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A compendious study of online payment systems:Past developments, present impact, and future considerations

Khan, Burhan Ul Islam and Olanrewaju, Rashidah Funke and Baba, Asifa Mehraj and Langoo, Adil Ahmad and Assad, Shahul (2017) A compendious study of online payment systems:Past developments, present impact, and future considerations. International Journal of Advanced Computer Science and Applications (IJACSA), 8 (5). pp. 256-271. ISSN 2158-107X

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Abstract

The advent of e-commerce together with the growth of the Internet promoted the digitisation of the payment process with the provision of various online payment methods like electronic cash, debit cards, credit cards, contactless payment, mobile wallets, etc. Besides, the services provided by mobile payment are gaining popularity day-by-day and are showing a transition by advancing towards a propitious future of speculative prospects in conjunction with the technological innovations. This paper is aimed at evaluating the present status and growth of online payment systems in worldwide markets and also takes a look at its future. In this paper, a comprehensive survey on all the aspects of electronic payment has been conducted after analysis of several research studies on online payment systems. Several online payment system services, the associated security issues and the future of such modes of payment have been analysed. This study also analyses the various factors that affect the adoption of online payment systems by consumers. Furthermore, there can be seen a huge growth in mobile payment methods globally beating both debit and credit card payments, all due to the convenience and security offered by them. Nevertheless, various obstacles have been identified in the adoption of online payment methods; thus, some measures have to be taken for granting this industry a hopeful future. Thus, there should be a suitable trade-off between usability and security when designing online payment systems in order to attract customers. Also, technical and organisational issues which arise in the attempt to achieve interoperability must be taken into consideration by the designers. As a matter of fact, the process of developing interoperable and flexible solutions and universal standards is one of the most difficult tasks in the future ahead.

Item Type: Article (Journal)
Additional Information: 6796/57234
Uncontrolled Keywords: —E-Commerce; Online payment system; Online payment developments; Payment gateway; Online payment challenges
Subjects: H Social Sciences > HG Finance
H Social Sciences > HG Finance > HG201 Money
H Social Sciences > HG Finance > HG201 Money

T Technology > T Technology (General)
T Technology > T Technology (General) > T10.5 Communication of technical information
T Technology > T Technology (General) > T173.2 Technological change
Kulliyyahs/Centres/Divisions/Institutes: Kulliyyah of Engineering > Department of Electrical and Computer Engineering
Depositing User: Dr. Rashidah Funke Olanrewaju
Date Deposited: 13 Jun 2017 09:18
Last Modified: 27 Mar 2018 10:42
URI: http://irep.iium.edu.my/id/eprint/57234

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