A Compendious Study of Online Payment Systems: Past Developments, Present Impact, and Future Considerations

Abstract

Abstract-The advent of e-commerce together with the growth of the Internet promoted the digitisation of the payment process with the provision of various online payment methods like electronic cash, debit cards, credit cards, contactless payment, mobile wallets, etc. Besides, the services provided by mobile payment are gaining popularity day-by-day and are showing a transition by advancing towards a propitious future of speculative prospects in conjunction with the technological innovations. This paper is aimed at evaluating the present status and growth of online payment systems in worldwide markets and also takes a look at its future. In this paper, a comprehensive survey on all the aspects of electronic payment has been conducted after analysis of several research studies on online payment systems. Several online payment system services, the associated security issues and the future of such modes of payment have been analysed. This study also analyses the various factors that affect the adoption of online payment systems by consumers. Furthermore, there can be seen a huge growth in mobile payment methods globally beating both debit and credit card payments, all due to the convenience and security offered by them. Nevertheless, various obstacles have been identified in the adoption of online payment methods; thus, some measures have to be taken for granting this industry a hopeful future. Thus, there should be a suitable trade-off between usability and security when designing online payment systems in order to attract customers. Also, technical and organisational issues which arise in the attempt to achieve interoperability must be taken into consideration by the designers. As a matter of fact, the process of developing interoperable and flexible solutions and universal standards is one of the most difficult tasks in the future ahead.

Online Financial Transactions in India: A Study of Its - Significance, Frauds and Security Models to Counter Frauds

“…The following facts were discovered after studying the previous authors' works [2,7,8,9,10,11] in the area of online transactions and frauds: There is certainly increase in digital transaction; identified types of online transactions; high risk of identity thefts in online digital transactions; loss of phone lead to loss of transaction or lead to fraud, as most of the transaction and confidential information is present with the users mobile; availability and confidentiality(unauthorized access) are also the issues of concern; proper end-to-end encryption credentials, etc., which enabled us to identify the key challenges of online transactions.…”

Factors affecting e-payment acceptance by customers: an empirical study in the Kingdom of Bahrain

“…Similarly, another study undertaken in Malaysia in 2017 reported that security's methodology, technology and practice contribute to customers' acceptance of the security of the e-payment system. It was also discovered that three aspects of e-payment security influence customer acceptance: the security system's integrity, confidentiality and availability (Khan et al, 2017). There is thus adequate evidence to suggest that security has a major influence on accepting e-payment systems by the customers, hence hypothesis H1: H1.…”

E-Payment System and Financial Performance of Telecom Companies in Rwanda: Case Study of MTN Rwanda MOMO Service

“…This enabled U.S commercial banks and its central treasury came out with an alternative to cheque payment. (Ul et al, 2017). Traditionally, banks have always sought media through which they would serve their clients more cost-effectively as well as increase the utility of their clientele.…”