scholarly journals Trends and Challenges in Adoption of E-Payment Services in India

2020 ◽  
Vol 9 (4) ◽  
pp. 1048-1054
Keyword(s):  
Success Factors ◽  
Service Providers ◽  
Electronic Payment ◽  
Payment Systems ◽  
Research Directions ◽  
Electronic Payments ◽  
Raising Awareness ◽  
Public Sector Organizations ◽  
Payments Systems ◽  
Payment Services

Electronic payment services are vastly growing market around the world due to its convenience and quickness. After demonetization in India during 2016, the proliferation payment systems reached the peak with in-house service providers and global operators explore here. The proposed analysis work focus on creating conscious about different factors related to e-Payment Systems with its cons, objections and security features. The historical data and referent have been taken out in order to acquire essential data about electronic payments systems. This study on outlook of e-payment systems was carried out following search of several research directions on digital payment services. As there are multiple service providers, the digital vision will be fully utilized only by raising awareness among people and society with the huge popularity of internet and technology. To realize their success parameters, it is vital to examine the strategies of general consumers, cyber merchants, network managers, banks and other public sector organizations. Disappointed experiences may lead to establishment of a new payment system. Our results highlight straight forward explanations of the success factors of electronic payment services in India based on variety of features. The study also reveals the popularity of e-payment services in India on various criteria

17. Electronic payments and cryptocurrency

2019 ◽  
pp. 438-452
Author(s):  
Andrew Murray
Keyword(s):  
Electronic Commerce ◽  
Credit Cards ◽  
Legal Environment ◽  
Electronic Payment ◽  
Payment Systems ◽  
Considerable Time ◽  
Electronic Money ◽  
Electronic Payments ◽  
Payment Methods ◽  
Online Payment

This chapter examines online payment methods, including the use of tokens, in electronic commerce. It first provides an overview of token payments before looking at alternative electronic payment systems including debt substitution, payment by credit cards, and fund transfer. The chapter reviews the failure of the European Commission’s Electronic Money Directive 2000 and examines whether the current law, found in the 2009 Electronic Money Directive, is likely to provide a better legal environment for electronic money to flourish. It spends considerable time looking at the development of cryptocurrencies, including bitcoin and how blockchain is used to establish trust in cryptocurrency transactions, before concluding with an analysis of the law in relation to cryptocurrency.

scholarly journals Operators of foreign payment systems and foreign providers of payment services as subjects of national payment system

2020 ◽  
pp. 14-24
Author(s):  
Aleksandr Aleksandrovich Sitnik
Keyword(s):  
Public Relations ◽  
Russian Federation ◽  
Financial Services ◽  
Legal Regulation ◽  
Payment System ◽  
Electronic Payment ◽  
Payment Systems ◽  
Financial Transfers ◽  
The Russian Federation ◽  
Payment Services

This article is dedicated to study of peculiarities of legal regulation of the work of operators of foreign payment systems and foreign providers of payment services within the framework of national payment system of the Russian Federation. The object of this research is the public relations that emerge in the process of rendering payment services by foreign providers, their provision of electronic payment means for financial transfers on the territory of the Russian Federation, functionality of the operators of foreign payment systems, and supervision by the Bank of Russia. The subject of this research is the legislative norms on national payment system. The scientific novelty consists in the fact that based on the positions of the legislation on national payment system conclusions are made on peculiarities of carrying out supervision over the operators of foreign payment systems and foreign providers of payment services. This supervision is also indirectly carried out through Russian operators of financial transfers. In a case of failure by a foreign organization to meet the requirements established by the legislation on national payment system, the operators of financial transfers loses its right to take part in international payment systems and render financial services associated with transfer of funds using electronic payment methods rendered by foreign providers. The corresponding rules were set to ensure stability of national payment system, increase the quality of payment services, protect the rights and lawful interests of payment service consumers, and finally, ensure financial security of the Russian Federation.

scholarly journals APPLE, SAMSUNG И ANDROID PAY: FEATURES OF CONTACTLESS MOBILE PAYMENT SYSTEMS AND THE PROSPECTS FOR THEIR IMPLEMENTATION IN RUSSIA

2017 ◽  
Vol 11 (3) ◽  
pp. 126-135
Author(s):  
Анна Силаева ◽  
Anna Silaeva ◽  
Георгий ИГНАТЕНКОВ ◽  
Georgij IGNATENKOV
Keyword(s):  
Mobile Phones ◽  
Financial Services ◽  
Mobile Payment ◽  
Strategic Analysis ◽  
Competitive Advantages ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Payments ◽  
Important Trend ◽  
Stable Growth

In recent years, the several trends are stable: growth in sales through mobile phones, increasing the share of cashless payments, access to the market for electronic payment companies that have never provided financial services before, and the simplification of tariff schedules. An important trend is the emergence of mobile payment systems, such as Apple Pay, Android Pay, Sam-sung Pay. Unfortunately, there are many myths around such services, as well as misunderstandings about how they work, for what they are in need, what they bring to the market, and whether they bring security and confidentiality. The presented material is devoted to the development of innovative technologies and services in the field of electronic payments. The relevance of the declared issue is determined by the active development of contactless payment technology in Russia, which is a good example of a symbiosis of the bank's work, payment system and telephone. Contactless payment with a mobile phone will be a step towards a denial of cash. The article reveals the essence of these payment systems, the features of their use, the competitive advantages of contactless mobile payment systems. Also, the authors discusses the implementation of these payment systems in Russia's realities, notes the problems that they may face in the process of implementation and use. The article uses methods of strategic analysis, content analysis, analysis of documents and observations. The features of the introduction and development of contactless mobile pay-ment systems identified during the research can be considered as a basis for further research in this field.

Evolution, Development and Growth of Electronic Money

2011 ◽  
pp. 249-268
Author(s):  
A. Seetharaman ◽  
John Rudolph Raj
Keyword(s):  
Risk Management ◽  
Rapid Change ◽  
Management Approach ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Cash ◽  
Electronic Money ◽  
Electronic Payments ◽  
Problems And Solutions

Traditional cash has long been envisioned to be replaced with ‘virtual’ or electronic cash. Electronic money and electronic payment systems for retail transactions are commanding widespread attention. Undeniably, electronic payment cites advantages such as efficiency and convenience to the consumers. However, with the rapid change and advances in technology, has posed significant risks, related to ensuring security and integrity of electronic payment systems in today’s cyber world. Therefore, this study attempts to understand the role of electronic payments for consumers, and to identify the problems and solutions in the emergence of electronic payments. This study also explores the challenges of electronic payments from a security perspective, in particular, and provides preliminary security countermeasures for each of the issues discussed. Beside that, the study also discusses further on the prospects of electronic payment systems. It is essential to put in place an integrated, overall risk-management approach to security, including independent security assessments as one of the components in the use of electronic payment products.

A study on electronic payments and economic growth: Global evidences

Accounting ◽  
2021 ◽  
pp. 409-414 ◽  
Author(s):  
Abdullah Aldaas
Keyword(s):  
Economic Growth ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Payments ◽  
Financial Transactions ◽  
The Relationship ◽  
Country Specific

This study focuses on the relationship between economic growth and electronic payment systems based on a sample of countries from across the globe. The study is relevant considering the importance of payment systems in financial transactions and also because, being an evolving area, it is not much studied in literature. The study initially refers to the concept, types and other features of electronic payment systems and later on analyses the macroeconomic data from countries across the globe. No concrete evidence is found supporting or rejecting the relationship between electronic payment systems and economic growth which can be inferred as country specific issue.

scholarly journals REASONS OF APPEARANCE AND ASSESSMENT FEATURES OF RISK IN ELECTRONIC PAYMENT SYSTEMS

2018 ◽  
pp. 6-10
Keyword(s):  
High Speed ◽  
New Technologies ◽  
Service Providers ◽  
Electronic Payment ◽  
Payment Systems ◽  
Single Chain ◽  
Business World ◽  
Blockchain Technology ◽  
Secure Environment ◽  
High Level

In this era of digital technology, when many new technologies were aimed at integrating new technologies, the blockchain turned out to be the most effective. Blockchain is an innovation in the virtual business world for creating a payment gateway that allows you to create a more secure environment for users. If we are talking about blockchain wallets, they are mainly designed to quickly and securely manage online payments. In this regard, the demand and popularity of the development of blockchain collages is constantly increasing. This article development of electronic payment systems study is devoted. The article discusses the issues of modeling and risk assessment, approaches to risk prevention in the field of electronic payments. In particular, a new blockchain technology wallets is being considered, which will make it possible to prevent a number of risks in electronic payment systems, allow payments to be made at high speed, ensuring a high level of security. Ultimately, companies are looking for convenient, fast and reliable payment systems to streamline processes, and blockchain technology has the potential to make all this a reality - and therefore we expect companies to increasingly look for payment service providers who can help them with access to blockchain . This is likely to be particularly relevant in areas with high levels of exposure, such as multicurrency payments or multi-country payments, which relatively small payment gateways comprehensively cover even in the world, not connected by a single chain. Entering the partner market of other states also apply for legal audits.

scholarly journals INTERNATIONAL EXPERIENCE OF ELECTRONIC PAYMENT SYSTEMS USING IN UKRAINE

2018 ◽  
pp. 149-153
Author(s):  
Vladyslavа Lisniak
Keyword(s):  
General Scheme ◽  
The State ◽  
Electronic Payment ◽  
Payment Systems ◽  
Basic Principles ◽  
Research Attention ◽  
Electronic Payments ◽  
Advantages And Disadvantages ◽  
The Individual ◽  
Effective Development

Introduction. In the course of this research attention was paid to the study of theoretical and practical aspects of the development of electronic payment systems in the world and in Ukraine. The general scheme of electronic payment system work is considered. The dynamics of payments by means of electronic payment systems on the territory of Ukraine is determined. The basic principles of electronic payment systems activity are substantiated. The advantages and disadvantages of electronic payments are considered. The results of the study can be used as practical recommendations for improving the electronic payment activities in Ukraine. Purpose. The purpose of this article is to study the development and status of electronic payment systems and their development in Ukraine. Method (methodology). The main tasks of the research are to consider the general theme of the work of electronic payment systems on the territory of Ukraine; analyze the dynamics of electronic settlements in Ukraine; to substantiate the basic principles of the activity of electronic payment systems; to identify the advantages and disadvantages of electronic payments. Results. The use of electronic payment systems is an extremely positive step towards the economic development of the state. After all, the rapid and effective development of electronic payment systems in Ukraine with the use of international advanced information has a number of advantages for the state economy as a whole and for the individual user in particular: reduction of cash circulation, increase of credit resources, development and wide access to the financial system, etc. It should also be noted that one more important advantage of electronic payments is saving time and minimizing fraud risks.

scholarly journals Assessing resistance to accept electronic wallets in Egypt: تقييم مقاومة قبول المحافظ الإلكترونية في مصر

2021 ◽  
Vol 5 (18) ◽  
pp. 224-204
Author(s):  
Karim Alaaeldin Ahmed Fouad, Alaa Tarek Erakat Karim Alaaeldin Ahmed Fouad, Alaa Tarek Erakat
Keyword(s):  
Age Groups ◽  
Electronic Payment ◽  
Loyalty Program ◽  
Great Resistance ◽  
Electronic Payments ◽  
Current Period ◽  
Phone Calls ◽  
Private Banks ◽  
Bank Accounts ◽  
Payment Services

The purpose of this study is to determine the factors that obstruct the diffusion of electronic wallets in the Egyptian society. As there is great resistance to the use of electronic payment services provided by governmental and private banks, and the insistence of customers to use cash due to the many reasons that were discussed in the research. In spite of this, several countries such as Morocco, Algeria, Malaysia and India, as an example similar to the Egyptian example, have come forward and found many solutions to switch from cash to electronic payment. Nowadays, cell phones have become a fundamental piece of one's everyday life. Users would be able to utilize their Smartphones to make money transactions or online payments by using applications on their phones. There are many mobile wallets, which provide these types of services. Electronic wallets are computerized version of traditional wallets that somebody would carry in their pocket. They offer payment service through which the people/business can receive/send money by smart phones. The current paper highlights the factors that affect Egyptians’ consumer behavior towards electronic wallets, either directly or indirectly and the reasons behind rejecting the idea of replacing cash payments with electronic payments, despite, the global trend to reduce the use of cash especially in the current period of the Coronavirus pandemic. A recent statistic from the Central Bank of Egypt stated that 67% of Egyptians do not have bank accounts, this alarming statistic shows that Egyptians might be uncomfortable dealing with banks, this reflects the level of resistance that Electronic wallet services will face in building familiarity and acceptance with the Egyptian consumers. Through interviews and phone calls with a group of 48 executives and team leaders from government and private banks, in addition to 62 individuals from different age groups- who owned bank accounts in different banks- it was found that the age group from 20 to 40 are the most frequent users of electronic wallets and electronic payment services. Service quality emerged strongly during the study as a variable moderating the acceptance of electronic wallets by customers. Study also indicated that banks’ customers who had concerns about using the electronic wallet for other reasons including making a wrong transaction, refund period, mobile phone coverage when payment is required urgently and on top of this customers had safety concerns and problems dealing with mobile applications. According to 2024 expectations, there is an increase of more than 50% for users of e-wallets for bank account holders, however, through breading familiarity with the concept of electronic wallets and banks investment in a highly secured and user friendly applications percentage could go higher. Recommendations to increase the diffusion rate of e-wallets in the Egyptian society: - A planned and systematic awareness campaign introducing government’s efforts towards using electronic payment services. - Training of the section concerned with technical support to service electronic wallets in all banks to solve all customer problems easily and quickly, which in turn makes the customer satisfied with the service. - Simplifying and facilitating electronic payment applications on mobile phones to facilitate handling by elderly or low-education persons. - Motivating customers to use e-wallets through loyalty program and sales promotions.

scholarly journals EVOLUTION OF THE USE OF ELECTRONIC PAYMENT INSTRUMENTS: FINANCIAL AND LEGAL ASPECT

2020 ◽  
Vol 33 (20) ◽  
pp. 82-87
Author(s):  
M.A. Pozhydaeva
Keyword(s):  
Legal Aspect ◽  
Electronic Payment ◽  
Payment Systems ◽  
Electronic Money ◽  
Electronic Payments ◽  
Goods And Services ◽  
The United Kingdom ◽  
Payment Instruments ◽  
History Of ◽  
Xix Century

The evolution of the use of electronic payment instruments from a finance law position is analyzed in the article. In the context of the latest technology dynamic introduction in the field of payments, the beginning of the history of modern electronic payment instruments can be conditionally linked to the creation of the London Clearing House in 1775 in the United Kingdom and the subsequent active use in the calculation of promissory notes and cheques, as well as other payment documents on the basis of the clearing. At the same time, we propose to periodize the evolution of the use of electronic payment instruments in the calculation of foreign and domestic experience, which includes three main stages: Stage I (end of the XVIII century – end of the XIX century) formation of legal preconditions for the birth of the first electronic payment instruments in the form of promissory notes and cheques, as well as payment documents on the basis of clearing; Stage II (XX century) electrification of payment transactions with the support of their electronic means of payment (bank cards, mobile payment instruments), electronic purses for initiating payments, as well as the use of the first electronic money in order to pay for goods and services. Stage III (XXI Century – nowadays) digitization of payments, characterized by the active use of contactless chipped cards, contactless mobile instruments, electronic money, electronic payment means based on widespread electronic payments in the world of electronic payment ecosystems, such as PayPal (1998), Payoneer (2005), Skrill (2001), Stripe (2009), TransferWise (2010), etc., virtual money in the form of virtual currencies, Quick Response codes, and the introduction of digital currencies of central banks. The suggested periodization of the evolution of electronic payment instruments is based on historical facts, economic conditions, the introduction of the latest financial technologies, national preferences, and the legislation development in the field of payments. At the same time, the genesis specificity of the use of electronic payment instruments in Ukraine is conditioned by the imperfect special law on payment systems and the transfer of funds, which, unfortunately, does not meet the current international and European Union standards. Therefore, there is an urgent need to reform outdated domestic legislation in the field of payments by adopting a new Law of Ukraine «On Payment Services». Keywords: electronic payment instrument, electronic means of payment, use of electronic payment instruments, electronic payment instruments evolution, financе law.

scholarly journals Counteraction to offenses committed with the use of electronic payment systems: new challenges and problems

2021 ◽  
Vol 10 (44) ◽  
pp. 261-269
Author(s):  
Roman Volodymyrovych Shapoval ◽  
Ruslan Orlovskyi ◽  
Maksym Sykal ◽  
Stanislav Zlyvko
Keyword(s):  
Developed Countries ◽  
The United States ◽  
Electronic Payment ◽  
The European Union ◽  
Payment Systems ◽  
Government Officials ◽  
Electronic Payments ◽  
Documentary Analysis ◽  
The One ◽  
Market Relations

Legal, organizational and technical issues of the current state of crime prevention in the field of electronic payment systems in different countries and in Ukraine are considered. The following methods were used in the article: dialectical, documentary analysis, analytical analysis of documents and observations. Identified and analyzed current trends and risks associated with the use of electronic payment systems by legal entities. Electronic payments have been found to be a progressive and convenient innovation on the one hand, which has greatly accelerated the ability of individuals to engage in day-to-day market relations, and on the other, to be unlawfully encroached upon and systematically improved by criminals. Based on this, emphasis is placed on the urgent need for proper protection of payment systems. It is noted that examples of global counteraction to crimes and various offenses committed in the field of electronic payments are developed countries such as the United States, Great Britain, Canada, Singapore, as well as the European Union, especially France and Germany. As a result of the study, it has been noted that the above countries have all the opportunities to provide Ukraine and its citizens, as well as government officials with the necessary guidelines, technical and legal assistance to create an effective mechanism to combat offenses in the use of electronic payment systems.

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