Emergence of Payment Systems in the Age of Electronic Commerce: The State of Art

Global Journal of International Business Research, Vol. 2, No. 2, 2009

20 Pages Posted: 20 Jan 2010

Date Written: July 24, 2009

Abstract

The emergence of e-commerce has created new financial needs that in many cases cannot be effectively fulfilled by the traditional payment systems. Recognizing this, virtually all interested parties are exploring various types of electronic payment system and issues surrounding electronic payment system and digital currency. Broadly electronic payment systems can be classified into four categories: Online Credit Card Payment System, Online Electronic Cash System, Electronic Cheque System and Smart Cards based Electronic Payment System. Each payment system has its advantages and disadvantages for the customers and merchants. These payment systems have numbers of requirements: e.g. security, acceptability, convenience, cost, anonymity, control, and traceability. Therefore, instead of focusing on the technological specifications of various electronic payment systems, the researcher have distinguished electronic payment systems based on what is being transmitted over the network; and analyze the difference of each electronic payment system by evaluating their requirements, characteristics and assess the applicability of each system.

Keywords: E-Commerce, Payment, Debit Cards, Credit Cards, Internet

JEL Classification: E41, L21, O30, O33

Suggested Citation

Sumanjeet, Singh, Emergence of Payment Systems in the Age of Electronic Commerce: The State of Art (July 24, 2009). Global Journal of International Business Research, Vol. 2, No. 2, 2009, Available at SSRN: https://ssrn.com/abstract=1536620

Singh Sumanjeet (Contact Author)

University of Delhi ( email )

University Road
Kirti Nagar
Delhi, DE New Delhi 110 007
India

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