A compendious study of online payment systems:Past developments, present impact, and future considerations
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 mo...
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The Science and Information Organization (SAI)
2017
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| Online Access: | http://irep.iium.edu.my/57234/ http://irep.iium.edu.my/57234/ http://irep.iium.edu.my/57234/ http://irep.iium.edu.my/57234/1/Paper_32-A_Compendious_Study_of_Online_Payment_Systems.pdf http://irep.iium.edu.my/57234/7/57234_A%20compendious%20study%20of%20online%20payment_WOS.pdf |
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iium-572342018-03-27T02:42:16Z http://irep.iium.edu.my/57234/ A compendious study of online payment systems:Past developments, present impact, and future considerations Khan, Burhan Ul Islam Olanrewaju, Rashidah Funke Baba, Asifa Mehraj Langoo, Adil Ahmad Assad, Shahul HG Finance HG201 Money T Technology (General) T10.5 Communication of technical information T173.2 Technological change 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. The Science and Information Organization (SAI) 2017 Article PeerReviewed application/pdf en http://irep.iium.edu.my/57234/1/Paper_32-A_Compendious_Study_of_Online_Payment_Systems.pdf application/pdf en http://irep.iium.edu.my/57234/7/57234_A%20compendious%20study%20of%20online%20payment_WOS.pdf 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 E-ISSN 2156-5570 https://thesai.org/Downloads/Volume8No5/Paper_32-A_Compendious_Study_of_Online_Payment_Systems.pdf 10.14569/IJACSA.2017.080532 |
| repository_type |
Digital Repository |
| institution_category |
Local University |
| institution |
International Islamic University Malaysia |
| building |
IIUM Repository |
| collection |
Online Access |
| language |
English English |
| topic |
HG Finance HG201 Money T Technology (General) T10.5 Communication of technical information T173.2 Technological change |
| spellingShingle |
HG Finance HG201 Money T Technology (General) T10.5 Communication of technical information T173.2 Technological change Khan, Burhan Ul Islam Olanrewaju, Rashidah Funke Baba, Asifa Mehraj Langoo, Adil Ahmad Assad, Shahul A compendious study of online payment systems:Past developments, present impact, and future considerations |
| description |
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. |
| format |
Article |
| author |
Khan, Burhan Ul Islam Olanrewaju, Rashidah Funke Baba, Asifa Mehraj Langoo, Adil Ahmad Assad, Shahul |
| author_facet |
Khan, Burhan Ul Islam Olanrewaju, Rashidah Funke Baba, Asifa Mehraj Langoo, Adil Ahmad Assad, Shahul |
| author_sort |
Khan, Burhan Ul Islam |
| title |
A compendious study of online payment systems:Past developments, present impact, and future
considerations |
| title_short |
A compendious study of online payment systems:Past developments, present impact, and future
considerations |
| title_full |
A compendious study of online payment systems:Past developments, present impact, and future
considerations |
| title_fullStr |
A compendious study of online payment systems:Past developments, present impact, and future
considerations |
| title_full_unstemmed |
A compendious study of online payment systems:Past developments, present impact, and future
considerations |
| title_sort |
compendious study of online payment systems:past developments, present impact, and future
considerations |
| publisher |
The Science and Information Organization (SAI) |
| publishDate |
2017 |
| url |
http://irep.iium.edu.my/57234/ http://irep.iium.edu.my/57234/ http://irep.iium.edu.my/57234/ http://irep.iium.edu.my/57234/1/Paper_32-A_Compendious_Study_of_Online_Payment_Systems.pdf http://irep.iium.edu.my/57234/7/57234_A%20compendious%20study%20of%20online%20payment_WOS.pdf |
| first_indexed |
2023-09-18T21:20:52Z |
| last_indexed |
2023-09-18T21:20:52Z |
| _version_ |
1777411872437305344 |