Introduction And Definition Of E Payment

With the invention of World Wide Web, the corporate sector has evolved into new dimensions. The fast, quick, reliable, accurate and efficient internet systems of E-commerce have provided the world with new and unique business opportunities.

Many organizations industriously look for the opportunity to gain the competitive advantages in their industries. One of the opportunities that frequently used by the organization is the implementation of e-commerce. Thus, the e-commerce and the online sale transaction become popular in each industry. E-commerce provides many benefits, such as the saving of shopping time, the cost savings, convenience, and free from geographical constraints.

With the number of online resources growing by leaps and bounds, there has been a remarkable shift in consumer behavior towards electronic payments. The existing forms of payments which are still ruled by cash and cheque payments do not fully address the needs of consumers due to lack of interoperability in the payment processes for the variety of bills, time it takes for transfers and overall cost involved in the transaction .

From this we can say that E-banking is the way of transacting where customers do their transactions electronically via internet and they do not have to leave their comfortable position and stand in a line for withdrawal or depositing money at bank or pay bills like gas bill or electricity bill.

The full form of e-commerce is electronic commerce. E-commerce is an advanced technology related with commerce and computer. Commerce solutions are more than just handling the business transactions. To manage, organize and performing these business transactions for various products and services online, then there is a need of computer with an internet connection. In simple words the process of doing business online is E-commerce. Whether it’s buying and selling tangible products, stocks, bonds, services or various household things. E-commerce covers a vast amount of transactions of B2C and B2B on the web through internet. It consists of E-retailing, electronic data interchange (EDI) and electronic fund transfers (EFT). In the electronic world consumers are now able to use internet for the number of reasons such as online banking, research, communication and even for shopping. The

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means

Today, changes in the way commerce is undertaken relies very much on technology. From Internet sites advertising etc., to making agreements via email, technology forms the development of modern business operations. The stage at which technology advances is very challenging on today’s law and introduces much difficulty in the construction of an adequate framework for e-commerce.

(Snellman, Vesala, & Humphrey, 2001) Defines e-payments as any payment service that makes use of information and communications technologies including Integrated Circuit (IC) cards, cryptography and telecommunications. However, in this study, e-payment refers to all electronic transactions as payment for goods and services. An electronic payment transaction is an execution of a protocol by which amount of money is taken from a payer and given to a payee (Akhilesh, Abhishek, Suresh,

According to Borio and van den Bergh (1993:8), a payment system may be defined as the set of arrangements for the discharge of the obligations assumed by economic agents whenever they acquire real or financial resources. The history of payment systems has been driven by the pressure to facilitate the execution of transactions. Although payments systems differ considerably from country to country, the major participants, as well as the key features of the settlement media and mechanisms, are quite similar.

Near field correspondence (NFC) will be a norms ­‐based remote innovation that will be normally executed as a chip in a portable telephone or other mobile gadget, or in a card. It empowers short-­‐range correspondence between the NFC-­‐enabled gadget and another NFC gadget, peruse or tag for the most part with just a wave or a tap of the gadget. As such, it can be utilized for an very nearly boundless range of applications, including mobile payments. As a innovation, NFC follows its roots back to work done by Sony and Phillips, which drove to an acknowledged ISO standard for NFC in 2003. It will

It has been a long time since we adopted electronic payments. Currently the most common form of an electronic payment is the use of EMV (Europay, MasterCard, VISA) cards with a magnetic stripe. These include credit cards, debit cards, prepaid cards, and now smart cards. In these processes the card or card number is swiped or entered into the merchant’s computer through a terminal. The terminal transmits data to the acquirer (a bank, for example), and then the acquirer transmits data through a card association to the card issuer who makes a decision on the transaction and relays it back to the merchant. Then, the merchant gives the goods or services to the cardholder. Funds flow later for settlement with credit cards and are debited immediately for debit or prepaid cards.

The E-wallet, also known as digital wallet is an online means of storing ‘e-cash’ which aids online transactions with ease. The E-wallet involves a once-off set up and the customer’s personal information is then stored for future purchases. Although the E-wallet is less hassle than using credit cards to purchase goods, in regards to inputting personal information and payment details, the E-wallet is the least popular form of the online payment systems. This is largely due to the lack of knowledge people have about this system.

Based on the finding of this study, all of users believe that there are two main factors adoption which are perceived usefulness and perceived ease of use leading them to use the e-payment. First of all, all of the respondents revealed that the reason of leading them for adoption of e-payment are the system available and beneficial for consumers at unconventional location and anytime. This opinion is in the lines of the research studies by Chinho and Conghoang (2011) on the factor of perceived usefulness. Users feel that the E-payment system can easily access and acceptance in anywhere compares with the traditional commerce by using cash in certain locations. Nowadays, most of the people would access the banking website such as Maybank2u to obtain the information and verify the transaction activity. The E-payment system are acceptable by public make the consumer convenience by surfing the website to purchase the item rather than going out to the shop. Besides that, all of the respondents also mention about that E-payment system are user friendly. Most of the people are preferred for simplicity which are clear and visible step or procedure in order to easily use with the E-payment system. The clear and visible procedure of the interfaces have lead users' intention learn how to use e-payment. These opinions are in the lines of the research conducted by Sanjeev and Krishna (2013) on the factor of perceived ease use. By using e-payment, users can save a lot of time because the

In this 21st century the Internet has made revolutionary impact on all aspects of human life. Out of all, banking operations have greater impact of ICT on its day-today happenings. An e-cash payment system is one of the evidence of impact of internet and information Communication technology jargons. In this process a consumer/client opens an account with the banking organization or other which could give and receive money in the digital coins form. In the case client 's account is deposited in the form of real money, as it is attached to the client 's checking account in reality.

The Internet has created a platform for online selling and buying of goods and services. Business firm is also called e-enterprise or digital firm, as most of the business organization are using internet and wireless network for improving their performance in terms of cost, efficiency and profitability with the use of e-business and e-commerce solutions to reach worldwide audience to sell their products and services. The business process across the organization and outside run on an e-technology platform using digital technology. In a e-enterprise business conducted electronically. These enabling capabilities of technology constitute to e-business, e-commerce, e-communication and e-collaboration that work in an e-enterprise.3