The proposed Cyprus Payment System (CPS) encompasses entities, systems, and procedures related to the clearing and settlement of transfers of funds, financial assets, and transactions with securities, and foreign currency. The systems operating under the CPS include the service: compensation checks; clearing and settlement of electronic orders of debit and credit; transfer of funds and other financial assets; clearing and settlement of transactions with securities; and clearing and settlement of transactions on stock commodities and futures.
Financial stability and easy transactions are seen as a public good and its Maintenance is one of the tasks performed by various banks. Payment systems are a central pillar of support for financial stability, it is essential that they work safely and in an efficient manner. For efficiency, it is understood that payments be realized with lower costs and provide ease of use.
Due to the extensive responsibilities, currently, customers are facing difficulty in managing their various sorts of payments, bills, and other financial entities. Sometimes, customers do not have enough time to visit a bank or even attempt to perform online transactions for each of their bills or payments through mobile devices, which is a problem needed to be addressed.
In order to enhance the current payment systems, a new model is necessary to delimit the complexities and make it simpler for the users or customers for handling their finances, bills, payments, etc. In this report, a comprehensive review of the new model for payment through banks has been presented.
Thereby, the model is assessed for its dependability, reliability, easiness of use, and other important factors using porters five forces, pestle analysis, five P’s, and pest analysis. The model is also examined for its current market positioning, competitors, customers, employees, and other stakeholders.
Cyprus Payment System
It is challenging that there are several competitors in the potential market. Since bill payment through bank or even online banking is a common phenomenon today. Marketers are constantly striving for better products, packages, and deals to attract new customers and retain existing customers.
In such a competitive market it is crucial how a new model can be successful and there is a question whether there is a place for such a model in the suspended market. It is a significant advantage for the proposed model that it is not entirely new or never existed but it is a modification of the existing payment method.
Thus, consumers used to online or manual payment methods can be facilitated by it. However, another challenge is how likely is that the model liked by the users in the presence of day-to-day improving systems of other companies, and how will it address the problem if another company proposes a similar model with better opportunities for the customers. Thus, a complete assessment of the market situation along with the unexpected feature must be figured out, in order to respond to competition.