The essential objective of this study examines the rising consciousness pertaining to varying notions that are associated with regards to electronic payment systems, related to the benefits, challenges and security concerns. By utilizing software as a service platform, the vendors of the payment processing system work on this template which will channel the payment traffic from the single payment towards the multiple payment schemes for the clienteles. Consumers frequently disclose data that is confidential that belongs to them for example, names, particulars about their cards and numerous other information during their online transactions to perform a payment. A method that assists in the transference of money electronically defines the online payment system. This payment manner generally entails the array of a network of computers, the internet and various other repositories for digitized value methods. By acquiring whatsoever means of payment via the internet entails that the user of the system has received payment made online, and has a mutual knowledge of certain private data with the vendor or the entity that provides the service. This study initiates a comprehensive holistic review encompassing the whole components of payments made online or electronically, that focuses on an investigation over the various researches done pertaining to payment methods that are executed electronically. The current most up-to-date researches were examined to garner an insightful comprehension of payment methods that are electronically employed.