A Study of Different Electronic Payment Syste...

A Study of Different Electronic Payment Systems: Issues, Challenges & Rescues

Author Name : Abhijeet Singh, Dr. O. P. Roy

DOI: https://doi.org/10.56025/IJARESM.2023.1112359

Electronic Payment is digital data transfer backed by any financial institution to facilitate an online financial exchange between two parties may be termed as purchasers and merchants. Parties involved in electronic transfer of financial instruments may not have seen each other face-to-face and they may not have ever exchanged currency or hard copies of documents. When transactions are made over telecommunication networks, accuracy and security becomes the critical issue. Some of the major issues in Electronic Payment System (EPS) and their acceptability are their applicable environments and ecosystem, their potential for evolution, and their likely acceptance by merchants and consumers. This paper looks at the issues and problems of different electronic payment systems, such as online debit/credit card payments, electronic cash, electronic cheques, and small payments. The probable rescue options of issues in EPS is also provided.

Keywords: Electronic Payment System (EPS), Internet, E-Commerce, Digital Payment, Financial Exchange.