The Electronic Payment Systems in a Developing Economy with Reference to Guyana

Abstract

The general intention of this Publication is to feature Electronic Payment Systems in a Developing Economy with reference to Guyana and the bearing comprising the advantages in cultivating payment systems while heightening safety, the efficiency of payments, and cost savings. The continuous transformation of a developing economy’s payments system will support monetary growth through the fiscal system for its sustainability and enables proficient financial interposition. This publication further highlights the need for frequent evaluation and supervision for the continuous modernization of electronic payment systems to the benefit and referencing to the developing economy of Guyana. Critical areas that are essential which emphasis have been placed upon but needs further attention in addressing, are as follows: 1. Increase the rate of finalizing a transaction through its related operations within actual or rapid time, as time is money. Currently, the rate of one transaction varies (by hours). 2. Decrease of paper materials and handling costs which generally eases functional cost. 3. Payment assurance and dependable guard against illegal entry to the client’s account in ensuring safe dispensation. This publication has formed the basis to associate investors behind the target to endorse a modern payments system infrastructure that is required for a developing economy with reference to Guyana with the objective of restructuring, empowering discussion and the propelling effect in generating inventive and country-specific electronic payment solutions. It should be noted that a substantial amount of transformation has occurred to date with reference to Guyana.