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1 Executive summary
2 Literature review
3 Introduction
4 Types of electronic payment system
5 Advantages of e-payment systems
6 Research method
7 Objective of the study
8 Importance of E-banking in business
9 Reasons to use online banking
10 Limitations to online banking
11 The 6 best payment Apps of 2019
12 Current scenario of E-payment system
13 Data interpretation
14 Future scope
15 Conclusion
16 Bibliography
Executive summary

As business is moving from face to face trading, mail order, and telephone order to
electronic commerce over open networks such as the internet, crucial security
issues are being raised. Whereas Electronic funds transfer over financial network is
reasonably secure, securing payments over open networks connecting commercial
servers and consumer workstations poses challenges of a new dimension. This
article reviews the state of the art in payment technologies, and sketches emerging
developments. Keywords Electronic commerce, payment systems, open networks,
secure transactions, security privacy. Introduction since the dawn of history, there
has been trading between two parties exchanging goods face-to-face. Eventually
such trading became complicated and inconvenient; money was invented so that a
buyer could acquire something he needed from a seller without necessarily
exchanging goods. Security of the monetary systems was guaranteed by the local,
regional, national level.
Literature review

Rachna (2013)describe that electronic payment system is the basis of an online

payments and it make electronic payment at any time through the internet directly to
manage the e- business environment. The risk to the online payments are theft of
payments data personal data and fraudulent rejection on the part of customer.

Astha Gupta(2013)describes that RBI played a significant role in developing the

payment system in the nation through its establishment. ATM also provide better
alternative to traditional payment system. RBI also enhance the payment system by
introducing RTGS, card based clearing etc.
Introduction
The definition of electronic payment system is a way of paying for a goods or
services electronically, instead of using cash or a cheque. An example of an
electronic payment system is pay pal. An example of an electronic payment system
is the use of a credit card.
The growing use of internet based banking and shopping has seen the growth of
various e- commerce payment system and technology has been developed to
increase, improve and provide secure e- payment transactions.
The electronic payment system is an online based system. 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 type four categories: online credit card
payment system, online electronic cash system , electronic cheque system and
smart card based electronic payment system. This system is managed by reserve
bank of india.it is doing its best to encourage alternative method of payment which
will bring security and efficiency to payment system.
The e-commerce payment system facilitates the acceptance of electronic payment
for online transactions. Also known as sample of electronic data interchanged.
Electronic commerce payment systems have become increasingly popular due to
the widespread use of the internet based shopping and banking.
Over the years, credit cards have become one of the most common form of payment
for e-commerce transactions. In north America almost 90% of online retail
transactions were made with this payment type. Increased security measures
include use of the card verification number which defects fraud by comparing the
verification number printed on the signature stripon the back of the card with the
information on file with the cardholders issuing bank. Also online merchants have to
comply with stringent rules stipulated by the credit and debit card issues (visa and
master card)this means that merchants must have security protocol and procedures
in place to ensure that transactions are more secure.

Types of electronic payment system :

Credit card
The most popular form of payment for e- commerce transactions is through credit
cards. It is simple to use ; the customer has to just enter their credit card number
and date of expiry in the appropriate area on the seller’s web page. To improve the
security system, increased security measures, such as the use of card verification
number, have been introduced to online credit card payments. The CVN system
helps detect fraud by comparing the CVN number with the cardholder’s information.

Debit card
Debit card are the second largest e-commerce payment medium in India. Customer
who want to spend online within their financial limits prefer to pay with their debit
cards. With the debit card , the customer can only pay for purchased goods with the
money that is already there in his/her bank account as opposed to the credit card
where the amounts that the buyer spend billed to him/her and payments are made at
the end of the billing period.

Smart card
It is a plastic card embedded with a microprocessor that has the customer’s
personal information stored in it and can be loaded with funds to make online
transactions and instant payment of bills . the money that is loaded in the smart
card reduces as per the usage by the customer and has to be reloaded from his/her
bank account
E-wallet
E –wallet is a prepaid account that allows the customer to store multiple credit
cards, debit card and bank account numbers in a secure environment. This
eliminates the need to key in account information every time while making
payments. Once the customer has registered and created E-wallet profile, he/she
can make payments faster.

Netbanking
This is the another popular way of making e-commerce payments. It is a simple way
of paying for online purchases directly from the customer’s bank. It uses a similar
method to the debit card of paying money that is already there in the bank account.

Advantages of e-payment system

1-Pay Your Bills Online

You can use your bank's online site to pay your bills and protect yourself from
having your check get lost in the mail. Most banks will have a section in which
you set up payees. You will need to fill out the information once, and then you
can simply choose that profile every time you pay a bill online.

If your bank will not pay bills online, you may consider paying through the
company's website. Be careful since some of these companies may charge a
convenience fee. Some places will charge a fee for a debit card, but not if you
set up a direct debit.

If you access your bank's website on your mobile phone, the bank's app
typically allows you to deposit checks with just a snapshot of the document.
This means that you can handle all of your banking without ever going to the
bank. However, keep your eyes open for any convenience fees associated
with online bill pay.

2-View Your Transactions

Online banking allows you to access your account history and transactions
from anywhere. This is the quickest way to check and see if a transaction has
cleared your account. You can also find out the amount of a transaction after
you have lost your receipt. It also allows you to find out about unauthorized
transactions more quickly, helping you resolve any issues right away.

Some banks will show you pending transactions. These are transactions that
you made that day. If you spot something you did not authorize, you can
contact your bank and the vendor in order to reverse the charges. The sooner
you catch a problem like this, the more quickly you can resolve it. Pending
transactions may not be for the exact amount of the purchase. For example, if
you leave a tip, this will not show on the pending transaction, so keep that in
mind as you balance your account.
3-Transfer Money Between Accounts
Online banking also allows you to transfer money between accounts much
more quickly and check on your available funds before spending money. It is
more convenient than using the automated phone service and can save you a
trip to the bank.

When you apply or set up your online banking, be sure that all of the accounts
you have at the bank are listed. This will make it easier to transfer money and
make loan payments online.

You also have the option of transferring money between different banks
online. This will not happen as quickly since the money still needs to go
between financial institutions, but it is much more convenient than running to
the bank.

Depending on the type of account, your bank may limit the number of online
transfers and may hit you with a fee if you go over.

You can also use online banking to manage your money better by setting up
more than one savings account at the same bank. Not all banks offer this, so
check around.

After each paycheck, for example, you can go online and transfer money to
different savings accounts to save for various goals, such as an emergency
fund or a down payment for a new home.
 4-Mobile Banking
Most banks will have a mobile app that allows you to take advantage of online
banking on your phone. This makes online banking even more convenient and
allows you to quickly check up on your account when you are out shopping,
transfer funds over if you're short, or check to see if a merchant has
double-charged you.

However, you need to be sure you are accessing this information on a secure
network and avoid using public WiFi while completing these transactions.
Mobile banking makes online banking even easier.

RESEARCH METHODOLOGY
Primary data
Primary data collected through questionnaire method.

Secondary data
This studied have been carried out on E-Payment System. Data used in this study
collected basically from the secondary sources. Secondary data have been collected
from various sources including websites, newspapers, various published and
unpublished article about pre-primary education etc.

Survey Instrument
Questionnaire sent to the person concerned with request to answer the questions
and return the questionnaire. The questionnaire is sent to respondent who expected
to read and understand the question and choose the option as per their perspective.
A questionnaire consists of a number of questions typed in a definite order on a
form or a set of forms. The respondent to have answered the questions on their
own. Objective type questions have been designed in survey. Some responses have
been collected from people. Like students, professional and others. The result of
survey shown in graphs.

Data analysis
The data collected were analysed for the entire sample.

Result
This is a descriptive research which has studied the present conditions. The relevant
data was collected based on e-payment system and which e-payment type of most
suitable.

Objectives of study
• To make the comparison between traditional and electronic payment system.
• To study the modes of e-payment system.
• To know about current and future scenario of e payment system.
• To understand the different payment technology.
• To identify how online payment system work.
Importance of E- banking in Business
Businesses rely on efficient and rapid access to banking information for cash flow reviews,
auditing and daily financial transaction processing. E-banking offers ease of access, secure
transactions and 24-hour banking options. From small start-up companies to more established
entities, small businesses rely on e-banking to eliminate runs to the bank and to make financial
decisions with updated information. In an information-driven business climate, companies who
do not use e-banking are at a competitive disadvantage.

Improved Business Productivity

E-banking leads to productivity gains. Automating routine bill payments, minimizing the need to
physically visit the bank and the ability to work as needed rather than on banking hours may
decrease the time involved in performing routine banking activities. Additionally, online search
tools, banking actions and other programs can allow staff members to research transactions and
resolve banking problems on their own, without interacting with bank employees. In some cases,
month-end reconciliations for credit card transactions and bank accounts can be automated by
using e-banking files.

ower Banking Costs

Banking relationships and costs are often based on resource requirements. Businesses that
place more demands on banking employees and need more physical assistance with wire
transfers, deposits, research requests and other banking activities often incur higher banking
fees. Opting for e-banking minimizes business overhead and banking expenses.
Reduced Banking Errors
Utilizing e-banking reduces banking errors. Automation of payments, wires or other consistent
financial activities ensures payments are made on time and may prevent errors caused by
keyboard slips or user error. Additionally, opting for electronic banking eliminates errors due to
poor handwriting or mistaken information. In many cases, electronic files and daily reviews of
banking data can be used to double or triple check vital accounting data, which increases the
accuracy of financial statements.

Increased Scrutiny and Reduced Fraud

Increased scrutiny of corporate finances through audits and anti-fraud measures requires a high
level of visibility for all financial transactions. Relying on e-banking provides an electronic
footprint for all accounting personnel, managers and business owners who modify banking
activities. E-banking offers visibility into banking activities, which makes it harder for
under-the-table or fraudulent activities to occur

Reasons to use online banking

As a small-business owner, you are likely to spend a good portion of your time in the bank or
doing bank-related activities to keep your business's finances in order. Banking can be
time-consuming, but online banking makes it easier for entrepreneurs to handle most basic
banking activities via a laptop or Internet-ready mobile device. Taking advantage of online
banking will allow you to maximize your time, and the bank's online security measures protect
sensitive information

No Additional Fees
Business owners can access online accounts as often as needed without incurring hidden fees.
It's free to sign up for an online banking account, and the privilege will remain active as long as
the account holder maintains an account with the bank.

Access From Anywhere

Online banking makes it easy to access your account information at anytime and from anywhere,
making banking possible while away on business, at odd hours or while out of your bank's region.
All you need to access an online account is Internet access and your username and password.

Organized Downloadable Reports

Most online banking services provide access to downloadable reports that can help you
reconcile your financial statements. These reports include your deposits, transfers, ATM
withdrawals and any bills you have paid using your online banking account. Online banking can
help you keep your business records organized or serve as documentation for your bookkeeper
or accountant. Some accounts also feature spend analyzers, so you can graphically see where
your business's money is going.

Schedule Regular Payments

Online banking also offers the freedom to schedule payments ahead of time. Rent, salaries and
other fixed payments, in any amount, can be set up through your online banking account. These
payments are automatically deducted in the amount you decide on the date of your choice. Set
up recurring or one-time payments to be mailed directly to the payee electronically or via postal
service by your bank without using paper checks or postage.

Transfer Across Accounts

Managing both home and business accounts leaves many small-business owners struggling.
Using online banking, you can instantly move money between accounts when necessary. With
the ability to move money between accounts, even while out of town, you can quickly access
funds needed to make purchases and payments to keep your business running smoothly.

Save Money
Though it seems minimal, the costs associated with mailing monthly payments to a vendor do
add up over time. According to CBS News, the average consumer spends about $6 a month in
stamps alone. Business owners can reduce expenses for checks, postage stamps and envelopes
by using online banking.
Limitations to online banking
Banking online can help you accomplish your banking goals more quickly and efficiently. As a
small business owner any tool that allows you to save time is a benefit to you and your company.
But there are limitations to online banking that you should consider before you decide to rely on it
completely.

Identification
Online banking is a platform that allows business and individual account holders to access bank
account information via the web. The user must log in with a username and pass code
established by the bank to pull up database information regarding his account.

Types
When you bank online you can perform a number of services, including account balance checks,
transfers and bill payment. The written format of the account information makes it simpler for
some account holders to keep track of transactions. The user can process a transfer from one
account to another without having to visit the branch. With online bill payment services, you can
process electronic checks to suppliers and vendors.

Function
The Electronic Funds Transfer Act of 1978 governs online banking services. This is because the
process of maintaining an online account involves bill payments and funds transfers. The law
protects customers who choose to bank in this manner.

Considerations
You have a number of concerns to address as a business owner when it comes to online
banking. For one, there's a risk of identify theft that would compromise your hard-earned
business revenues. Phishing emails asking customers to log into fake bank websites are a
common way for information thieves to get sensitive log-in data to access a bank account
illegally. Also, there's a learning curve for getting familiar with online banking. The system can be
confusing for first-time users—especially if you're not computer literate. Finally, if your Internet
service or the bank's server goes down, you cannot access your account information online. This
is difficult to manage if you've gotten into the habit of regularly managing your business bank
account information in this manner. If you've linked the online account to a third-party business
financial software program, you'll have to wait until the server or Internet service goes back up to
get updates.

Prevention/Solution
Thankfully, you can resolve some of these issues with due diligence and common sense. For
instance, to avoid phishing websites, it's best to always type in the URL address instead of
clicking links leading you to your bank's website. Also, it's important to look for an online banking
tutorial when you first log into your account to avoid confusion regarding the service down the
line. While an Internet or server issue is usually out of your control, prepare yourself for this
problem by getting familiar with your bank's phone system or just visit the branch for updates
and statement printouts regarding your account.
The 6 Best payment apps of 2019

There was a time when sending money from one place to another involved
standing in long bank/post office queues, patiently awaiting your turn till you
finally reached the counter only to be faced with a mountain of forms to fill.

Until technology and the internet came to our rescue and presented us with a
much faster, reliable and secure option – money transfer apps or simply
e-wallets.

Now sending money to anyone in India (and abroad) can be done in a matter
of minutes from the comfort of your home/office using these apps.

In this article we will share information on 10 best money transfer apps in

India that you can use to send money to your near and dear ones in times of
need with the minimum hassle.
List of Best Money Transfer Apps in India
Though there are hundreds of best e-wallets in India, these 10 are the most
used digital wallets in India.

. Paytm

With 150mn-plus users’ pan-India, Paytm is easily the country’s largest digital
payments gateway and arguably one of the best money transfer apps in India.

It offers a comprehensive list of payment services for both customers and

merchants to make seamless payments using the App, from banks,
credit/debit cards and digital credit among others.

Paytm is one of the top 10 online shopping sites.

The Paytm app also allows users to transfer money from their digital wallet to
bank account (and vice-versa) and make online payments for a host of
services like paying utility bills, buying mobile/DTH recharge and shopping
online.

2. Mobikwik

Available for use at more than 2,50, 000 online and offline avenues, Mobikwik
is yet another free digital wallet app for money transfer in India.

Super-secure, with every penny in your e-wallet accounted for always, the
MobiKwik app is operational on Android, Windows and iOS.

In addition to money transfer, this app can also be used to make your EMI
payments, buy a mobile recharge, book rail/bus tickets and pay your
gas/electricity/DTH bills online.

Apart from that it provides best cashbacks and discounts which helps us
to save money.

3. Phone Pe

From UPI payments to mobile/DTH recharges, money transfers to making

online bill payments, you can do it all this and more using the PhonePe app.

Registered users can send and receive money from their friends and family
and transact up to INR 1 lakh per transaction (24*7) – anytime, anywhere –
using this cash transfer app.

You also get to check your account balance, save beneficiaries and manage
multiple bank accounts, in addition to getting refunds and cashbacks to your
bank account in an instant.

4. FreeCharge

Another online money transfer app which is made available in India is

Freecharge.

FreeCharge users get to make their utility bill payments, buy metro/mobile
recharges, do Google Play recharges, invest in mutual funds and also make
charitable donations online.

They can also send & receive money in an instant, create BHIM UPI ID and link
their bank account to engage in the convenience of instant funds transfer.

As an added bonus, this app also allows you to buy amazing discount
coupons from all your favourite brands starting at just ₹1.
5. Airtel Money

By virtue of being the first payments bank in India to integrate the UPI on its
digital platform, Airtel Money can facilitate instant fund transfers between two
bank accounts on its mobile platform.

All you will need is a Virtual Payment Address (VPA) and MPIN to complete
the transactions. There is no need for sharing the beneficiary’s account
details.

You can also create a VPA and link your bank accounts to it using the My
Airtel App and further personalize this with your name and/or number.

6. Jio Money

Jio Money is a smart money app that allows users all the benefits of using
cash – sans any of its limitations.It is an easy money transfer app that will
empower you to be able to make payments from anywhere and at any time.

Using this app, you can also transfer the funds in your Jio Money wallet to
other Jio Money users and bank accounts too.

Plus, you get to enjoy some great offers, deals and coupons from leading
brands, pay your bills and recharge mobile/DTH and indulge in shopping from
your neighbourhood stores.

7. Ola Money

Touted to be India’s easiest, safest and fastest money transfer app, Ola
Money claims to offer users an all new user experience and a one tap access
to all their daily needs.
This includes the ability to send money to your loved ones anytime, anywhere
with just a tap on the app. You can even transfer your Ola Money from your 
mobile wallet to your bank account.

With Ola Money your just one click away from paying for your prepaid mobile
recharges, postpaid mobile/power/gas bills and of course the fare for the Ola
cab you just hired.

8. PayPal India

The Indian subsidiary of one of the world’s most popular and widely used
digital payments platform, PayPal India allows registered users to receive and
make payments anywhere in India and abroad.

All you need to do is register on the site and link your PayPal account to your
designated bank account and you’re good to go. You can also transfer money
from your PayPal India account to your bank account in the blink of an eye.

All monetary transactions made through PayPal are safe and protected by
advanced encryption and 24-hour fraud monitoring, without exposing your
personal financial information.

9. Buddy (By SBI)

It is the first Indian mobile digital wallet that is supported in 13 languages.

And it comes loaded with several unique features like – Send money to
registered and new users, Ask money and Send reminders to settle dues.

You also get to transfer additional cash into an account of their choice,
absolutely free of cost.
This is in addition to regular benefits which includes, recharging and paying
your bills instantly, booking movie/flight tickets and shopping for your
favourite products online.

10. PayZapp

It’s been launched by HDFC Bank, one of the largest private sector banks in
the country.

With PayZapp,

you can send money to anyone in your list of contacts or credit the amount
directly to your bank account.You can also link your Debit and Credit Cards
(from any bank) to this app to make instant and secure payments for your
data plan/DTH, buy movie tickets, pay for your groceries and book flight
tickets and hotel roomsPlus you also get to shop online and enjoy massive
discounts at SmartBuy – HDFC bank’s e-commerce platform which offers an
extensive range of digital and physical products.
Current scenario of e-payment system

The payment system initiatives taken by reserve bank of india have resulted
in deeper acceptance and penetration of noncash payments modes. An
analysis of payment system in india reveals that growth of electronic
payments has been impressive.

• India has several payment system , ranging from paper-based system

to the electronic fund transfer system that offer real- time settlement.
These payments are managed by multiple entities and are regulated by
the Reserve bank of india.

• Based upon the application they could be classified into systemically

important payment systemand retail payment system.

• RBI’s trust on technology in payment systems have resulted in visible

improvements in the settlement processes in the SIPS, where over 70%
 transactions are handled electronically.

• Retail payment systems includes cheques clearing systems and the

card based systems

• Increase acceptance of electronic payment system resulted in the

growth of retail electronic clearing.

• Board of regulation and supervision of payment and settlement

systems was constituted to prescribe policies relating to the regulation
and supervision of all payment and settlement systems, set standards
for existing and future systems.

• To assist BPSS, RBI constituted a department of payment and

settlement services.

• AGE

➢ Age group for the respondents is between 20-30,31-40, 41-50 and above
50 categories are there.
 ➢ The above data shows that in this survey 88% are from youth
generation.

➢ And there are few people from between 31-40 and 41-50

GENDER:above aaaaab

➢ Above data shows that in the survey the perception of both the genders
are taken.
 ➢ There are 50 respondents who actively participated in the survey..

➢ Out of which 56% are females and 44%are males included.

How often do you use cash?

 ➢ The above data shows that 82% of respondents are using cash
Everyday.

➢ There are 6% of respondents who use cash three to six times in a week.

➢ There are 10% of respondents who stay in hostel so they don’t use cash
more

➢ There are 2% of respondents who said they use cash once in a fortnigh.

Do you prefer using cash or your bank debit/ credit card?

 ➢ Above data shows that out of 50 respondents 50% respondents mostly
use cash while purchasing the products. And 50% respondents use card
while the purchasing.

➢ From the above data we can say that today itself 50% customers prefer
using cash where as 50% respondents are enjoying debit or credit card
facility.

How often do you use your bank debit/credit card?

 ➢ From the above data we can see that outoff 50 respondents 56% of the
respondents using card monthly .

➢ 32% of the respondents are using card weekly may be they more
comfortable with card payments.

➢ 6% respondents are using card everyday, I think they make payment by

their cards only .they carry less amount of cash.

➢ There are 6% of respondents who are not using any kind of cards. They
are more comfortable with cash payment.

Which, if any, do you use when making purchases in store?

 ➢ As per the above graph we can say that 68%of respondents pay cash
when they purchase any product from the store. May be they pay cash
for the small purchasing they like to pay cash only.

➢ 58% of the respondents are comfortable with card payment while

purchase product from the store.these respondents more comfortable
with debit card only.

➢ From the above table there are 8% of respondents they are using credit
card for the purchasing of product from the store.

➢ 32%of the respondents are using mobile app for the purchasing of the
product from the store.

Do you make payments using your mobile phone/smartphone?

 ➢ From the above data we can say that 82% of the respondents are using
mobile phones and smartphones for payment .

➢ As the most of the respondents are youth so they are more comfortable
while make the payments by the mobile apps.

➢ There are 18% of the respondents who are not using mobile phones and
smart phones for the payment.

➢ May be they more comfortable with the cash and card facility only.

What are your reasons for not using your mobile phone/smart
phone to make payments?
 ➢ There are some reasons for not using mobile apps for payments by the
respondents are:

➢ 62.5% respondents think that by making payment by using mobile phones are
not secure.

➢ 12.5%respondents think that someone can steal their details .

➢ 12.5%respondents think that it increases the chances of fraud.

➢ And some of respondents they don’t know how to use mobile apps for
payment.

Do you agree or disagree with the following statement?

I would consider making payments using my mobile phones in
future

➢ Out of 50 respondents maximum respondents said that they are agree to

consider making payments using mobiles phones in future.

➢ And many respondents are saying strongly agree while making payments they
will going to use mobile apps which mean they feel beneficial having mobile
apps for payment.

➢ Some of the respondents are neither agree or disagree with the statement.
May be they are confused.

➢ Thare are respondents who are not interested using tha mobile apps for
payment.

Why do you prefer electronics payment system?

➢ Respondents who are most comfortable with mobile payment apps are
think that its time saving. Around 54% respondents think its time
saving.

➢ 18% respondents think its better than offline payments.

➢ 58% respondents are think its very benefited because it provide services
for 24 hrs

➢ And 18% respondents think that it gives quick responses .

Do you think that using your mobile or making cashless
payments will increase the chances of suffering from fraud?

➢ As we know many customers are not using mobile apps for the
payment because it has more chances of fraud.

➢ Above data shows around 76% of respondents are think that there is
chances of fraud then to they are using mobile apps.

➢ 24% respondents they are using mobile apps for payment and they
think that there is no chances of fraud.
For high- value transactions, what is your preferred modes of
payment?

For high- value transactions, 48% respondents they are comfortable with
transfer money by Netbanking.

18% respondents mostly comfortable by debit card.

10% respondents will comfortable by cash only.

And 24% respondents are comfortable with mobile apps.

Future scope

Throughout our experience researching online payment systems we have learned

about many recent trends and new technologies involving these systems, such as
paypal , or using safety pay’s online cash payment platform. You ask yourself , what
are some future trends of online payment systems?we have researched and
discovered that credit and debit cards will become obsolete, because we see the
increasing development of new mobile payment technologies, which will help make
your mobile device extremely flexible, because we will be able to store credit and
debit card information on your SIM card. How will consumer be able to use this
technology to purchase from a certain website?a customers mobile device
recognizes it and suggests a type a payment. After a customer has to pick a
payment choice, authorization of the transaction is done by fingerprint recognition
software on customers mobile device and a few security questions, which will help
prevent someone from stealing a customers banking or personal information if
customers device was lost or stolen. Why would using mobile device make
transaction easier? By having debit or credit card information already stored on
customers smartphone.it will save many steps in the purchasing process on any
website customers choose to purchase from. Also, at the same time everyone is
very comfortable with their mobile devices, and by having the choice to purchase a
product from smartphone, helps the company to finish sale. Most of the customers
wants to go with the transaction process that has the least amount of steps, and by
having a customers banking information programmed into customers SIM card and
it only taking a press on the ‘’BUY NOW” button, this takes away many of the steps
that customers have to go through now to purchase something online. Future
direction of research could be to formulate a system with similar features that
supports person to person settlement as well .
Conclusion

Technology has inarguably made our lives easier. It has cut across distance, space
and even time. One of the technological innovations in banking , finance and
commerce is the electronic payments. Electronic payments refers to the
technological breakthrough that enables us to perform financial transactions
electronically, thus avoiding long lines and other hassles. Payment systems are
backbone of the financial infrastructure of the nation and enhance globalisation.
There is need to create payment system that are efficient reliable and affordable.
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