A compendious study of online payment systems:Past developments, present impact, and future considerations
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 mo...
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| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English English |
| Published: |
The Science and Information Organization (SAI)
2017
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/57234/1/Paper_32-A_Compendious_Study_of_Online_Payment_Systems.pdf http://irep.iium.edu.my/57234/7/57234_A%20compendious%20study%20of%20online%20payment_WOS.pdf http://irep.iium.edu.my/57234/ https://thesai.org/Downloads/Volume8No5/Paper_32-A_Compendious_Study_of_Online_Payment_Systems.pdf |
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| Institution: | Universiti Islam Antarabangsa Malaysia |
| Language: | English English |
| Summary: | 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. |
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