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electronic payment system

An e-payment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. It’s also called an electronic payment system or online payment system. T

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DEPARTMENT OF BUSINESS MANAGEMENT
DR. HARI SINGH GOUR A CENTRAL
UNIVERSITY SAGAR, (M.P)
1
PRESENTED BY – ROANK JAIN
S.NO TITLE SLIDE NO.
1. WHAT IS ELECTRONIC PAYMENT SYSTEM 3
2. LIMITATIONS OF TRADITIONAL PAYMENT SYSTEMS IN
THE CONTEXT OF ONLINE PAYMENTS
4
3. ADVATAGES OF E-PAYMENT SYSTEM 5
4. DISADVANTAGES OF E- PAYMENT SYSTEM 6
6. ELECTRONIC PAYMENT PROCESS 7
7. TYPES OF E-PAYMENT SYSTEM 8
8.
COMPARISON OF E- PAYMENT SYSTEM 9
9.
E PAYMENT LANSCAPE IN INDIA 10
10.
FUTURE SCOPE 11
TABLE OF CONTENTS
2
ELECTRONIC PAYMENT SYSTEM
 An e-payment system is a way of making transactions or paying for
goods and services through an electronic medium, without the use of
checks or cash. It’s also called an electronic payment system or online
payment system.
 The main purpose of the e-payment system was growth of the economy
and Indian people can do work paperless by the internet.
 The electronic payment system has grown increasingly over the last
decades due to the growing spread of internet-based banking and
shopping. As the world advances more with technology development, we
can see the rise of electronic payment systems and payment processing
devices.
 For example: - Online Reservation, Online bill payment, Online order
placing, online ticket booking (movie).
3
ADVANTAGES OF ELECTRONIC
PAYMENT SYSTEM
 Time savings.
 Increased Speed and Convenience.
 User-friendly.
 Reduced Transaction Costs.
 Reduced risk of loss and theft.
 Mobile apps available in play store.
 In case of no money available in account, shop through credit
cards.
4
DISADVANTAGE OF E- PAYMENT
SYSTEM
 Restriction- The necessity of Internet access
 Security concerns- The problem of transferring money between
different payment systems involves some security concerns.
 Limitations of amount and times- For withdrawal and fund transfer
certain banks may impose limits on the amount or the no. Of daily
transactions.
 Additional costs and limits- Some electronic transactions may require
you to pay processing fees and the like, thus leading to increased costs.
5
E PAYMENT PROCESS
6
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electronic payment system

  • 1. DEPARTMENT OF BUSINESS MANAGEMENT DR. HARI SINGH GOUR A CENTRAL UNIVERSITY SAGAR, (M.P) 1 PRESENTED BY – ROANK JAIN
  • 2. S.NO TITLE SLIDE NO. 1. WHAT IS ELECTRONIC PAYMENT SYSTEM 3 2. LIMITATIONS OF TRADITIONAL PAYMENT SYSTEMS IN THE CONTEXT OF ONLINE PAYMENTS 4 3. ADVATAGES OF E-PAYMENT SYSTEM 5 4. DISADVANTAGES OF E- PAYMENT SYSTEM 6 6. ELECTRONIC PAYMENT PROCESS 7 7. TYPES OF E-PAYMENT SYSTEM 8 8. COMPARISON OF E- PAYMENT SYSTEM 9 9. E PAYMENT LANSCAPE IN INDIA 10 10. FUTURE SCOPE 11 TABLE OF CONTENTS 2
  • 3. ELECTRONIC PAYMENT SYSTEM  An e-payment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. It’s also called an electronic payment system or online payment system.  The main purpose of the e-payment system was growth of the economy and Indian people can do work paperless by the internet.  The electronic payment system has grown increasingly over the last decades due to the growing spread of internet-based banking and shopping. As the world advances more with technology development, we can see the rise of electronic payment systems and payment processing devices.  For example: - Online Reservation, Online bill payment, Online order placing, online ticket booking (movie). 3
  • 4. ADVANTAGES OF ELECTRONIC PAYMENT SYSTEM  Time savings.  Increased Speed and Convenience.  User-friendly.  Reduced Transaction Costs.  Reduced risk of loss and theft.  Mobile apps available in play store.  In case of no money available in account, shop through credit cards. 4
  • 5. DISADVANTAGE OF E- PAYMENT SYSTEM  Restriction- The necessity of Internet access  Security concerns- The problem of transferring money between different payment systems involves some security concerns.  Limitations of amount and times- For withdrawal and fund transfer certain banks may impose limits on the amount or the no. Of daily transactions.  Additional costs and limits- Some electronic transactions may require you to pay processing fees and the like, thus leading to increased costs. 5
  • 7. TYPES OF E-PAYMENT SYSTEM:- 1. Credit cards- 2. Debit Card: - 3. Electronic wallet: 4. Smart card:- 5. Electronic Cheque. 7
  • 8. LIMITATIONS OF TRADITIONAL PAYMENT SYSTEMS IN THE CONTEXT OF ONLINE PAYMENTS Several limitation of traditional payment system can be outlined as-  Lack of usability  Lack of security  Lack of eligibility  High usage costs for customers and merchants 8
  • 9. OTHER PAYMENT SYSTEMS O Pre-paid Payment Systems The pre-paid payment instruments can be issued in the form of smart cards, magnetic stripe cards, internet accounts, internet wallets, mobile accounts, mobile wallets, paper vouchers, etc. O Mobile Banking System Mobile phones as a medium for providing banking services have been attaining increased importance. O ATMs / Point of Sale (POS) Terminals / Online Transactions Presently, there are over 61,000 ATMs in India. There are over five lakh POS terminals in the country, which enable customers to make payments 9
  • 10. E PAYMENT LANDSCAPE IN INDIA Enhanced internet connectivity and high rate of penetration of smart phones in the Indian market has altogether shaped India’s payments landscape in favour of digital payment. Furthermore, flagship government initiatives such as ‘Digital India’ will act as key catalysts for this change. India’s Prime Minister Take on This Shift. The Prime Minister of India, ‘Narendra Modi’ already proposed the ‘Digital India’ programme to transform India into a digitally empowered society and a knowledge economy. He said, “I dream of a Digital India where mobile and e-Banking ensures Financial Inclusion.” “In this digital age, we have an opportunity to transform lives of people in ways that was hard to imagine just a couple of decades ago.”“India has seen a dream of Digital India. From latest science to latest technology, everything should be available at the tip of one’s finger.” 10
  • 11. FUTURE SCOPE Throughout the project we have understood that online payment systems we have learned about many recent trends and new technologies involving these systems, such as using PayPal, or using Safety Pay’s Online Cash Payment Platform. Credit and debit cards will become obsolete, because we see the increasing development of mobile technology and the internet industry. We see the development of new online mobile payment technologies, which will help make your mobile device extremely flexible, because you will be able to store credit and debit card information on your SIM card. Also, at the same time everyone is very comfortable with their mobile device, and by having the choice to purchase a product from your smart phone, helps the company finish the sale. Most customers want to go with the transaction process that has the least amount of steps, and by having your banking information programmed into your 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. 11
  • 12. CONCLUSION Technology has arguably made our lives easier. One of the technological innovations in banking, finance and commerce is the Electronic Payments. Electronic Payments (e-payments) refers to the technological breakthrough that enables us to perform financial transactions electronically, thus avoiding long lines and other hassles. Electronic Payments provides greater freedom to individuals in paying their taxes, licenses, fees, fines and purchases at unconventional locations and at whichever time of the day, 365 days of the year. After analysis and comparison of various modes of electronic payment systems, it is revealed that it is quite difficult, if not impossible, to suggest that which payment system is best. 12
  • 13. REFERENCING O Green, A. (2018, June 28). Advantages & Disadvantages of E- Payment. Retrieved October 8, 2018, from www.bizfluent.com: http://bizfluent.com/info-8188352- advantages-disadvantages-epayment.html O Josphine, A. (2018, June 29). Importance of E-Payment System. Retrieved October 8, 2018, from www.pocketsense.com: http://pocketsense.com/importance of E-Payment System-8612622.html O Reed, D. (2018, May 4). Types of Electronic payment system . Retrieved October 8, 2018, from Study.com: https://study.com/academy/lesson/electronic-payment-system- types.html O Denis Abrazhevich.” “Electronic Payment Systems: a User-Centered Perspective and Interaction Design”, Proefschrift. -ISBN 90-386-1948-0NUR 788, 2004. O Karamjeet Kaur Int. Journal of Engineering Research and Applications www.ijera.com ISSN : 2248-9622, Vol. 5, Issue 2, ( Part -1) February 2015, pp.79-8713
  • 14. 14