Electronic Payment Systems

This study aimed to identify the factors affecting the adoption of electronic payment system(the e-fawateercom system in Jordan). The study used a descriptive analytical method based on a simple random sample. Made up of users of e-fawateercom system in Jordan in general based on the Technology Acceptance Model(TAM) and diffusion of Innovations theory; to achieve the objective of the study. The researchers were developed and distributed a questionnaire on the study sample. The number of questionnaires distributed are(420), only 392 were returned and analyzed, which accounted for(93%) of the questionnaires distributed. The researchers used different statistical measures and tools to analyze the data. The results of the study showed that there is an effect of all the variables of the study (relative advantage, compatibility, security, trust, perceived ease of use and perceived usefulness) on the adoption of electronic payment system. Based on results, recommendations were given by the researches.

No nation can compete in a global market without developing a versatile and veritable platform for competition especially in trade and commerce through electronic business (e-business) and electronic commerce (e-commerce). Not too long ago, the Nigerian government enacted a visionary policy code-named PSV20:2020 targeted at adopting information and communication technology (ICT) for proper management of the Nigerian economy as part of its effort to become a member of the twenty most economically developed countries in the world by the year 2020. To achieve this, the Nigerian government created the policy of a cashless economy in which all payments for goods and services especially in government businesses have to be done electronically. To make this policy work particularly among the small and medium enterprises (SMEs) in Nigeria, this study examines those factors that influence the adoption and use of electronic payment systems (EPS). A qualitative analytical approach has been adopted in this study. 4 Small and Medium Enterprise owners/managers and 2 officials of two different Banks – the Central Bank of Nigeria (CBN) and United Bank for Africa (UBA) – were interviewed. Data collected from the interview were processed and analysed. Few recommendations were made.

Technological advancement has provided efficient and effective payment system devoid of ‘cash and carry syndrome’. Specifically, electronic payment system provides a medium through economic exchanges take place without visiting brick and mortal banks or with no physical presence of the transacting parties. While electronic payment system enjoys prominence in Nigeria, evidence of its contribution to economic growth has not been empirically established. Meanwhile, the current transition to cashless economy was essentially based on the prominence of e-payment system. Therefore, this study, for the first time, explored relationship between e-payment system and economic growth as means of reviewing current transition to cashless economy in Nigeria. Data was analysed using OLS and TSLS methods covering period of 7years (2005-2012). The result indicates a significant positive relationship between e-payment system and economic growth in term of real GDP per capita and trade per capita. Only...

The nature of today's business environment has being heavily being intensified by the aggressive nature of competition with clients considered as the principle center of any business organizations. Thereby archiving client's satisfaction and loyalty is the most important factor in archiving huge success in such competitive environment. This is very obvious and also serve as a challenging task for business firms such as banks due the nature of their undifferentiated product and services rendered to customers. However, differentiation in such service sector is considered important which creates an opening based on exploiting a neglected opening in the market by providing excellent and quality service. The objective of this paper is to provide an overview based on previous investigation in the service industry on the role of service quality in a competitive environment with the help of CARTER's service quality dimension. This study highlights on the importance of clients' emotions, experience and religious believes for making them very satisfied. Companies must embark on meeting the customers' personal preferences, which seem to be the emotional side.

Electronic payment systems act as a catalyst in the economic development of many developing countries. However, their evaluation has become a daunting task over the years. This research employed a two-stage multi-criteria decision analysis (MCDA) to evaluate e-payment systems in Ghana. The AHP method was utilized to find the contribution scores of the various criteria for the performance of the e-payment systems. With the aid of the Probability Linguistic-TOPSIS (PL-TOPSIS) approach, we obtained the performance scores of the e-payment systems and ranked them. Among the six indicators employed in this study, we found cost-effectiveness to be the major indicator of an e-payment system performance. The performance ranking results indicated that credit/debit card has the highest performance score, followed by mobile money, ATM, online banking, and E-zwitch, respectively. We contribute to literature by providing intuitions on how AHP and PL-TOPSIS methods can be applied to evaluate the performance of e-payment systems.

Central to the infrastructure of electronic commerce activities is the electronic payment system. This encompasses not only the issues of technical sophistication but also legal readiness. In the context of electronic commerce environment in Malaysia, this paper seeks to highlight and examine the Malaysian legal readiness in the aspect of electronic payment system, focusing on its Payment Systems Act 2003. The discussion is limited to the issue of electronic security measures embodied in the law. Within its restricted scope, this paper seeks to demonstrate how the law recognizes the importance of security measures in order to build confidence and trust among the public and mainly the users of electronic payments in the country.Â

The online payment for products or for the access to payment-based services can be made by means of a range of (mobile) electronic payment systems – (M)EPS. Both the industrial sector and research community, mainly World Wide Web Consortium (W3C), are working on facilitating these payment methods on Web and supporting the multiple users on how they can select the suitable (M)EPS. However, to the best of our knowledge, there were no thorough studies considering consumer’s preferences when they support multiple (M)EPS. To address this issue, we have performed a survey on an international participants (n=272) aiming to (i) developed a theoretical model to determine their preferences when they are supporting more than one (M)EPS, (ii) find the most valuable option according to them and (iii) determine the surrounding conditions that support their decision to use a specific (M)EPS. The theoretical framework of this study was based on the Technology Acceptance Model (TAM). According to our statistical analysis (Chi-square test), consumers that can pay using different (M)EPS during their online payment transaction, have a preferred payment system based on its security, fees, usefulness, and ease of use as well as on their favorite Web browser for these transactions. Factor analysis was also performed to identify factors that much influence the (M)EPS. Results revealed that the factors influencing online payment preferences differ from those involved in traditional payment methods. Our findings allowed, therefore, providing practical suggestions for supporting payment processes with Web browsers and the W3C payment Application Program Interface (API).

End users' demand for electronic contents and services is increasing dramatically. Vendors and service providers might want to obtain benefits by charging for their electronic contents and services. Thus, they might need to offer different payment protocols to make the payment. Payment frameworks appeared for this purpose. However, currently, none of them provides a comprehensive solution that facilitates the negotiation and the choice of the payment protocol to perform the purchase. In this paper, we present the general approach we have followed for the design of different payment frameworks that facilitate these processes. This approach is built upon the base of a set of generic components that we have defined. Namely, a generic payment protocol for supporting payments with different protocols; a payment schema that allows the description of payment information and the definition of payment extensions to some protocols; a generic wallet Application Programming Interface (API) to support the definition of wallets for different protocols, and a payment ontology for the semantic annotation and description of payment information. These generic components can be utilized in different scenarios and provide a uniform way to make purchases, which generates user trust and simplifies its use.

In this paper, a new transaction protocol based on electronic cash using a modified ElGamal signature and a secure blind signature scheme is proposed. With the extension of untraceable electronic cash, a fair transaction protocol is designed which can maintain anonymity and double spender detection and attaches expiration date to coins so that the banking system can manage its databases more efficiently. The security of the system is based on discrete logarithm problem and factoring problem.Also our protocol has better performance than similar protocols. So the new protocol is very efficient.

The choice between different payment media are studied when one network has lower adoption costs but higher transaction specific costs than the other (one such case is the choice between currency and electronic payment platforms). The assumption of a Pareto distribution of payment traffic yields particularly attractive and tractable results.

Central to the infrastructure of electronic commerce activities is the electronic payment system. This encompasses not only the issues of technical sophistication but also legal readiness. In the context of electronic commerce environment in Malaysia, this paper seeks to highlight and examine the Malaysian legal readiness in the aspect of electronic payment system, focusing on its Payment Systems Act 2003. The discussion is limited to the issue of electronic security measures embodied in the law. Within its restricted scope, this paper seeks to demonstrate how the law recognizes the importance of security measures in order to build confidence and trust among the public and mainly the users of electronic payments in the country.

Article about problems of Institutionalization of the payment environment of e-commerce. The author analyzes tendencies of development of payment institutes and prospect of creation of the International financial Centre in Russia on the basis of primary development of e-commerce in spheres B2C and C2C. The author proves that in the conditions of globalization of the consumer markets the analysis of a role and a place of transboundary private payments in structure of National payment system of the Russian Federation become especially current.
Статья о проблемах институционализации платёжной среды электронной коммерции. Автор анализирует тенденции развития платёжных институтов и перспективы создания международного финансового центра в России на основе преимущественного развития электронной коммерции в сферах B2C и C2C. Автор доказывает, что в условиях глобализации рынков потребительских товаров анализ роли и место трансграничных частных платежей в структуре Национальной платежной системы Российской Федерации становятся особенно актуальными.

Technological advancement has provided efficient and effective payment system devoid of ‘cash and carry syndrome’. Specifically, electronic payment system provides a medium through economic exchanges take place without visiting brick and mortal banks or with no physical presence of the transacting parties. While electronic payment system enjoys prominence in Nigeria, evidence of its contribution to economic growth has not been empirically established. Meanwhile, the current transition to cashless economy was essentially based on the prominence of e-payment system. Therefore, this study, for the first time, explored relationship between e-payment system and economic growth as means of reviewing current transition to cashless economy in Nigeria. Data was analysed using OLS and TSLS methods covering period of 7years (2005-2012). The result indicates a significant positive relationship between e-payment system and economic growth in term of real GDP per capita and trade per capita. Only...

The general intention of this Publication is to feature Electronic Payment Systems in a Developing Economy with reference to Guyana and the bearing comprising the advantages in cultivating payment systems while heightening safety, the efficiency of payments, and cost savings. The continuous transformation of a developing economy's payments system will support monetary growth through the fiscal system for its sustainability and enables proficient financial interposition. This publication further highlights the need for frequent evaluation and supervision for the continuous modernization of electronic payment systems to the benefit and referencing to the developing economy of Guyana. Critical areas that are essential which emphasis have been placed upon but needs further attention in addressing, are as follows: 1. Increase the rate of finalizing a transaction through its related operations within actual or rapid time, as time is money. Currently, the rate of one transaction varies (by hours). 2. Decrease of paper materials and handling costs which generally eases functional cost. 3. Payment assurance and dependable guard against illegal entry to the client's account in ensuring safe dispensation. This publication has formed the basis to associate investors behind the target to endorse a modern payments system infrastructure that is required for a developing economy with reference to Guyana with the objective of restructuring, empowering discussion and the propelling effect in generating inventive and country-specific electronic payment solutions. It should be noted that a substantial amount of transformation has occurred to date with reference to Guyana.

No nation can compete in a global market without developing a versatile and veritable platform for competition especially in trade and commerce through electronic business (e-business) and electronic commerce (e-commerce). Not too long ago, the Nigerian government enacted a visionary policy code-named PSV20:2020 targeted at adopting information and communication technology (ICT) for proper management of the Nigerian economy as part of its effort to become a member of the twenty most economically developed countries in the world by the year 2020. To achieve this, the Nigerian government created the policy of a cashless economy in which all payments for goods and services especially in government businesses have to be done electronically. To make this policy work particularly among the small and medium enterprises (SMEs) in Nigeria, this study examines those factors that influence the adoption and use of electronic payment systems (EPS). A qualitative analytical approach has been adop...

This research aims to analyze the effect of electronic payment systems based on credit cards, debit cards, and electronic money, as well as macroeconomic variables namely the money supply (M1), price level, and velocity of money towards real gross domestic product as a proxy for economic growth. The estimation carried out in this journal uses the Vector Error Correction Model (VECM) with period time series data of 2010:1-2018:12. The results of the journal show that doing debit card and electronic money-based transactions has a significant positive effect on economic growth in Indonesia in the long run.

What is the key to the success of successful bankers, what innovations bring them victory in the once most conservative banking craft? Why is it not enough to simply introduce an Internet bank, but you need to provide its competent promotion and development? What is most important for customers - users of modern technologies? New ambitious players - electronic payment systems (EPS) - have yet to develop trust and legitimacy in order to gain popularity among customers. Both categories of advanced payment technology providers (EPS and banks) solve the same pressing problems today.

Modern society is determined not only with a high level of development, but also a lot of social and economic problems. In the last years more and more popular became the meaning, that a lot of these problems could be solved with the canceling of cash. Experts and usual people are thinking that a new society will be more fair and transparent with less of criminal, drugs, economic fraud, unmotivated preference for individual categories, where everybody is paying less of tax and where is a high level of wealth protection. But in the real situation seems not so optimistic.
In Life privacy. Canceling of cash mean total control against all financial operations of each person, their interests and tastes by banks and government. Besides that, using most mobile payment systems need geolocation – as result everybody will be all the time trecked in all senses of this word. In psychological sphere using electronic money will increase money spendings because using cash is combined with the feeling of pain, when people are spending them and e-money are for most of people something not so important, especially for young people (like money in PC game). In social shpere the cashless society will make problems for disabled people, people with mental problems and also can influence dementia by older people. Criminal. even if we will live in the cashless society with the modern trends, the level of financial fraud will reduce maximal on 15%, and P. Schmidt considered, that all the criminals will find another way for their activity. Besides that e-money and society are stimulating the growth of cybercrime and it is always growing and the companies, who had lost against cybercrime had spent more money for investigation of that cases, then they have lost. Unemployment. First of all, the system of cash circulation is huge. A lot of people are creation, designing, proofing, printing, gathering, retailing cash and also working each day in banks, cashier's offices, shops and so on. Also many companies are producing stuff combined with cash. From wallets to cash machines. All these brunches will not exist anymore and all the people will lose their jobs. Economy. One of the main reasons to cancel cash was that in the cashless society will be impossible to set a negative rate and with the same it will be less of economic crises. But german economists have studied and proofed that it is possible and in this situation it will be more difficult to combat the crisis and cost much more for the government and people because all existing financial instruments that the government can use to fix situation are created only for cash and are working with it.
Technical. Electronic systems could be crushed. Besides of that in case of wore or other conflicts people can ruin Internet connection all over the country and inhabitants will lose everything and have no possibility even get home.
In general, e-payments are part of our life and they are very comfortable nowadays. But the canceling of cash will make more problems for people and organizations. This means that this could not be the right choice in the nearest future.