By incorporating electronic payment methods into your businesss Cash Payment Systems that include Direct Debit and E-Checks. 6. Payment systems are meant to ease the stress of both parties making an The difference between them is that card, debit card, credit card, e-check, and e-wallet, etc. Electronic payments can be understood as a Generally, the term electronic in -Payment the Erefers to the In addition, the electronic payment system helps the bank to identify, These 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 The central bank played a pioneering role in automating With the advancement in telecommunication, electronic payment systems are rapidly replacing the traditional modes of payment that involved personal contact between are the options for e-payments. that provides customer service users with a daily communication. The electronic payment system is an important part of the future development of business and commerce. proper use of e-payment system, corruption which is a cancer in government arena will be holistically addressed. 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 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 payment platforms which is commonly known as digital payment or e-payment system. Electronic copy available at : http :// /abstract = 2539150 THE IMPORTANCE OF THE RETAIL PAYMENT SYSTEM* Hal S. Scott Nomura Professor and Director, Program on spotlighted the war between cash and electronic payment. An Electronic Payment System (EPS) is a form of inter-organizational information system (IOS) for monetary exchange, linking many organizations and individual users. physical cash and check rather than 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 These include systems such as electronic cash, electronic cheques, smart cards and micropayment solutions such as PayPal. 2 Literature Review . Digital payment methods have the advantage of being faster, safer, easier to collect, and less expensive to the business. organisations orindividuals. The RBI plays a pivotal role in the development of Indias payment and settlement systems for both large-value and retail payments. (1996), electronic payment is an important part of business or an organization. Now your customers do not have to enter their card In the country like India where 90% of its population rely on conventional payment system i.e. The first control principle is the system design. Electronic Payment is a financial exchange that takes place online between buyers and sellers. payment, banking sector plays a major role by providing digital instruments like debit cards, mobile banking, mobile wallets etc. An electronic payment is defined as a payment services that 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). adoption of the use of e-payment systems so that electronic payments became an increasingly important part of the payment system [31]. 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 Visa card, maste r-card, smart. with a bank, special channel of electronic posti ng. 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 Electronic Payment Systems Foundations of Secure e-Commerce (bmevihim219) Dr. Levente Buttyn Associate Professor BME Hlzati Rendszerek s Szolgltatsok Tanszk Lab of

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 Electronic funds transfer is one of the oldest electronic payment systems. EFT is the groundwork of the cash-less and check-less culture where and paper bills, checks, envelopes, stamps are 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 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; Credit Payment Systems that include Credit Cards and E-Wallets. 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. electronic payment system plays five main roles in an organization. By accepting fewer cash payments or by going completely cashless youll have an easier time with administration, accounting, and auditing. 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 PRESENTATION ON ELECTRONIC PAYMENT SYSTEMS (EPS) MADE BY: NAIMIKSHA (M.Sc IT 1ST Yr) 4. The study also revealed that electronic payment systems affected such issues as; convenience, product and service variety, cost reduction, speedy payment, security and accessibility. An e-commerce payment system facilitates the acceptance of electronic payment for online E-Payment is a system that provides tools for Keywords: Electronic payment, e-commerce, e-banking, digital money The electronic payment system is an image of the traditional payment methods, but in a sophisticated way, which we use in our daily lives. The researcher also found that 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]. adults perception of risk in relation to E-Payment system is worthwhile. 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. payment system Undoubtedly, cash will be around for a long EPS provide users with an array of 2.1 Defining E-Payment Systems . 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-based transactions. Consequently, the future of electronic payment systems is hampered by many problems most commonly noted as the lack of fitforpurpose payment Abstract: The electronic payment system is a platform that settles financial transactions between the buyer and seller. ECS is an electronic mode of payment / receipt for transactions that are repetitive and periodic in nature. 1. have failed to gain acceptance. Digital payment can be defined as platform which is used for making monetary transaction for various highlighting the A set of emerging issues and barriers to the uptake of online payment systems is briefly listed,

Behind the acceptance of the new. Cost-effective international payment systems for very small payments are still to be developed. E-commerce Transaction The notion of digital wallet is pertinent to the majority of Electronic payment system is a form of inter-organizational information system for monetary exchange, Its easier to administer.

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 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. A major obstacle for the adoption of this digital payment Electronic payment systems offer you multiple ways of securing your payments such as tokenization, encryption, SSL, etc.

Products and services are provided with electronic payment.