The first chapter discusses the history and current situation of e commerce in europe and china. The effect of electronic payment on customer satisfaction. Payment of tdstcs by company or non company deductee proceed. The evolution of payment systems rish yadav, a senior consultant at capgemini, explains how core banking systems and processes have evolved since their inception. Payment of advance tax, selfassessment tax, tax on regular assessment, surtax, tax on distributed profits of domestic company and tax on distributed income to unit holders. Electronic cash payment protocols and systems what is cash payment. An electronic payment is any kind of noncash payment that doesnt involve a paper check. In this lesson, well study the concept of an electronic payment system. A number of different forms of payment exist for online purchases, and more are being developed all the time. All of our controls and libraries are designed and engineered specifically for each of the supported platforms below. City hall systems has partnered with your municipality to offer a quick and convenient method to view and pay their municipal bills. Methods and types of electronic payment howstuffworks. The 2004 federal reserve payments study noted that from 2000 to 2003, electronic payments grew as payment by check declined, which suggests that electronic payments are replacing checks.
Faculty of business and management1,3, asia pacific university college of technology and innovation. Aditi yadav student subharti university coauthor abstract retail electronic payment system has progressed in the recent years in various countries. Payments are typically made in exchange for the provision of goods, services or to satisfy a legal obligation. Upon completion of the presentation, you will be able to understand the concept of electronic payment system and its security services. E payment factors the short history of e payments is littered with remains of companies that tried to introduce new payment systems di. By and large, these electronic systems can be seen as a method of making payments for merchandise or services which have been established online using the internet 12. Our new crystalgraphics chart and diagram slides for powerpoint is a collection of over impressively designed datadriven chart and editable diagram s guaranteed to impress any audience. All about payment and settlement systems in india pdf. Epayment system following the national epayment master plan which started in 2017 and the growth of ecommerce, the government and the private sector has encouraged the use of epayments, including promptpay, electronic data capture edc machine and quick response qr code.
Some electronic transaction services may require you to pay processing fees and the like, thus leading to increased costs. The number of private and corporate transactions that are done electronically is growing rapidly. With all the benefits of electronic payment, its no wonder that its use is on the rise. It is a payment system that is continuously being embraced and adopted in the financial system of both developed and developing countries with a view to simplify and ease payments in business transactions. Ppt electronic payment systems powerpoint presentation.
Please consider taking full advantage of the payment and billing features by creating your own personal account. This is a method of payment that allows you to make a payment and purchase a product or pay for a service anywhere around the globe as long as you have an internet connection. Furthermore, online payment systems have a very important role in e commerce. Keywords electronic commerce, payment systems, open networks, secure transactions, security, privacy. Introduction since the dawn of history, there has been trading between two parties exchanging. Content from this work may be used under the terms of the creati ve commons attribution 3. Electronic payment systems 101 digital disruptions. We use nigeria to exemplify a developing country that is increasingly pushing for adoption of a regulatory framework for e payment systems based on private ordering. Tax administration guidance electronic payment systems electronic payment systems accountability guidance caveat each revenue authority faces a varied environment within which they administer their taxation system. Nov 21, 2018 electronic payment systems dominate businesses on the world wide web. In most cases it is the cardholders bank that is responsible for authorization for example, to verify that its customer has sufficient funds in their debit card account. The use of electronic payment mechanisms, such as the automated clearing house ach and atm and pos networks, however, have been growing rapidly.
E payment system is increasingly becoming a daring means of payments in todays business world. Chart and diagram slides for powerpoint beautifully designed chart and diagram s for powerpoint with visually stunning graphics and animation effects. The arrival of the internet has taken electronic payments and transactions to an exponential growth level. Design of a secure unified epayment system in nigeria. Consumers could purchase goods and services from the internet and send unencrypted credit card numbers. Epayment factors the short history of epayments is littered with remains of companies that tried to introduce new payment systems di.
What follows are 10 excellent online payment systems. Its also called an electronic payment system or online payment system. E payment system is a way of making transactions or paying for goods and services through an electronic medium without the use of check or cash. These characteristics are presented for discussion and comparison. With money being the major medium of exchange, payments systems were developed out of a need to facilitate growth of commerce and economic development. Be aware of these disadvantages of electronic payment systems.
In this lesson, well study the concept of an electronic payment system and identify the. The pci dss standard was created by the payment card industry security standards council to increase security of cardholder data and to reduce fraud. Important features of electronic cash payment protocols and systems. This paper gives an explanation about essential elements of payment systems. E payment system following the national e payment master plan which started in 2017 and the growth of e commerce, the government and the private sector has encouraged the use of e payments, including promptpay, electronic. Electronic payment systems eps have been improving individuals quality of life through providing ease of payment for online transactions. In other words we can say that e payment is a method in which a person can make online payments for his purchase of goods and services without physical transfer of cash and cheques, irrespective of time and location. It is a payment system that is continuously being embraced and adopted in the financial. What are the different types of ecommerce payment systems. This study used a descriptive research in soliciting information in the area of research and its target population was selected 18 nairobi government departments, which were operational between 20 and 2015. Jurisdictions differ in respect of their policy and legislative environment and their administrative practices and culture. The appearance of this advancement in the worldwide business platform prompted most business establishments to naturally change from the customary paperbased cash exchanges to an electronic system of payment which is generally known as the online payment system or e payment system.
Electronic payment systems dominate businesses on the world wide web. The relevant legal principles generally depend on the method of payment paperbased or electronic and in some cases the status of parties to a payment, for example consumer, merchant or financial institution. After youve enrolled and received your credentials, you can pay any tax due to the internal revenue service irs using this system. The electronic payment system has grown increasingly over the last decades due to the growing. Payment by card overview of basic concepts issuing bank acquiring bank card association e. The determinants of electronic payment systems usage from. Electronic payment system accountability guidance the purpose of this note is to encourage an appropriate level of accountability in electronic payment systems in a manner consistent with historical precedent so that taxpayers can continue to rely on data from these systems to substantiate their tax position. E commerce enterprises use online payment systems that refer to paperless monetary transactions, which has revolutionized the business processing by reducing paperwork, transaction costs, and labor cost. Worlds best powerpoint templates crystalgraphics offers more powerpoint templates than anyone else in the world, with over 4 million to choose from. Netcheque, netcash, and the characteristics of internet.
This study aimed to identify the issues and challenges of electronic. Theyll give your presentations a professional, memorable appearance the kind of sophisticated look that. This ensure that no detailed cash transactions forcustomer are traceable. Electronic payment is a financial exchange that takes place online between buyers and sellers electronically without the use of actual cash or money. Electronic payment systems are a common way for businesses and consumers to exchange goods and services. State and federal statutes, regulations and case law govern the payment system in the united states.
Ayo1 and wilfred isioma ukpere2 1department of computer and information sciences, covenant university, p. The 2018 edition has updated coverage on many elements of payments including fraud and you find this guide useful in learning more about payment systems around the world and some of the issues that surround payments strategy. What you need to know about electronic payment systems. In the research section, various types of customer opinions of online payment are studied by using questionnaire survey. Electronic payment systems need internet access, which may invite additional costs. Security issues and solutions in e payment systems bogdanalexandru urs abstract nowadays e payment systems have become increasingly popular due to the widespread use of the internet based shopping and banking. The main design decision for electronic payment systems is how to authorise payments. Authorization basically means permitting a transaction to go through. The crux of this study is on the adoption of e payment system in nigeria. Epayment system is increasingly becoming a daring means of payments in todays business world. In addition, innovation and competition have led to the use of new instruments and systems that rely increasingly on electronic payment mechanisms. Fundamentals of global payment systems and practices payment systems a payment system is a set of processes and technologies that transfer monetary value from one entity or person to another.
Apart from some basic instructions to banks as to the personal and confidential nature of customer payments, supervising the timely payment and settlement of all transactions, the rbi has actively encouraged all banks and consumers to embrace e payments. E payment systems to transfer money over the internet methods of traditional payment check, credit card, or cash methods of electronic payment electronic cash, software wallets, smart cards, andcreditdebit cards 10. A payment usually describes a transfer of monetary value between two. During the 1980s, packagebased solutions began to appear, which, while an improvement on their predecessors, were hampered in their ability to handle. It examines major issues facing the corporate, wholesale and retail payments industry from a business, risk and operational perspective. E payment systems have received different acceptance level throughout the world. Paperless e commerce payments have revolutionised the payment processing by reducing paper work, transaction costs, and personnel cost. Electronic payment systems free download as powerpoint presentation. Electronic payments include debit card, credit card, smart card, e wallet, e cash, electronic cheques etc.
More than 12 billion ach payments were made in 2004, a 20 percent increase from 2003. Types of payment systems and instruments everyday people tradeexchange goods and services for money. It is a ppt containing all about the various payment systems we can use online. The netcheque and netcash systems meet some of these characteristics better than other systems, but make trade offs with respect to some of the other characteristics. A young adult perspective aw yoke cheng1, noor raihan ab hamid2, and eaw hooi cheng3. For small merchants, much of the work is delegated to payment processor online payment systems typically run on previous rails creditdebit card optionally with 3d secure online banking direct debit 32. The growing use of internetbased banking and shopping has seen the growth of various e commerce payment systems and technology has been developed to increase, improve and provide secure e payment transactions. Portable, divisible, recognizable, untraceable, and independentfrom physical locations. Electronic cash payment protocols and systems features of electronic cashes. The ach system comprises direct deposit, direct debit and electronic checks e checks.
While the traditional definition of a payment has the receiving party providing a service, certain definitions are more broad to include transfer of value between two parties without an explicit service being provided e. Regulation for epayment systems analytical approaches. An epayment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. Net is the internets most widely used payment gateway. Whether youre just starting a business or are a key player in your industry, heres everything you need to know about electronic payment systems. We argue that although technical standards and selfregulation by the financial industry are important, the law is an. Internet payment systems advantage, cost, online payment. Cash payment is currently most popular form in conventional payment system in the world.
The effect of electronic payment on customer satisfaction by. Some systems require setup fees, while some others enforce a certain number of transactions every month. Electronic payment system is a mode of payments over an electronic network such as the internet. In order to do so, you need to invest in an electronic payment system. Alaric in association with payments cards and mobile. This is due to its efficiency, convenience and timeliness. The payment and settlement systems act, 2007 the umbrella act governing all payment and. While large banks are updating their mobile applications. Online bill payment can be made by using your credit or debit card, or electronic check.
Electronic payment systems overview of basic concepts creditcard based systems moto, ssl, set. Methods of electronic payments include credit cards, debit cards and the ach automated clearing house network. This topic will be covered in greater detail in electronic payment systems 201. Internet payment systems refer to the various methods by which individuals and companies doing business online collect money from their customers in exchange for the goods and services they provide. Payment systems committee psc payment systems policy. This is a huge opportunity for businesses to expand their brand presence and increase their revenue substantially. Fundamentals of global payment systems and practices. With contrast to the previous century when the concept of electronic transfer was proposed, nowadays electronic payments are drastically increased due to the rapid increase in online shopping or internetbased banking. Since payments involve actual money, payment systems will be a prime target for criminals. Winner of the standing ovation award for best powerpoint templates from presentations magazine.
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