Materials and methods In this study/review paper, we give an overview of an electronic payment system, discuss the background history, highlight current available payments system against e-commerce, individual features of each payment system in a tabular form, highlight the security flaws, and finally identify issues, and suggest a solution based on study and blogger.comted Reading Time: 9 mins Jan 01, · To promote the usage of electronic payment system, consumers need education in relation to their liability that might incur from the use of new types of electronic money so they can understand the differences between new digital payment systems and traditional payment mechanisms in order to make their choice accordingly when buying online Literature Review of online payment system - Free download as Word Doc .doc /.docx), PDF File .pdf), Text File .txt) or read online for free. Literature Review of online payment system 4/5(4)
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So e-commerce refers is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the Internet. These business transactions occur either business-to-business, business-to-consumer, literature review on online payment systems, consumerto-consumer or consumer-to-business. The terms e-commerce and e-business are often used interchangeably.
E-commerce is conducted using a variety of applications, such as email, fax, literature review on online payment systems, online catalogs and shopping carts, Electronic Data Interchange EDIFile Transfer Protocol, and Web services. So online payment refers to money that is exchanged electronically. Typically, this involves use of computer networks, the internet and digital stored value systems and an electronic payment system is a way of paying for a goods or services electronically, instead of using cash or a check, in person or by mail.
Hundreds of electronic payment systems have been developed to provide secure Internet transactions. Electronic payment systems are generally classified into four categories: credit card and debit cards; electronic cash; micropayment systems; and session-level protocols for secure communications. The categories are. The customer type the card number, expiry date and billing address on the order form and the vendor can verify the details and be confident of payment.
A Debit card is a banking card enhanced with Automated Teller Machine and point of literature review on online payment systems features so that it can be used at merchant locations. A Debit card is linked to an individuals bank account, allowing funds to be withdrawn at ATM and point of sale without writing a cheque.
A Debit card holder pay directly through bank for his purchases. It replaces physical cash and cheque. A debit card holders need to deposit advance in the bank and withdraw in the purchase time.
When the tokens purchased by customers, the e-Cash software stores the digital money on the customers personal computer which is under signed by the bank.
The users can easily spend digital money at any shop accepting e-Cash without giving credit card details to the shopkeeper. A number of micropayment systems were proposed and developed in the mid-to-late s, all of which were ultimately unsuccessful. A second generation of micropayment systems emerged in the s. For example PayPal defines a micropayment as a transaction of less than 5. Session level protocols provide services for coordinating communication between local and remote applications, establishing, managing and terminating connections.
The SET specification is an open, technical standard for commerce, developed by VISA and master card. It facilitates secure payment card transactions over the internet. Digital certificate create a trust change throughout the transactions, verifying cardholders and merchant validity.
These have also been referred to as m-payments Vassiliou, The merchant forwards the payment and customer information to the payment service provider e. through the mobile literature review on online payment systems. The literature review on online payment systems provider then presents the payment information to the payer for confirmation and upon confirmation e.
with a PIN number records the transaction. The benefits of implementing online payment system Online payment offers a lot of benefits to the organizations that implement it. The technology could literature review on online payment systems cash flow management and operating efficiencies, increase companys participation in customers acquisition process, compares the business cycle of the company and intensity the companys relationships with its business partners. Ratnasingham Online payment technology is also said to be able reduce cost, increase the number of customers for the literature review on online payment systems, enhance the relationship between the customers and the company and improve the company image.
The bottom line is increase in revenue and consequently in the profitability of the company. Perhaps the most interesting benefits of the online payment is the ability to couple it with online bill presentment or electric billing systems e- billing.
E- Billing systems automate both the delivery and the payment sides of the billing cycle with the entire exchange taking place over the internet Radecki and Wenninger, E-billing eliminates the conversion of the computerized information to and from paper and replace the physical delivery of the documents.
There are numerous benefits for organization that implement online billing delivery and payment. Merchants can save printing and mailing cost. E- Billing also has the potential to reduce the time it takes to deliver bills and receive payment, which means that organization can receive the payment earlier and invest it somewhere.
The organization could also retain their current customers meanwhile, customers can obtain a wealth of information about their account. It is also an added convenience to the customers and enable the customers to save postage or check processing fees. Survivability could also be a factor that thrust the companies into using online payment. For the time being, not many companies, either the suppliers or the business clients of the companies use online payment.
However, things might change in the future and many companies might adopt online payment. When this happens, the companies that deal with these companies have no other choice but literature review on online payment systems use online payment. If not, they would lose the business and this spells disaster to the companies. Therefore, the use of online payment systems by suppliers and business clients would push the companies to use online payment.
Barriers and challenges of implementing online payment system Online payments despites it numerous benefits comes with its own challenge even in the developed world. We will look at the general challenges and later on focus on specific challenges in developing economies. The identified challenges as revealed by previous research works are Security, Infrastructure, Regulatory and Legal issues and Socio-Cultural challenge.
Lack of Security Online payment systems for the internet are an easy target for stealing money and personal information. Customers have to provide credit card and payment account details and other personal information online, literature review on online payment systems.
This data is sometimes transmitted in an un-secured way, Kolkata and Whinston, Providing these details by mail or over the telephone also entails security risks Guttman,Laudon and Traver, Infrastructure Proper Infrastructure for electronic payments is a challenge now-a-days world.
Electronic payments communication infrastructure includes computer network such as the internet and mobile network used for mobile phone.
In addition, banking activities and operations need to be automated. So proper infrastructure is necessary for the successful implementation of electronic payments. Regulatory and legal issue: National, regional or international set of laws, rules and other regulations are important requirements for the successful implementation of e-payment schemes. United Nations commission on international trade law UNCITRAL has formed a working group on electric commerce to prepare uniform rules on digital signature and certification authorities smedinghoff et all.
This should ease the problem on doing online business globally. On the local front, laws have been passed to regulate e-commerce and online communications.
The computer crime billis an act to provide for offences relating to the misuse of computers. The most important law passed thus far concerning e-commerce is digital signature act The act is a comprehensive act to regulate the licensing and duties of certification authorities, literature review on online payment systems, plus the regulation of the use of the use digital signatures. Socio-Cultural Challenges Cultural and historical differences in attitudes and the use of different forms of money e.
Consumers confidence and trust in the traditional payments system has made customers less likely to adopt new technologies. New technologies will not dominate the market until customers are confident that their privacy will be protected and adequate assurance of security is guaranteed. New technologies also requires the test of time in order to earn the confidence of the people, literature review on online payment systems, even if it is easier to use and cheaper than older methods.
com Article 2: Dennis, Abrazhevich Electronic Payment Systems: A User Centred Perspective and Interaction design. Eindhoven: Technical Universiteit Eindhoven. e-Commerce, Strategy, Technologies and Applications. Tata McGraw-Hill Publishing Company Limited. Article 4. Rachna et al. Issues and Challenges of Electronic Payment Systems. Open navigation menu. Close suggestions Search Search. en Change Language close menu Language English selected español português Deutsch français Русский italiano român Bahasa Indonesia Learn more.
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It is based on this that this research paper looks at the available past literature on e-payment adoption across the world, with a view to highlight the scope, methodology and Information System (IS) models used by previous researchers so as to identify research gaps and recommend such for future blogger.comted Reading Time: 11 mins Jan 01, · To promote the usage of electronic payment system, consumers need education in relation to their liability that might incur from the use of new types of electronic money so they can understand the differences between new digital payment systems and traditional payment mechanisms in order to make their choice accordingly when buying online Materials and methods In this study/review paper, we give an overview of an electronic payment system, discuss the background history, highlight current available payments system against e-commerce, individual features of each payment system in a tabular form, highlight the security flaws, and finally identify issues, and suggest a solution based on study and blogger.comted Reading Time: 9 mins
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