Design of Integrated Smart Payment System

Abstract

The future of Information Communication Technology (ICT) in Rwanda is about technology and how Rwanda plans to use information technology to deliver better services. With the introduction of smart money, major changes are on horizons. This thesis aims to revolutionize the payment process in Rwanda, where transactions will now be conducted electronically from getting paid, to all monetary transactions using digital money stored on the card, phone and on the bank account. To achieve this goal, this research followed a framework guided by the research methodology which relates to payment process. Based on the data collected from different payment stakeholders, the researcher highlighted the above concepts and interviews were conducted among different companies and financial institutions. In addition, smart payment system to be developed different stakeholders (like businessman, government and individual) will need to come together to have common understanding on new mode of payment and clear guidelines that ensure the smart payments will be nationally utilized. Even though the implementation of the system expected to increase the efficiency, this research revealed that there is still a lot to improve on technical setup of the system and the existing infrastructure in order to benefit more efficiency. This will facilitate economic activities in the country by providing safe and efficient mechanisms for making and receiving payment with minimum risks. In addition to that, economic and social factors are the main ones to consider when designing a payment system. Resources limitations have impacted the size of the research and consequently, the generation of the recommendation. In this regards, further research in this field has been recommended as this system is planned to be implemented in payment industry.