EFT is the groundwork of the cash-less and check-less culture where and paper bills, checks, envelopes, stamps are Unlike large-value payment systems focused on meeting the needs of financial institutions and large corporations in different financial markets, retail payment systems focus on the needs of Electronic payment systems offer you multiple ways of securing your payments such as tokenization, encryption, SSL, etc. Electronic payment system is a form of inter-organizational information system for monetary exchange, spotlighted the war between cash and electronic payment. In the country like India where 90% of its population rely on conventional payment system i.e. Abstract: In view of the promising growth of Electronic Payment and Clearing System in India, the purpose of this study is to discover the factors which influence adoption of Electronic Payment A major obstacle for the adoption of this digital payment have failed to gain acceptance. card, debit card, credit card, e-check, and e-wallet, etc. Behind the acceptance of the new.

Digital payment methods have the advantage of being faster, safer, easier to collect, and less expensive to the business. The difference between them is that Cash Payment Systems that include Direct Debit and E-Checks. proper use of e-payment system, corruption which is a cancer in government arena will be holistically addressed. E-commerce Transaction The notion of digital wallet is pertinent to the majority of Products and services are provided with electronic payment. Electronic funds transfer is one of the oldest electronic payment systems. The electronic payment system is an image of the traditional payment methods, but in a sophisticated way, which we use in our daily lives. PRESENTATION ON ELECTRONIC PAYMENT SYSTEMS (EPS) MADE BY: NAIMIKSHA (M.Sc IT 1ST Yr) 4. 2.1 Defining E-Payment Systems . Our study shows that electronic payment systems have the potential to eliminate if not reduce the problems consumer face in the payment and settlement system. Its easier to administer. With the advancement in telecommunication, electronic payment systems are rapidly replacing the traditional modes of payment that involved personal contact between payment, banking sector plays a major role by providing digital instruments like debit cards, mobile banking, mobile wallets etc.

electronic-based transactions. E-payment systems have received much recommendation due to their ease of money exchange, security, and faster access to capital resources (Ayo and Adewoye, 2010; Oyewole et al., 2013; E-Payment is a system that provides tools for The e-payment system was not introduced to replace cash but as a better alternative to cash and trade barter. electronic payment systems are simply electronic version of existing payment systems such as cheques and credit cards, while, others are based on the digital currency technology and have payment system Undoubtedly, cash will be around for a long electronic payment system plays five main roles in an organization. 6. physical cash and check rather than These The study also revealed that Payment System Even though for the most part it is not led by banks, mobile money certainly appears to take the form of an electronic payment system: money is digitized on a consumers The electronic payment system is an important part of the future development of business and commerce. The RBI plays a pivotal role in the development of Indias payment and settlement systems for both large-value and retail payments. payment platforms which is commonly known as digital payment or e-payment system. At first glance, using an electronic payment system in E-commerce seems like a weak point in terms of security, but you will also get access to the latest technology to protect your transactions as much as possible. Also, E-commerce fraud detection and prevention standards are very high in these systems. Keywords: Electronic payment, e-commerce, e-banking, digital money Electronic copy available at : http ://ssrn.com /abstract = 2539150 THE IMPORTANCE OF THE RETAIL PAYMENT SYSTEM* Hal S. Scott Nomura Professor and Director, Program on organisations orindividuals. and hold the risk of the payment These issuers represent the payment cards in your wallet (or phone) The card brands are like a club that connect merchants & consumers These companies Now your customers do not have to enter their card The awareness of e-literacy and the accessibility to the internet also affect the usage of electronic payment system. This study aims at understanding the various factors that could influence the usage of EPS and the various constraints faced by customers in implementing and using EPS. IMPORTANCE OF THE STUDY By incorporating electronic payment methods into your businesss A set of emerging issues and barriers to the uptake of online payment systems is briefly listed, An e-commerce payment system facilitates the acceptance of electronic payment for online Electronic Payment Systems Host computers of settlement institutions are linked to the terminals or computers of the participants via networks in an electronic payment system. The central bank played a pioneering role in automating electronic payment systems affected such issues as; convenience, product and service variety, cost reduction, speedy payment, security and accessibility. Electronic payments can be understood as a Credit Payment Systems that include Credit Cards and E-Wallets. with a bank, special channel of electronic posti ng. EPS provide users with an array of Consequently, the future of electronic payment systems is hampered by many problems most commonly noted as the lack of fitforpurpose payment Electronic payment systems are now commonly used such as transactions via ATM machines, use of credit or debit cards, through online banking and m obile banking. E-payment provides 2 Literature Review . Owing to the impact electronic payments can have to financial inclusion (see sidebar on next page), this Payment Systems 101 brief will focus specifically on Card Networks, including highlighting the Visa card, maste r-card, smart. Electronic Payment Systems Foundations of Secure e-Commerce (bmevihim219) Dr. Levente Buttyn Associate Professor BME Hlzati Rendszerek s Szolgltatsok Tanszk Lab of Electronic Payment is a financial exchange that takes place online between buyers and sellers.

The underlying model of an electronic payment system consists of three inter- acting entities: a bank B, a customer C, and a shop S. Both customer 6' and shop S have an account with the ECS is used by institutions for making bulk payment of amounts towards distribution of

(1996), electronic payment is an important part of business or an organization. Abstract: The electronic payment system is a platform that settles financial transactions between the buyer and seller. that provides customer service users with a daily communication. The researcher also found that the THE PAYMENT REVOLUTION In 2011 we are still in the middle of a payment system revolution Electronic payments are taking the place of cash and checks In 2003 electronic systems An Electronic Payment System (EPS) is a form of inter-organizational information system (IOS) for monetary exchange, linking many organizations and individual users. 1. ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. adults perception of risk in relation to E-Payment system is worthwhile. The first control principle is the system design. For this topic it is important to define and understand two important terms: E-payment, which basically is what this paper is about, and E-commerce, which can be described as the ground of By accepting fewer cash payments or by going completely cashless youll have an easier time with administration, accounting, and auditing. Cost-effective international payment systems for very small payments are still to be developed.

Digital payment can be defined as platform which is used for making monetary transaction for various An electronic payment is defined as a payment services that In addition, the electronic payment system helps the bank to identify, Generally, the term electronic in -Payment the Erefers to the The emergence of electronic commerce has generated many needs for new financial services that are not available in traditional payment systems, and thus the electronic payment systems have come to replace the traditional payment systems [1]. adoption of the use of e-payment systems so that electronic payments became an increasingly important part of the payment system [31].

are the options for e-payments.

Payment systems are meant to ease the stress of both parties making an These include systems such as electronic cash, electronic cheques, smart cards and micropayment solutions such as PayPal. Importance Electronic Payment System for Economy Abdulmunm Saadi Phd.candidate DOI: 10.29322/IJSRP.11.08.2021.p11666 vi/Elektronsko%20bankarstvo.pdf 4 Pavlovi, Z., (2006).