Electronic Payment Systems Research Articles

The Electronic Payment as an Effective Way to Improve the Electronic Government Services: Electronic "Tasdeed" Technology in Kuwait as a Model

This study aimed to highlight the effectiveness of electronic payment in improving electronic government services, as an important tool that can raise the level of satisfaction of clients and businesses on the performance and quality of services by the government. The analytical descriptive approach was used in the study as the most appropriate to answer its problem, which is mainly focused on the contribution of the electronic payment method to improving e-government services, this topic was also dropped on the experience of the State of Kuwait through the project "Tasdeed" to push the government which represents the distinctive electronic payment of government fees and income through the provision of advanced electronic services to the government.
 The study reached a set of results, most notably that the government electronic payment system "Tasdeed" in Kuwait is an ambitious model that contributed effectively to the embodiment and establishment of e-government by improving and improving the services.

The MaaS system and its problems

Essence of conception «Mobility-as-a-Service» (MaaS) is to place an user in the center of transport services and offer to him the personalized method of movement taking into account individual necessities. MaaS integrates the various methods of movement the different types of transport in single service that is accessible on demand. Service comes true through a single account with monthly payment. One of the main conditions for the successful operation of MaaS is the ability of smartphones to access different modes of transport. For the first time, the MaaS concept was implemented in the Swedish city of Gothenburg, offering excellent public transport conditions and sustainable urban mobility. The aim of a transport politics is support of a transport system that provides the movement of passengers and commodities. MaaS is examined as an increase of comfort of journeys and development of the system of safe and reliable transport. The most famous MaaS system was due to Helsinki, where they were able to offer a convenient and competitive platform. Since public transport is the core of the MaaS system, the city must offer quality public transport services so that users can easily move around the city without having their own car.The following conditions are required for the implementation of the MaaS system: different types of urban public transport; most transport operators open their data, including real-time data, to third parties; most transport operators allow third parties to sell their services; most transport operators support an electronic payment system to access their services. In spite of different business models, successful projects of introduction and positive reviews of users about the pilot schemes of MaaS, there is a row of global questions about further applicability and development of the system, requiring decisions : touching the openness of these ferrymen, users; about the scale of the use of the system MaaS; single user ID, single informative space; payments of passage of the different systems of transport from one application; competitions with existent providers; to the peculiar.

The Prospects and Challenges of PoS as Electronic Payment System in Nigeria

With the growing use of sophisticated electronic technology for e-financing globally, the introduction of PoS into the Nigeria economy has facilitated the ease of doing business without necessarily going about with huge cash in wallet. This paper has presented the prospects and challenges of Point of Sale (PoS) as electronic payment system in Nigeria. The study aimed to investigate the acceptance and issues surrounding the effective use of PoS for carrying out e-payment in Nigeria. Descriptive method was used to collect data from PoS merchants’ customers, who were orally interviewed in Owerri. The responses obtained show that majority of the customers interviewed were of the opinion that PoS was convenient and fast. Also, majority expressed high level of trust on the use of PoS. However, significant number of the customers still maintained that network failure, excessive charge on the use of PoS for making payment, security, unlimited number of PoS and other financial transaction irregularities affect the efficient use of PoS. These challenges may hinder the full adoption or acceptability of PoS in Nigeria. These challenges are however not peculiar to growing economy like Nigeria and as such, with strong commitment by stakeholders including government and private businesses in the financial sector, the Nigeria economy will witness accelerated growth in the adoption of PoS for making e-payment.

Analysis of Online Portal and E-Payment Application Usage: A Case Study of BAZNAS Indonesia

The best achievement of zakat institutions in performing their duties as an organization is strongly influenced by several strategies of use in the latest technology in the current era. This statement is supported when where it can be seen some information dissemination, with a variety of payment tools that can turn a manual system into an online and electronic system. Payment is the heart of the business. For an online business, e-payment plays a crucial role in accelerating every transaction of institutions. Based on available information that there are various types of electronic payment systems available to facilitate online buying and selling transactions. However, electronic payment systems in philanthropic institutions have received quite a bit of attention from the public. This is the case even though these institutions have invested a lot of money for electronic payment systems. Thus, this study will illustrate the current performance status of the BAZNAS website as well as identify several factors contributing to improvement through analysis of survey results. Some suggestions will also be displayed. The website development process often faces many difficulties that need to be addressed. Important elements should be discussed to serve useful feedback for the webmaster as well as the institution itself so that it will make the website more effective as expected by the provider and recipient of the information. Later this research attempted to identify the type of electronic payment system at Badan Amil Zakat Nasional (BAZNAS) one of the Islamic philanthropy institutes in Indonesia and focusing on some BAZNAS institutional development background, which has been preceded by an explanation of the duties and responsibilities of this zakat institution as coordinator of zakat institutions in Indonesia. Then analyze the performance of electronic payments at the agency. The results of this study are expected to contribute to the body of knowledge, especially in terms of information technology and performance measurement at the agency BAZNAS.

Reflexiones en torno a una economía sin dinero físico

El avance tecnológico y el desarrollo de una mayor cultura financiera están haciendo posible que paulatinamente sea mayor la utilización de medios de pago electrónicos en detrimento de la utilización de dinero físico. El presente artículo pretende analizar los efectos, ventajas e inconvenientes que conllevaría la existencia de una economía sin dinero físico, y en la que por tanto todos los pagos y los cobros se realizasen mediante dinero electrónico.

A Comparative Analysis of Civil Liability in Electronic Payment Systems Under the U.S. and Nigerian Laws

One controversial legal issue in relation to fraud in e-banking is how the losses arising from flaws in electronic payment systems would be distributed between the consumer and financial institution. The paper examines the scope of liability of the consumer and bank for unauthorised Electronic Funds Transfer (EFT) under the U.S. and Nigeria laws. Allocation of liability where a consumer is in the picture is, regulated by legal rules in the U.S. The Central Bank of Nigeria regulates e-payment liability issues through guidelines. The protection accorded the consumer by the U.S. EFT Act is wider and financial institutions share more liability than the consumer as opposed to the situation in Nigeria. Under the Nigerian law, consumers’ liability is unlimited. Legal improvements are needed to protect the consumer as the weaker party within the context of electronic payment transfer. Keywords: liability, risk, consumer, electronic payment system, Electronic funds transfer DOI : 10.7176/JLPG/82-09

Cashless Economy in India: Challenges and Opportunities

The history of cashless economy dates back to the barter system days, but the cashless economy now, is focused on the transfer of digital information using different intermediaries. The banking sector around the globe is experiencing IT revolution. India, too, in a span of 35 years has seen many innovations in technology which are pushing the boundaries of payment processes. The retail electronic payment system has progressed in India providing enough opportunities to move towards a cashless economy. E-banking is a fairly new concept in India. The Digital India Programme, 2015 has a vision to transform the nation into a digitally empowered nation. The RBI has rolled out Vision Statement for three years, to provide guidelines in order to enhance the use of ICT in banking sector. The present study aims to analyse the strengths, weaknesses, progress and challenges of the digital payment system in India from 2013 to 2018.

Problems of development of non-banking payment systems in Ukraine

Introduction. The development of non-cash payments is the key to economic growth in any country, because on the one hand, the level of control over payments increases, and on the other - the volume of customer spending increases, which leads to increased consumption and GDP growth. However, current trends in e-commerce and online commerce require the emergence of new technological solutions in the form of electronic payment systems that can legally handle transactions with electronic money and cryptocurrencies. Given the rapid pace of growth in transactions through non-banking electronic payment systems, the issue of identifying obstacles to the development of such payment systems is urgent, especially in view of the need to ensure effective oversight of payments and the deduction of payments. Purpose. The study of the main problems of development of non-banking payment systems in Ukraine in terms of their structural features and importance for the development of the national economy, as well as the development of recommendations for improving the right regulation of payment transactions with electronic money and cryptocurrencies. Results. The features of the development of non-bank payment systems in Ukraine are investigated. The author classification of non-bank payment systems is offered. The main directions of development of electronic payment systems in Ukraine are identified and the obstacles to the integration of international electronic payment systems providing cryptocurrency payment services are highlighted. Measures to improve domestic legislation in the field of electronic payment and cryptocurrency based electronic payment systems are proposed, as well as recommendations on the creation of a state non-banking electronic payment system using blockchain technology to increase transparency and public procurement payments paying taxes.

Electronic Payment Systems (E-payments) and Nigeria Economic Growth

The electronic payment system is a platform that settles financial transactions between the buyer and seller. Payment systems are meant to ease the stress of both parties making an easy exchange or flow of money in a safe and secure environment. This study statistically estimated the relationship between electronic (e-payment) systems and economic growth in Nigeria. Monthly available Data for Nigeria on values of various payments systems were analyzed using Autoregressive Distributed Lagged regression (ARDL) method covering the period of (2012-2017). The result indicates a significant positive relationship between the electronic payment system and economic growth in terms of real gross domestic product (GDP) growth. Automated teller machines have a positive significant impact on economic growth, based on a probability of (0.06), but its contribution to the real GDP growth is negative (-5.0 percent). This means the ATM based transaction encourages more cash, possessions and may not yield the required goal of low cash based transactions within Nigeria’s banking populace. POS contributes 17 percent growth to the real GDP growth in Nigeria, web based transactions (WBT), contributes 2.3 percent to the real GDP growth, but INTERBANK transactions, has an insignificant impact on GDP growth while MOP has a negative contribution to the impact on real GDP growth. Point of Sales (POS) transactions is also the most patronized electronic banking tool and this is seen from the descriptive analysis, followed by web base transactions (WBT). POS and WBT have the highest average amongst all other variables. This implies that POS and WBT are significantly part of the major determining factors influencing and contributing to the real GDP growth output in Nigeria, while other variables such as INTERBANK transactions are although relevant but contributes minimally and drive real GDP output negatively down, as reflected in the results. Since the successful implementation of the e-payment systems which has much to do with internet connectivity and mobile banking, efforts should be made to design or improve on the internet security framework to check online fraud. There should be adequate legislation on all aspects of the operations of the e-banking and cashless system so that both the operators of the system and the public can be adequately protected.

Electronic payment system need of the Hour

In the latter, each receiver owns a secret private key and a publishable public key. In public-key cryptography, the sender finds the receiver's public key and uses it to encrypt the message, where as the receiver uses the private key to decrypt the message. Non-electronic payment methods (such as, using cash, writing a cheques, sending a money order, or giving your credit card number over the telephone) have several limitations in e-commerce environment. First, cash cannot be used for transactions because there is no face-to-face contact. They may be physically stolen or someone may steal our credit card number (from a receipt, over the phone, or from a Web site) and use our card to rack up debts. Credit cards can make life easier and be a great tool, but if they aren't used wisely they can become a huge financial burden. In this case, customer uses website provided by the bank. Customer logins to the bank's website and registers another bank account. He/she then places a request to transfer certain amount to that account. Online debit cards are considered superior because the PIN system has more security than signature system, which is used in offline debit cards. Smart cards are similar to credit cards and debit cards, except they store information on an embedded chip instead of on a magnetic strip on the back. Although credit cards dominate online payments today, electronic cash shows promise for the future.

A quick synopsis of Blockchain Technology

Blockchain evolved as a core technology of Bitcoin, and earned a significant attraction for entrepreneurs and researchers nowadays. The blockchain is an open, immutable distributed public ledger that allows transactions to take place in a decentralised manner without a need for a trusted third party. Bitcoin, the first successful cryptocurrency, is a peer-to-peer electronic payment system. The thought for Bitcoin started as a means for making a secure currency that had no centralised control. Blockchain application is not only restricted to Bitcoin, but it also ignited the idea of using it for a wide range of fields such as ehealth, governance, arts, culture, education, electricity trading, etc. To apply this technology to many areas, one should have a complete understanding of what it is, this paper is meant to give a quick synopsis of blockchain technology (BT).

Bitcoin and Future of Cryptocurrency

There are diverse variables that impact the future usage of bitcoin, from issues related to security to concerns pertaining to garnering acceptance from the market and customers. In this article, few predictive statements have been analysed regarding the future of bitcoin, such as (1) the growth of share of digital purchases, (2) customer acceptance for blockchain innovation in electronic settlements, payment and banking system, (3) the emergence of bitcoin and also various other cryptocurrencies as niche cash, and (4) the implications of bitcoin or some other cryptocurrency as a specific niche cash in nations with specifically weak currency, and (5) the possibilities of regulative dangers of bitcoin usage in these nations.

BPO를 활용한 전자결제시스템에서 당사자간 관계에 대한 연구

BPO를 활용한 전자결제시스템에서 당사자간 관계에 대한 연구

Crypto-currencies, Speculation and the Evolution of Monetary Systems

The development of new digital technologies in the areas of cryptography, distributed ledgers and mobile phones is affecting the way money is used for economic transactions. Electronic payments systems are rapidly replacing the use of cash. New powerful distributed ledger technologies, operated on a peer-to-peer decentralized basis is leading to the rapid expansion of digital money, with bitcoin being the most prominent digital currency (although there are more than one-thousand different crypto-currencies).

A Comparative Assessment on the Role of Central Bank on Low-value, High-volume Retail Electronic Payment System

The aim of this study is to analyzed the role of central bank and the governing structure the main countries on low-value, high-volume retail electronic payment system. For example, U.S.A, Canada, Australia and Korea. The paper is organized as fellows. In Section , I outline the purpose of this paper. In Section , I outlines previous research in domestic and foreign literature and conduct the legal background. In Section , I explain a development process and the advent of central bank. In Section , I did comparative analysis the governing structure and the role of central bank in their electronic payment system. In Section , I summarizes and suggested that the payment system have to assume, with good reason, more efficiently accurately and securely operation together with conclusion. The results of analysis is to fellow. FedACH is operated by federal reserve bank, while retail payment system is owned-operated by Korea Financial Telecommunication & Clearing Institute (KFTC) in korea. KFTC is a non-profit corporation. And Canadian payment Association (CPA) operated ACSS and Australian Payment Clearing Association (APCA) operates BECS as a private institute. But their central banks settle finally. The Intervene degree is different. This research contributes by comparative assessing investigating the role of central bank and the governing structure the main advance countries on electronic payment system.

The Adoption of Electronic Payment System Among Small Medium Enterprises (SMEs) in Malaysia

This study aimed to investigate factors that significantly affect the adoption of electronic payment system (EPS) by local small and medium enterprise (SMEs) in Malaysia. Referring to the Central Bank of Malaysia’s report, it has stated that this country would achieve higher economic growth and higher competitiveness by fully migrating from paper-based payment system to electronic payment because the latter provide opportunities to enhance productivity level and lower cost of doing business. These four factors were simplicity, security/privacy, organization culture and top management support and how these factors may have impact on the adoption rate of electronic payment system. The population of this study was all the SMEs that are listed in SME Corporation Bhd, concentrated at all major cities in Malaysia. Proportionate sample was targeted from the company listings from SME Corp. Survey method was adopted in this study to achieve its objectives. A Likert five- point scale questionnaire was developed to collect the required data after reviewing some previous studies that related to the subject of the study. This study revealed that top management support and organizational culture have the strongest impact among the other independent variables on the adoption of EPS by SMEs in Malaysia. For future research, it is suggested that this research can be targeted according to state individually or by industry for better understanding on the adoption of EPS.

Cash-Heavy to Cash-Lite Indian Society: A Case Study From the Rural Northern Indian State

The country needs to move away from cash-based transaction towards a cashless (electronic) payment system to help reduce currency management cost, track transactions, check tax avoidance, fraud etc., enhance financial inclusion and integrate the parallel economy with main stream. India has a majority percentage of population residing in rural areas and by and large, literary percentage is low in spite of adult education program launched by the government. Higher rural population, late adoption of technology by the country, lack of awareness among potential users, optimum utilization of technology in hand, optimum marketing of e-delivery channels and security concern in use of e-delivery banking channels are some major issues causing hindrance in converting cash rich Indian society to cash lite one. The present article deals with issues by way of presenting some key challenges noticed during survey in rural areas of Uttar Pradesh state of India.

Determinants for Effective Implementation of Electronic Payment System by Hospitals in Tanzania: A Case of the Kilimanjaro Christian Medical Centre

The era of rapid growth of the internet has witnessed the exponential growth of electronic payment systems (EPS); consequently, business transactions are constantly shifting from cash-based to electronic-based system. This paper is a product of a research conducted to explore factors that could influence effective adoption and implementation of the EPS among hospitals in Tanzania and the challenges associated with its adoption. The study used the KCMC as a case in point. The case study design was used. In this study we sampled 152 respondents randomly who included clients at the outpatient clinics of the hospital. The data were gathered using a structured questionnaire consistent with the Technology Acceptance Model (TAM). The findings suggest that the majority of the clients preferred to use EPS whereas, intention to use EPS, previous experience in the use of EPS, and being banked were significant factors influencing both preference of EPS and intention to use EPS. It is recommended that in order to hasten adoption of EPS in Tanzania it is important to address the identified barriers and also to encourage clients to keep their money in and use the services of banks.

A Bayesian approach to identify Bitcoin users.

Bitcoin is a digital currency and electronic payment system operating over a peer-to-peer network on the Internet. One of its most important properties is the high level of anonymity it provides for its users. The users are identified by their Bitcoin addresses, which are random strings in the public records of transactions, the blockchain. When a user initiates a Bitcoin transaction, his Bitcoin client program relays messages to other clients through the Bitcoin network. Monitoring the propagation of these messages and analyzing them carefully reveal hidden relations. In this paper, we develop a mathematical model using a probabilistic approach to link Bitcoin addresses and transactions to the originator IP address. To utilize our model, we carried out experiments by installing more than a hundred modified Bitcoin clients distributed in the network to observe as many messages as possible. During a two month observation period we were able to identify several thousand Bitcoin clients and bind their transactions to geographical locations.

Improving Financial Inclusion through the Delivery of Cash Transfer Programmes: The Case of Mexico’s Progresa-Oportunidades-Prospera Programme

This paper follows a quasi-experimental research design to assess the impact of the electronic payment system of Mexico’s Progresa-Oportunidades-Prospera (POP) programme. The switch from cash payments to electronic payments delivered via savings accounts is found to have medium-term effects on savings decisions, transaction costs, and coping strategies. Overall, the study finds that, following the intervention, a substitution effect emerged between saving portfolio choices, with the poor favouring bank accounts over informal saving arrangements. It also found that the Oportunidades savings account led to an increase in remittance reception, which in turn had important implications for household consumption smoothing and risk management decisions. The study also reveals impact heterogeneity depending on household composition and the rural-urban divide, with important implications for replicability of similar policy innovations in other countries.