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Date Created: 12/21/15
There is potential for college online payment firms to limit competition In the past two decades, electronic commerce has been growing rapidly due to the increasing popularization of personal computers, expanding penetration of broadband, and continuing development of the Internet and World Wide Web. According to e Marketer(2009),an e-business and online payment for college market research company, the total U.S. e-commerce sales (excluding travel) will grow from $127.7 billion in 2007 to $182.5 billion in 2010. The firm also estimates that the number of online shoppers in U.S. will increase from 131.1 million nearly four-fifths of Internet users—by the year 2007, to 148.7 million by the year 2010. The growth of e-commerce relies not only on the great convenience of conducting transactions over the Internet but also on consumers' willingness to trust an online merchant. This view is consistent with that advanced by: non-face-to-face, Internet-based transactions require an element of trust; in other words, trust is a foundation of e-commerce. In general, trust is of great importance in the ecommerce context for the following reasons. First, consumers need to provide personal information for online transaction registration. Such personal information is subject to potential abuse; for example, the data might be used for marketing solicitations or shared with third parties. Thus, consumers worry about the misuse of personal information.Second, consumers usually needs to provide bank account or credit card information to pay for online purchases. Therefore, they have concerns about bank account or credit card fraud. Third, online consumers are likely to worry about product quality because they are not able to actually see and touch the products. Finally, online vendors often promise a delivery time and a full refund or replacement of the products returned. Hence, consumers may have concerns about promise-keeping. In short, all these worries and concerns call for trust in the college online payment shopping context. Thus, understanding the concept of trust and the ways to foster the formation of it is critical for both e-commerce researchers and practitioners. As a subject of research and practice, trust while considered by many as a simple concept is actually complex. That is, on the one hand, trust has different definitions in different disciplines. For example, philosopher Annette argues that trust includes a perception of others' trustworthiness and defines it as a kind of psychological state. However, in the discipline of sociology, trust is viewed as a driver of social efficiency and is defined as a belief. On the other hand, trust can be of various kinds: knowledge-based, process-based, institution-based, and so forth. Different kinds of trust are usually based on different relationships and developed in different interaction stages. In light of this complexity, we think that the concept of trust deserves more scholarly 'respect' and requires more discussion of its definitions and sources.
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