Electronic Payment Systems Research Articles

Customer Preference for Electronic Payment Systems for Goods: A Case Study of Some Selected Shopping Malls, Bolgatanga

The transformation of payment systems in the digital age has reshaped the way customers interact with businesses. This study, conducted at Melcom Mall in Bolgatanga, Upper East Region, Ghana, delves into ”Customer Preference for Electronic Payment Systems for Goods.” Through extensive surveys and analysis, this paper reveals critical insights into the electronic payment behaviors and preferences of customers. Key findings underscore the dominance of monthly electronic payment usage, with mobile wallets emerging as the preferred method. Customers exhibit high levels of satisfaction, emphasizing the importance of user-friendly and secure payment solutions. Convenience and security play pivotal roles in shaping customer choices, while rewards and promotional campaigns also significantly influence their preferences. Despite the success of electronic payments, customers express concerns about hidden fees, technical issues, and the responsiveness of customer support. In response, we propose recommendations to enhance transparency, user education, technical infrastructure, payment options, security measures, tailored promotions, and responsive customer support. This paper serves as a valuable guide for merchants and policymakers in optimizing electronic payment systems, fostering customer satisfaction, and adapting to the evolving landscape of digital payment methods.

Security Vulnerabilities in Toll Collection System

Security vulnerabilities in toll collection systems can pose significant risks to the integrity of these systems. These vulnerabilities can include unauthorized access to sensitive information, tampering with electronic payment systems, and disruption of communication between vehicles and roadside infrastructure. Furthermore, the complexity of toll collection systems and the increasing reliance on electronic payment technologies introduce additional potential vulnerabilities. These vulnerabilities highlight the importance of implementing robust security measures to protect toll collection systems and ensure the privacy and safety of users.

Security Vulnerabilities in Toll Collection System

Security vulnerabilities in toll collection systems can pose significant risks to the integrity of these systems. These vulnerabilities can include unauthorized access to sensitive information, tampering with electronic payment systems, and disruption of communication between vehicles and roadside infrastructure. Furthermore, the complexity of toll collection systems and the increasing reliance on electronic payment technologies introduce additional potential vulnerabilities. These vulnerabilities highlight the importance of implementing robust security measures to protect toll collection systems and ensure the privacy and safety of users.

Benefits and challenges of EPS in developing countries

<p>The primary emphasis of this study is on the adoption of an electronic payment system (EPS) in developing countries, including the economic rewards and problems related to online electronic payment. The internet has allowed consumers to purchase products and services while also transmitting credit card details through a network that cannot guarantee protection of data. The advantages of electronic payment are vast such as emerging people and organizations into a cashless payment while also removing the fear of trading through internet. However, the challenges to use electronic payments, such as public acceptance, a lack of platform operated by finance organization due to insufficient infrastructure and cyber-security and the inappropriate use of the EPS makes several problems for organization. This paper aims to discuss the benefits and challenges of EPS adoption in developing countries.</p>

Customer Satisfaction Regarding Electronic Payment System in Villages of North West Bengal: A Factor Analysis

Customer Satisfaction Regarding Electronic Payment System in Villages of North West Bengal: A Factor Analysis

An Analysis on the Performance of Electronic Payments Systems in India Using the TOPSIS Method

In recent years, India's electronic payment systems have undergone a substantial expansion and transformation. Digital payments are now more common in the nation because to a number of government programmers and technology developments. This introduction gives a summary of how well India's electronic payment systems perform while underlining the major elements that have contributed to their success. The implementation of programmers like demonetization in 2016, which aimed to lessen the reliance on physical currency and boost digital transactions, has expedited India's transition to a cashless economy. Economic Impact: A nation's economy is greatly influenced by the use of electronic payment systems. Examining their success in India offers information about the development and uptake of digital transactions, the transition to a cashless society, and the effects on financial inclusion. Such study aids informing financial policy and strategy decisions by regulators, economists, and industry professionals about the economic effects of electronic payments. Financial Inclusion: A key element of inclusive economic development is access to financial services and goods. Examining how electronic payment systems operate in India can help determine how effective they are at promoting financial inclusion, especially for underprivileged people. Targeted actions and legislative changes to close the financial gap can result from an understanding of the challenges and opportunities associated with digital payments.The process for examining the effectiveness of electronic payment systems in India might include a number of processes and research techniques. Here is a recommended approach. Decide on a clear study objective, such as assessing the effectiveness, uptake, or effects of electronic payment systems in India. Gather pertinent “data from a variety of sources, such as government reports, business magazines, academic journals, and financial organizations”. Data can contain user demographics, transaction volumes, values, trends, and technological infrastructure.“E-payment systems,ATM, Mobile Money, Net Banking, Credit (Debit)card”.“Reliability, Ease of use, Responsiveness. Security, Usefulness, Cost”.Mobile Money achieves the highest rank of 1, followed by ATM at rank 2, Credit (Debit) card at rank 3, and Internet Banking at rank 4.Mobile Money achieves the highest rank of 1, followed by ATM at rank 2, Credit (Debit) card at rank 3, and Internet Banking at rank 4.by using TOPSIS method we obtained ranks for the performance of e payments system in India.

Shocks and Technology Adoption: Evidence from Electronic Payment Systems

Previous articleNext article No AccessShocks and Technology Adoption: Evidence from Electronic Payment SystemsNicolas Crouzet, Apoorv Gupta, and Filippo MezzanottiNicolas Crouzet Search for more articles by this author , Apoorv Gupta Search for more articles by this author , and Filippo Mezzanotti Search for more articles by this author PDFPDF PLUS Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinkedInRedditEmail SectionsMoreDetailsFiguresReferencesCited by Journal of Political Economy Just Accepted Article DOIhttps://doi.org/10.1086/724847 Views: 37Total views on this site HistoryAccepted February 14, 2023 © 2023 The University of Chicago. All Rights reserved.PDF download Crossref reports no articles citing this article.

EFFECT OF ELECTRONIC PAYMENT ON THE NIGERIAN ECONOMY

The objective of this paper was to determine the effect of electronic payment system on the Nigerian economy. This study adopted the ex-post-facto research design to determine the causeeffect relationship of electronic payment and the Nigerian economy. The dependent and independent variables were observed over the period, 2009 to 2020. The same data were analyzed and tested using econometric analytical technique to determine the impact of the independent variable (electronic payment proxied by ATM payment, POS payment, Web payment and mobile money transfer payment) on the dependent variable (Nigerian economy proxied by Gross Domestic Product). Data were tested using the E-view statistical software adopting the Ordinary Least Square (OLS) method on the regression model adopted. The signs and significance of the regression coefficients were relied upon in explaining the nature and influence of the independent variable on the dependent variable as to determine both magnitude and direction of impact. The hypotheses were tested at 0.05 (5%) level of significance. Results from the study revealed that automated teller machine (ATM), point of sale (POS), web payment (WEBPAY) and mobile money (MBM) payment has positive and significant impact on the Nigerian economy. Thus, electronic payment has positive and significant impact on the Nigerian economy. The study therefore concludes that, an increase in electronic payment will lead to an increase in Gross Domestic Product (GDP) and by implication economic growth. Hence, it is recommended that the Federal Government of Nigeria, through the Central Bank of Nigeria should establish policies that ensure the enhancement and sustenance of efficient electronic payment channels.

Electronic money, cryptocurrencies and payment systems: some trends in the legal regulation in the context of digitalization of public finance

The article is devoted to certain legal aspects of the impact of the FinTech-industry on public finance. The emergence of new various financial services and instruments requires their appropriate legal assessment and effective legal regulation. Despite numerous publications and scientific studies of various aspects of the manifestation and application of FinTech, The Theory of legal regulation of digital finance is at the initial stage of its formation and is fragmented.
 The paper reviews special literature, devoted to the problems of legal regulation of virtual assets and related payment services. It emphasizes the need to observe a balanced conservative nature of legal regulation of financial relations in the context of the introduction of digital financial technologies, taking into account the tasks of protecting both public interests and ones of individuals. Based on the analysis of the current legislation, trends towards breaking the state issue monopoly due to the introduction of electronic money in the economy are revealed.
 The conclusions and theoretical generalizations are presented, the main of which are: 1) cryptocurrencies as alternative units of account pose a threat to the dominance of public currencies, as they make competition between private financial agents and states and their associations possible; 2) the issue of legal assessment of cryptocurrencies has not yet been finally resolved, including their legal nature remains debatable; 3) in its essence, electronic money is a kind of "electronic bill", but does not meet the formal characteristics of such a security; 4) there is a tendency to weaken the imperativeness of legal regulation of the sphere of monetary circulation fundamental for public finances by ensuring local rule-making within individual payment systems

Credit Card Fraud Detection for Contemporary Financial Management Using XGBoost-Driven Machine Learning and Data Augmentation Techniques

The rise of digital transactions and electronic payment systems in modern financial management has brought convenience but also the challenge of credit card fraud. Traditional fraud detection methods are struggling to cope with the complexities of contemporary fraud strategies. This study explores the potential of machine learning, specifically the XGBoost (eXtreme Gradient Boosting) algorithm, combined with data augmentation techniques, to enhance credit card fraud detection. The research demonstrates the effectiveness of these techniques in addressing imbalanced datasets and improving fraud detection accuracy. The study showcases a balanced approach to precision and recall in fraud detection by leveraging historical transaction data and employing techniques like Synthetic Minority Over-sampling Technique-Edited Nearest Neighbors (SMOTE-ENN). The implications of these findings for contemporary financial management are profound, offering the potential to bolster financial integrity, allocate resources effectively, and strengthen customer trust in the face of evolving fraud tactics.

Using Visual Cryptography, A Safe Online Payment Method

Due to the growing usage of online shopping and online payments in recent years, the E-Payment system has experienced enormous growth. The acceptance of electronic payments for offline transfers is made easier by an electronic payment system. An electronic payment system is a technique to conduct transactions or pay for goods and services online. Systems for electronic payments are now widely employed across all industries, including banking, finance, online commerce, and many more. There were some security risks in the conventional e-payment systems, including phishing, credit card fraud, and debit card fraud. In order to solve this issue, we developed an electronic payment system that combines visual and quantum cryptography methods for safe transmission. Quantum cryptography secures the transmission of the one-time password, whereas visual cryptography conceals customer information by creating shares. We adjusted our system using the email OTP notification mechanism for OTP processing. The share is securely transmitted to the bank thanks to image steganography, which embeds a one-time password in the share. The proposed approach offers unconditional security as opposed to the conventional E-payment mechanism. Key Words: One-time passwords, online payments, image processing Quantum cryptography, visual cryptography, and image encryption.

Komunikasi Pemasaran Bolu Amor Sukabumi dalam Meningkatkan Brand Awarenessdi Masa Pandemi Covid-19

Bolu Amor Sukabumi implemented Integrated Marketing Communication to increase brand awareness during the Covid-19 pandemic. This research describes Bolu Amor Sukabumi's marketing communication strategy in strengthening brand awareness. The concept of Integrated Marketing Communication (IMC) was used as the basis of this research, involving various marketing activities. A qualitative method with a descriptive approach was used, as well as purposive sampling for the selection of four main informants. The research revealed six elements of integrated marketing communication implemented by Bolu Amor Sukabumi.
 
 First, in the advertising aspect, Bolu Amor Sukabumi focuses on the use of posters, banners, and social media to reach the audience. Second, the Publicity and Public Relations aspect involves collaboration with the wider community, although publicity still needs to be improved. Third, Sales Promotion attracts customers through various attractive promotions. Fourth, Direct Marketing utilizes electronic shopping and practical payment systems. Fifth, Event and Experience involves sponsorship of government activities, schools, charity events, and community empowerment. Sixth, Online and Social Media Marketing involves platforms such as Instagram, Facebook, and TikTok, with a dedicated team producing unique content and attractive designs. In conclusion, Bolu Amor Sukabumi adopted IMC strategies with various approaches to strengthen brand awareness amidst the pandemic.

Fintech innovations in E-payments: Privacy and security in cybercrime threats

The digitalization challenges in the e-commerce world provide ample opportunities and advantages for the corporates, financial institutions and the consumers but also have posed several threats in the form of financial thefts and cyber frauds. The Fintech innovations have brought in effective solutions for many fraud detections and poised to have a controlled safety and security systems in handling the financial and other commercial transactions, most specifically in the fund transfers and other payment processes in the Electronic Payments Systems (EPS) in the current era. Absence of security culture is vulnerable to incur heavy and unaffordable costs to the service provider’s organization pertaining to financial frauds, cybercrime threats, identity larceny, illegal procedures, loss of consumer confidence, etc. Hence, in today’s robust e-commerce scenario the vitality of Fintech Innovative solutions, Security enabled systems, ensuring Safety and Privacy of Information of the customers are of prominence. This research study analyses the Fintech Innovative solutions, on the security, safety and privacy of customer’s information on effective Electronic Payment Systems (EPS) and the legal safety assurance on cybercrimes.

THE EFFECTIVENESS OF FUNERAL RETRIBUTION PAYMENTS IN DKI JAKARTA

Management of cemetery land is a problem that is currently being experienced in the DKI Jakarta area, for this reason the research aims to analyze the influence of the e-Retribution Payment System, Government Socialization, Compulsory Retribution Literacy on the Effectiveness of Retribution Payments. The research uses a quantitative approach which uses a questionnaire as a data collection technique, processing statistical data using the Smart PLS application. The research population was TPU in the South Jakarta area, with burial samples in a number of TPU, namely: Kampung Kandang, Jeruk Purut, Tanah Kusir and Menteng Pulo. The unit of analysis for this research is the community as the heirs of families buried in the area. The results of the study prove that empirically the electronic levy payment system and outreach carried out by the government have a positive and significant effect on the effectiveness of retribution payments, while levy compulsory literacy has no significant effect on the effectiveness of retribution payments.

Evaluation of the Electronic Port Right of Way Payment Information System

Abstract In a connected and uncertain world, where almost two thirds of the world’s population are now online, the integration of digital tools in the social and economic context is becoming a priority and an imposed choice for any organization. As a result, the strategic position of the Information System (IS) in these organizations is necessarily linked to performance. The creation of added value or net benefits through the use of these platforms becomes an ultimate and strategic objective for any organization. This study evaluates the success of the information system (IS) for electronic payment of port fees. From a quantitative approach of a hypothetico-deductive nature and using partial least squares structural equation modeling (PLS-SEM), we found that the success of the IS implies a quality of the electronic payment system, as well as the information produced influences the use and satisfaction of the users and finally these last two findings impact the individual and organizational performance of the organizations. (Net benefits).

Digital Transaction: A Catalyst for Financial Inclusion and Job Creation

What informed the rationale for developing this topic was the growing number of Point of Sale (POS) Agents in Katsina Metropolis and their clients/customers. The central focus of this article is to examine the role of Agent Banking which is part of financial inclusion in poverty reduction in Katsina metropolis. The researchers adopted a survey research design where data were elicited using quantitative research techniques from the targeted respondents. The data collected were analyzed and presented which revealed that there are at least twenty Post of Sale (POS) outlets located in each major street of Katsina Metropolis. The study also found that the POS has become a veritable source of livelihood for those who are into Agency Banking in the area. Additionally, the availability of POS Agents has influenced a significant population of the metropolis to adopt the use of digital systems of payment in their businesses and other financial transactions. It has revealed that the cashless policy has facilitated or accelerated the growth of digital marketing in the Katsina metropolis, entrepreneurs in the area are now selling their wares online and receiving payment via the same system which has eliminated the barriers created by time and space. The theoretical implication of the cashless policy was the unintended consequences it generated. It is referred to as the Cobra Effect during the 2033 Generation Elections in Nigeria. The decision to redesign the currency and reduce the amount of money in circulation has created more demands for cash hence luring some voters to exchange their votes for cash on election day. The practical implications of the findings of this study are twofold: The cashless policy has encouraged some of the people who are financially excluded were able to open bank accounts. It has enabled marketers to carry out financial transactions online without physical contact between the buyer and seller with the aid of electronic money payment systems.

Assessing the Customer Behaviour in Relation to Electronic Payment Systems (EPS) in Some Ghanaian Banks in the Kumasi Metropolitan Assembly- Kumasi, Ghana

Although other payment methods are available, like card, cheque, mobile, and online payments, most Ghanaians still use the cash payment system. The study examined how Ghanaian customers felt about using electronic payments. These included determining thesector andctors that influence consumer adoption and use of electronic payment services in Ghanaian banks, examining customer satisfaction with e-payment in the banking sector, and preventing fraud. A sample size of 100 participants was chosen for the study using purposive sampling to select participants from the banks and systematic sampling to select participants from the customers. According to the research’s findings, factors such as usability, security, privacy, the caliber of the after-sales support, marketing mix, and reputation affect consumers’ opinions of electronic payment systems. According to the study, customers are satisfied with the value offered for their banking requirements and the opportunity to experiment with e-payments in the banking sector. The study also found that while customers’ top concerns are trust and security, barriers to e-commerce include a low internet penetration rate, fewer users, expensive and challenging e-commerce technology, and a lack of progress in other supporting industries. Trust and security are significant deterrents against using electronic payment systems. The ability of consumers and banks to reach a larger market and participate in the world payment system is another way that technology can help the economy. Stakeholders should offer the unbanked sufficient assurances of security for utilizing electronic payment systems on their privacy without requiring them to maintain accounts with them. Keywords: Electronic Payment Systems (EPS), Automated Teller Machines (ATMs), Kumasi Metropolitan Assembly (KMA)Payment Portal Services (PPS), Information and Communication Technologies (ICTs), and Central Business District (CBD).

Importance of Electronic Accounting Information Systems in Improving Financial Information Security in Jordanian Electronic Payment and Money Transfer Companies

Purpose: The study aimed to assess the level of effectiveness of electronic accounting information systems in enhancing the security and control of financial information in Jordanian payment and electronic transfer companies and its ability to provide reliability. And analyzing the ability of the system used in the payment and financial transfer companies to meet the operational requirements imposed by the regulators of the sector. Theoretical framework: The theoretical framework dealt with the topics of the study from the security threats of electronic accounting information systems (Jacob, 2012: 67) and the risks of accounting information systems that are related to electronic payment systems, especially information security (Al-Maghribi, 2017). Accounting in reducing the risks of transactions, and the obstacles facing accounting systems in the face of the risks and threats of electronic systems Design/Methodology/Approach: The researcher used the inductive approach by referring to the literature related to the subjects of the study and the deductive approach in the field study by distributing a questionnaire to the electronic payment companies in Jordan. 96 questionnaires were retrieved. Using the spss program to analyze the data and reach the results Findings: The study Fined that there are factors that help to penetrate the accounting information systems in the Jordanian electronic payment and financial transfer companies. Network communication. Electronic accounting information in enhancing the security of financial information and control over it, and there are (obstacles) in providing security requirements and information control, in electronic payment and financial transfer companies related to the rapid development of electronic financial systems and electronic payment methods and their development. Research, practical & social implications: This study is considered one of the important and modern topics because electronic payment processes are considered one of the modern concepts with which many risks are associated. This study sheds light on these risks and threats and the ability of the strong accounting system to confront these threats and risks.. Originality/Value: The results indicate the importance of the topic and the importance of conducting a study on the risks of electronic payment systems, the threats facing the use of electronic payment methods and the obstacles facing accounting information systems in one of the newly established economic sectors in Jordan, which is the electronic payment companies.

효과적 전자대금지급시스템의 영향요인에 관한 사례분석적 연구

Our society has long grappled with numerous issues such as wage and payment defaults in construction projects due to the lack of transparency. In response, Seoul Metropolitan Government has built and implemented a electronic payment system, known as the “Daegum-e-Baro” system, as part of its e-Government innovation initiatives. This electronic payment system has been expanded nationwide and is now legally mandatory for all public construction projects. Consequently, it is imperative for this study to examine the potential effects and influencing factors of the electronic payment system in the context of policy evaluation. Previously, studies on construction corruption have typically focused on cases of illegal subcontracting improvements. However, in this research, the study approaches from the perspective of the principal-agent theory, concentrating on the issues of information asymmetry and agent problems. This study aims to analyze the expected effects and influencing factors of the Daegum-e-Baro system. Based on enhancing transparency through e-Government, this study comprehensively examined what execution strategies and influencing factors were at play during the implementation process of the Seoul electronic payment system policy, how it expanded to national policy, and what the current outcomes look like. As expected effects, this study deduced control of corruption and fairness. As influencing factors, this study presented technical factor, legal and institutional factor, managerial factor, and transparency factor. Lastly, this study proposed policy suggestions for the development of the electronic payment system and added research implications and limitations.

Impact of Financial Development on Inflation in Tanzania: Empirical Evidence from the VECM Approach

This study examines the impact of financial development on inflation in Tanzania using time series data from 1980 to 2020. By employing the VECM analysis method, the study contributes to the existing literature on the relationship between financial development and inflation. The findings reveal that financial development has a significant long-run impact on inflation in Tanzania, resulting in a reduction in inflation in the country. However, in the short run, the impact of financial development on inflation is not statistically significant. Therefore, the study recommends that the government implement appropriate regulatory policies and supervise financial institutions to promote financial sector stability. Further, to promote financial sector stability, greater financial inclusion, higher investment, and economic growth, the government should improve financial market infrastructure, expand the coverage of financial institutions, and increase access to credit. Additionally, fostering the development of more efficient payment systems, particularly electronic payment systems, can mitigate expenses and potential risks associated with cash transactions. Moreover, promoting financial inclusion can reduce the need for cash and enhance the efficacy of monetary policy, serving as a preventive measure against inflationary pressures and unnecessary credit growth.