mean numbers of issues faced by the company and its impact (H1, H2), and ANOVA to determine updated technology and infrastructure improvement availability are concomitant with changes in mean levels of interaction and exchange (H3-H4). Further, analysis of variance tests will be done to draw a viable conclusion.
Analysis of ethnographic data
Transcribed narratives And Field notes which are inclusive of anecdotes issues faced in operating the online network for managing payments in the retail industry will be coded to in order to specify if the case disproves or supports developed hypotheses. In this study, I will evaluate each case in an appropriate manner in order to understand issues and ways to resolve it.
Preparation of research proposal
Completion of literature review for research study
Development of field work for research
Complete research analysis to draw viable conclusion
Give presentation on entire research
Preparation of final report
Limitations of study
The major constraint for this research study is time as provided deadline for research work was less than ideal time. Furthermore, being an outsider, I was not able to get internal business strategies. In order to mitigate this constraint, I had researched online articles and previous studies of research scholars to get well versed with the topic.In accordance with this table, it can be noticed that online payment mode is used by various customers as it is more convenient for them to use. Thus; Visa Inc. is required to make a system for secure and user-friendly. With this approach, they will be able to attract age group of 55-64 and 65+ for online shopping as at present they are not comfortable making use of the online method of payments. Further, with increasing security, Visa Inc. can attract age group of 35-44 and 45-54 as they are a more sensible buyer and they consider transaction as a whole.
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