This document discusses electronic payment systems. It begins with an introduction that defines electronic payment systems as payments made through an electronic medium without cash or checks. It then outlines the objectives and growth of electronic payments. The rest of the document outlines the advantages and disadvantages of electronic payments, the payment process, types of electronic payments including credit cards and e-wallets, a comparison of payment systems, the landscape of e-payments in India, and the future scope of electronic payments. It concludes by discussing how technology has made financial transactions more convenient through electronic payments.

1. DEPARTMENT OF BUSINESS MANAGEMENT
DR. HARI SINGH GOUR A CENTRAL
UNIVERSITY SAGAR, (M.P)
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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
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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
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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).
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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.
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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.
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6. E PAYMENT PROCESS
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7. TYPES OF E-PAYMENT SYSTEM:-
1. Credit cards-
2. Debit Card: -
3. Electronic wallet:
4. Smart card:-
5. Electronic Cheque.
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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
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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
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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.”
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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.
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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.
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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

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