Possibilities for Application of Electronic Payment Systems in Retail

Abstract

Sinteza 2016 submit your manuscript | www.sinteza.singidunum.ac.rs DOI: 10.15308/Sinteza-2016-460-467 Abstract: Electronic payment systems have come into focus of theoretical debates and business practices at the turn of the 21st century. They have arisen due to the migration of business processes in a new high-tech environment, as a result of the rapid development of information and communication technology. With an open global communication network, such as the Internet, e-commerce has become the dominant form of remote trade, creating an ideal field for practical application of electronic payment systems. Although the first association for electronic payment systems appliance is electronic commerce, these systems in different conditions may also apply in retail. The subject of the paper is the assessment of possibilities for electronic payment systems application in retail transactions. The paper aims to demonstrate the multifunctionality of electronic payment systems applications, and the variety of options they offer in modern trade.