Internet Payment Systems Research Articles

Effects of Internet Banking on Growth of Access to Loans of Deposit Money Banks in Nigeria

The study analyzed the effects of internet banking payments system innovations on the growth of access to loans of deposit money banks (DMB) in Nigeria using annual data from 2004 to 2021 proxies by mobile banking/payment and electronic/internet payment as internet banking payment system and total loans disbursement of DMB as proxy of growth of access to loans. Studied variables were sourced from various issues of the Central Bank of Nigeria Statistical Bulletin. Econometric test of ordinary least square was employed to explain the degree of relationship among mobile banking/payment, electronic/internet payment and total loans disbursement of DMB in Nigeria. The regression test involved student t-test for individual significant level, f-test for overall significant of the model, R-square test for contributive effect of the explanatory variables and Durbin Watson test for autocorrelation test. Evidence from these tests indicated that the variables passed through these tests and proved unbiased. The result connoted that all internet payment systems and mobile payment systems have a positive and significant effect on total loan disbursement of DMB by 30.82% and 69.79% respectively. Hence, based on the empirical and statistical discoveries, the main finding is that internet banking systems influence total loan disbursement of DMB directly and significantly.

The Study of Factors that Contribute to the Acceptability of Digital Transactions in the City of Mumbai

Long years ago, transactions were made by the help of Barter system, where goods and services were exchanged by goods and services. Later on, with the evolution of mankind Barter system is replaced by Token currency where the goods and services were exchanged for coins and notes. But in the recent time there was the evolution of digital payment system. Digital transactions include transactions through credit cards, debit cards and other digital wallet platforms. The different modes of digital payments saw a drastic change in usage in the last 4 years. After demonetization on November 8th, 2016, India saw an increased use of different internet payment systems for money transfer through various devices. Govt. of India also encouraged Digital transaction through its various initiatives such as Digital India. NPCI (National Payments Corporation India) launched Bharat interface for Money (BHIM) an application run on UPI (Unified Payment Interface) in December 2016 to cater the growing online payment needs. But the acceptability among the masses is still a big concern. Many Indians shows hostile attitude toward digital mode of transactions. So, this paper will study the various factors that contribute the acceptability of Digital transaction. The research paper is based on 201 individuals who will demonstrate the demographic factors like age, gender, income group, education etc. which influence the acceptability of the digital mode of transactions. The study will greatly help the GOI as well as Banking sector in order to achieve Digital & Financial literacy.

A Review of Various Industrial Applicationsof Barcode Technology

In recent years, significant advancements in the wireless networks, electronic communications, information technologies, and computers have provided fruitful environment for the development and effective growth of the Barcode technology. Moreover, these Barcode systems have found a large row of applications in various different sectors of business, ranging from baggage tracking, logistics, internet payment systems, supply chains, data management systems, healthcare services, retail business, to complete industrial automation. Barcode technology is being presumed to be providing a vision to the computers to gain a managerial control over various aspects of the business. In this paper, we analyse various such possible industrial applications of the barcode system in real time.

A Critical Analysis of the Anti-Money Laundering Measures Adopted by BitGold Inc.

PURPOSE – The overriding objective of this study is to increase public and private sector understanding of money laundering and terrorist financing risks associated with internet payment systems with the focus on Virtual Currencies like BitGold as the most vulnerable to abuse because of their popularity, accessibility (to the public), and high volume of cross border trade transactions. DESIGN/METHODOLOGY/APPROACH - The present study critically analyses the Anti-Money Laundering measures adopted by BitGold Inc. BitGold is a consumer-focused internet platform offering free global payments combined with unprecedented access to secure, redeemable gold for savings. BitGold Inc. is a federally chartered Canadian Corporation regarded by Financial Transactions and Reports Analysis Centre of Canada as a dealer in precious metals and stones. This paper relies mainly on primary and secondary data drawn from the public domain. It also relies on documentary research and empirical research. FINDINGS - This paper determined that the Anti-Money Laundering measures adopted by BitGold Inc. cannot effectively combat money laundering and terrorist financing.This paper made the following recommendations:i. Verification of customer's identity should also be done via Skype.ii. BitGold's terms and agreement should state expressly the period within which records would be keptiii. BitGold Inc. should create and maintain a comprehensive program to manage the Anti-Money Laundering risks associated with third-party payment processors like Blockchain Limited and Coinbase, Inc.iv. BitGold Customer Due Diligence measures should provide an exemption for low-risk customers.

Model Checking and Verification of the Internet Payment System with SPIN

With the development of the information technology, using Internet to pay for goods and services has become a very popular application. The traditional forms of payment can not be applied to e-commerce environment. Because of the complexity of online transactions related to capital flows and goods flows, the transaction process requires higher security and reliability. One mature approach for ensuring reliability is to use formal methodologies. In this paper, we employ model checking method to verify the security and reliability of the Internet Payment Systems. A PROMELA model for the System is present. As an important part of our modeling methodology, we translate the Internet Payment System into a simpler model that nevertheless preserves all the essential behavior to be verified. We also propose initial results on the actual verification of the Internet Payment System using SPIN. The result of our work is a complete procedure for the modeling and verification of the Internet Payment System.

Risk‐based AML regulation on internet payment services in China

PurposeThe purpose of this paper is to reveal the money laundering vulnerabilities of internet payment services, to analyse the key elements of conducting risk‐based approach (RBA), and finally to provide recommendations of apply RBA to anti‐money laundering (AML) regulations on internet payment services in China.Design/methodology/approachThis paper analyses the characteristics of internet payment systems, introduces the latest arrangements associated with the third‐party payment services and payment and settlement system in China, and provides case of Alipay to illustrate the importance of carrying out AML regulation on Chinese internet payment industry.FindingsThe internet payment industry in China is increasingly booming, but the regulation in this field is obviously lagged. Recent regulation arrangements published by the People's Bank of China present the determination of Chinese Government to put the third‐party payment industry (including internet payment service) under the national AML regulation.Originality/valueThis paper highlights the money laundering vulnerabilities of internet payment services in China and recommends that AML regulation on internet payment services should focus on “back‐end” account controls on the basis of risk‐rating practice.

Success factors of internet payment systems

The internet has shaped the way companies are conducting business. When it comes to paying online, many users still shy away from transferring their money electronically. In this paper, we first introduce a framework illustrating important factors that shape users' intentions to pay online. Subsequently, we present data from an empirical survey among Austrian internet users to illustrate which online payment methods are actually used and then test our model. The results show that factors that generate benefits for users and factors that create trust have a significant influence on users' attitudes towards online payments.

Internet payments in Germany: a classificatory framework and empirical evidence

This article outlines Internet payment methods currently in operation in Germany. The description of the prevailing systems shows their innovative character, but the commercial success of some payment methods is not convincing. Acknowledging the dynamics of Internet payment systems, this article aims at revealing reasons for the lack of consumer acceptance of these innovative systems and clarifies current trends. Furthermore, the article investigates the reasons why specific payment systems are chosen over others. The new product adoption theory is tested using empirical evidence from Germany, gathered by way of an annual survey carried out at the University of Karlsruhe since 1998. It becomes obvious that Germany is far from an overall acceptance of innovative Internet payment systems. Time, as well as missing killer applications, seem to be crucial in this context.

Security and Internet payment systems

Security and Internet payment systems

Clarifying communication

The Internet, since its commercialisation, has expanded with tremendous rapidity. This development has been still further assisted by the creation of the World Wide Web, which has caught the imagination of users around the world. As the marketing and provision of goods and services over the Web continues to grow, the missing factor appears to be a well‐accepted and well‐trusted method of paying for these products and services. This paper discusses the problem of internet payment systems (IPS) and reports the results of a research project which attempts to identify and classify effectiveness criteria for IPS. The project was undertaken by means of a Delphi survey of experts in IPS usage and classified types of IPS providers, as well as the factors which each group considers most important. This information was used in the development of our set of IPS effectiveness criteria.

Internet Payment Systems and their Security Risks

This paper examines the security risks associated with conducting commercial transactions through the use of electronic technologies such as the Internet. It will not deal with the many other problems which arise out of online commerce such as those relating to misleading and deceptive practices which create particular concerns for consumer protection agencies. Instead, it focuses on the ways in which the various electronic payment systems may be abused for fraudulent purposes.

Overcoming Constraints on Electronic Commerce - Internet Payment Systems

Overcoming Constraints on Electronic Commerce - Internet Payment Systems

Identifying effectiveness criteria for Internet payment systems

The Internet, since its commercialisation, has expanded with tremendous rapidity. This development has been still further assisted by the creation of the World Wide Web, which has caught the imagination of users around the world. As the marketing and provision of goods and services over the Web continues to grow, the missing factor appears to be a well‐accepted and well‐trusted method of paying for these products and services. This paper discusses the problem of internet payment systems (IPS) and reports the results of a research project which attempts to identify and classify effectiveness criteria for IPS. The project was undertaken by means of a Delphi survey of experts in IPS usage and classified types of IPS providers, as well as the factors which each group considers most important. This information was used in the development of our set of IPS effectiveness criteria.