This assignment must be written/structured in the form of a 'business report'. That is, it must have a/an:a. Executive summary (between 100 to 200 words).b. Introduction that succinctly introduces in summary form this assignment's topic (i.e., 'Ethics, law and E-Commerce') and its key issues, controversies, etc. (no more than 250 words). c. Body that addresses all the requirements for Part 3 - see below (no more 1800 words). Use meaningful headings to shape and format this main part of the report.d. Conclusion that draws up the main outcome and analysis of Part 3 of this assignment (no more than 200 words), ande. Reference list containing all cited works. f. Proper English Grammar, appearance, format, etc.

3. Requirement (20 marks) i. Preamble One of the fastest growing segments of the online payments business is mobile payments. U.S. mobile payments are expected to reach $140 billion by 2021 and purchases using mobile devices could account for half of all online retail sales by 2020.

Google introduced one of the first digital wallet products that would work on a mobile device in 2011 when it also introduced support for the operation of NFC chips in its Android mobile operating systems. Google Pay stores a credit card account for users that agree to maintain a cash balance with the card's issuing bank, so it operates essentially as a debit card. Google Pay does not charge a fee to merchants or the credit card issuing banks, nor does it charge a transaction fee. Instead, it generates revenue from advertisers who pay to display ads, offer coupons or other promotions (specific adds are displayed on the mobile device's proximity to the sores that are making the offers). Google Pay has been slow to catch on with users.

In 2014, Apple introduced a digital wallet product for its mobile devices called Apple Pay. In operation, Apple Pay is similar to Google Pay; however, the infrastructure and revenue model is different. Apple Pay charges the issuing banks a fee ranging between 0.05 percent of the transaction amount and guarantees each transaction; that is, if the transaction is fraudulent, Apple will cover the loss. Credit card companies normally charge merchants a fee ranging between 2 and 3 percent of the transaction amount, so the additional Apple Pay fee serves as a low low-priced insurance plan for them. Consumers will not be charged at all for using Apple Pay and will not be given advertising messages. Further, Apple has stated that it does not collect information about consumer buying habits from Apple Pay data.

i. Required Compare and explain the benefits and drawbacks of Google Pay and Apple Pay from (i) a consumer's standpoint, (ii) a retailer's standpoint, and (iii) a bank's standpoint.