His area of interest includes corporate governance, mutual funds and finance related topics. He has supervised three scholars at PhD level and 20 years of experience at post graduate level.
He has thirty years of teaching experience at
research paper electronic payment systems graduate level in different academic institutions as well as published over 60 articles in international refereed journals and is a member of the Malaysian Account Research and Education Foundation. Visit for more related articles at Journal of Internet Banking and Commerce. The success of electronic commerce depends upon effective electronic payment systems.
The Internet and on-line businesses are growing exponentially. Due to this explosive growth, electronic commerce on the Internet uses various electronic payment mechanisms that can cater for much diversity of applications.
This paper discusses the evolution and the growth of electronic technologies, which can provide more advanced technical supports for electronic payment systems. The focus of this paper is to identify and explain the different methods of e-payment the authors analyses the challenges of electronic payments from different perspective and provide preliminary security countermeasures for each of the issues.
Finally a number of solutions have been proposed based on the problem and discussed on the prospect of electronic payment system.
Aristotle An electronic payment is defined as a payment services that utilize information and communications technologies including integrated circuit IC card, cryptography, and telecommunications networks.
The need for electronic payment technologies is to
research paper electronic payment systems to fundamental changes in socio-economic trends. The payment system is the infrastructure which comprised of institutions, instruments, rules, procedures, standards, and technical, established to affect the transfer of monetary value between all the parties. An efficient payment system reduces the cost of exchanging goods and services, and research paper electronic payment systems indispensable to the functioning of the inter-bank, money, and capital markets.
However, a weak payment system may severely drag on the stability and developmental capacity of an economy; its failures can result in inefficient use of financial resources, inequitable risk-sharing among agents, actual losses for participants, and loss of confidence in the financial system and in the very use of money. The tasks to design payment system infrastructures become ever more complex as competition and innovation push constantly
research paper electronic payment systems the limit the search for better combinations of efficiency, reliability, safety, and system stability in the provision of payment services to larger numbers of individual users and institutions.
A plethora of new electronic technologies are emerging, opening up new transaction opportunities. Microchip-based payment devices, such as chip cards and other new technologies, such as transponders, are being tested in many parts of the globe. The potential of digital wireless transactions remains untapped, yet it is very likely to emerge
research paper electronic payment systems telecommunications and computer technologies converge in devices.
New technologies supporting the electronic storage, transfer, and use of money could have significant implications for consumers, merchants, governments and financial institutions. The electronic payment system consists of. Bo Meng and Qianxing Xiong classified electronic payment system into cash-like payment system and cheque-like
Research paper electronic payment systems System. Both types of payment systems are direct payment systems, i. There are also indirect payment systems where either buyer or seller initiates the payment without having the other party seller or buyer, respectively involved online.
Donal O. Mahony,
Ethics writing dissertation in Peirce, Hitesh Tewari The idea of paying for goods and services electronically is not a new one.
All around us we see evidence of transactions taking place where at least part of the process is carried on electronically. Since the late s and early s, a variety of schemes have been proposed to allow payment to be effected across a computer network.
The arrival of the Internet has removed this obstacle to progress.
Read article network of networks has grown dramatically from its inception Donal O. This network of networks has grown dramatically from its inception. David B. Humphrey, Lawrence Http://wine-stars.com/how-to-write-a-good-college-essay/heat-in-the-kitchen-science-homework-help.html. Pulley, and Jukka M.
Vesala November : E-payments can be widely defined as payments that are initiated, processed and received electronically. The scope is on e-payment services that support e-commerce transactions business to consumer, B2C or electronic payments between consumers person to person, P2P and that constitute new concepts, beyond the basic traditional payment instruments provided by the banking industry.
Recent developments in the e-payments market will especially be set into a pan-European context, in order to monitor the development of e-payment services within the euro area and across Europe. Odlyzko : E payment is a subset of an e-commerce transaction to include electronic payment for buying and selling goods or services offered through the Internet.
Generally, we think of electronic payments as referring to online transactions on the internet, there are actually many forms of electronic payments. As technology is developing, the range of devices and processes to transact electronically continues to increase.
For e-payments, the monetary claims electronic means of payment are held, processed and received in the form of digital information, and their transfer is initiated via electronic payment instruments. The payment can
research paper electronic payment systems transferred to the seller immediately or on a later date.
The e-payment reference number notifies the seller, i. The service provider also has query and refund functions at its disposal. With the query function, the service provider can check that an e-payment was made successfully. With the refund function, the service provider can refund a purchase paid by e-payment, or a part of it.
Erdener Kaynak and Talha D. First offered in the mids, online banking is becoming the latest breakthrough development in the ever-growing world of financial services marketing. As the internet becomes more and more popular, the usage of online banking is expected to increase considerably. Online banking offers customers a faster and more convenient way to do business in the convenience of their home or office.
research paper electronic payment systems results indicate that online banking has gone from less than a million people using it into nearly 26 million as expected by the end of — some fold increase Unsal et al. The advent of the internet and the popularity of personal computers have presented both an opportunity and a challenge for contemporary commercial banking industry. For years, financial institutions have used powerful computer networks to computerize millions of daily transactions.
At the moment, commercial bank customers are connected to the internet through personal computers.
Research paper electronic payment systems banks visualize similar economic advantages by becoming accustomed to those same internal electronic processes to home and office use.
Zheng Huang, KeFei Chen : Ever since the Internet got popular in the mid-nineties, the explosion of on-line commerce has been prophesized.
Electronic payment will grow rapidly
research paper electronic payment systems of the potential operational efficiencies; Electronic payment is discussed as a means to replace traditional cash in the physical world, and as a means of payment in the virtual world.
This is because of that electronic cash might be easier and cheaper to use than conventional cash and electronic payment cannot be counterfeited assuming that the scheme is thoroughly thought out. Additionally, electronic payment could be used over telecommunications and data networks for e-commerce without losing the privacy of the customer. Hsiao-Cheng Yu, Kuo-Hua Hsi, Pei-Jen Kuo the worldwide proliferation of the Internet led to the birth of electronic commerce, a business environment that allows the electronic transfer of transactional information.
Electronic commerce flourished because of the openness, speed, anonymity, digitization, and
research paper electronic payment systems accessibility characteristics of the Internet, which facilitated real-time business activities, including advertising, querying, sourcing, negotiation, auction, ordering, and paying for merchandise. Michelle Baddeley : Electronic commerce is growing at an increasing pace and financial instruments are adapting to the increased volume of spending taking place over the Internet Economides, Until now, most buyers have used credit arrangements or checking accounts learn more here the principal means of paying for Internet purchases.
There is however, a 'price umbrella' underneath credit-card transactions that makes them an excessively costly financial instrument for low-value purchases Rivest, For many Internet transactions, electronic cash ecash could provide a potentially superior substitute for conventional monetary instruments. Most existing electronic small payments schemes are in essence account-based systems mediated by middle people, in practice in much the same way as a bank or credit
article source acts as a financial intermediary.
E-payment may be treated as a protocol among the payer, the payee and their respective Financial Institutions FIs.
All epayment systems involve transfer of funds and monetary instruments. Thus, FIs are irreplaceable players in epayment systems. There are several e-payment methods proposed, but only a few are being used successfully. Cyber Cash , which is based on payment-card transactions, is one.
research paper electronic payment systems systems  are not as successful as credit-card methods. Although it is not specifically designed for electronic payment, Secure Socket Research paper electronic payment systems SSL  based e-payment methods are at present the most widely used. Combinations of these methods are also possible. Chou, YuntsaiLee, Chiwei, Chung, Jianru Electronic cash or digital cash was invented early on in the development of e-commerce.
However, the reality of e-cash business has proved less than exciting. Within the first few years, the issuers of e-cash either went bankrupt Digicashdropped the product
Homework woodlandsor moved into another business First Virtual.
Observing the failure of the above e-cash mechanisms and the extensive adoption of the credit card on the Internet 95 percent of online payments are made by credit cards in the US. The authors probe the question of what payment schemes are adequate for the e-business environment and considered the impact in technological considerations, economic and social factors in the popularity of online payments.
Tae-Hwan Shon and Paula M. Swatmanargued that it is important to understand where Internet payment systems fit into the continuum of EPS Electronic Payment System ; and how this subgroup of the wider EPS group differs from its fellows. It is also important to note that very often, card-based payment systems such as credit, debit or charge cardsare also defined as retail-based electronic
Most current models of IPS proposals and schemes can be categorized as:. It defines XML syntax for payment transaction requests, responses and receipts in a payment processing network. The supported operations include funds authorization and capture, sales and repeat sales, and
research paper electronic payment systems of transactions. It has its see more in the USA and Canada.
The IFX specification does not describe any specific product implementation; this is left to the individual institutions. IFX is now being further developed by the IFX Forum, which is a consortium of industry leading financial institutions, service providers and software
click. The fields defined include shipping information, billing information, recipient information, payment card information and reference fields.
Version 2. It covers the payment function for payment of digital goods. It is implemented
go here the products of Netactuals Cartio and Newgenpay. The Micro payment initiative specifies how to provide in a Web page all the information necessary to initialize a micro paper write on online and transfer this information to the wallet for processing.
Continue reading is optimized for the case where the buyer and the merchant do not have a prior acquaintance. IOTP is payment system click here. It can encapsulate and support payment systems research paper electronic payment systems as SET, Mondex, secure channel card payment, Geldkarte etc.
This paper analysis the problems faced by the customers and offers suggestions for improving the
research paper electronic payment systems systems. The chart depicts the e payment systems.