This document discusses the requirements and advantages/disadvantages of internet-based payments or e-payments. The key requirements are security, integrity, authentication, being reversible, standardized, and scalable. The main advantages are that e-payments save time, are more efficient and secure, help reduce carbon footprints, and increase confidence. However, disadvantages include potential service fees, risk of theft from cybercriminals, technical problems causing outages, and difficulty in remote areas with low digital access.

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REQUIREMENTS FOR INTERNET BASED
PAYMENTS
PRESENTED TO:
DR.K.DEEPIKA
Presented by
JASIYA BEGUM(MBA)

2. INTRODUCTION:
INTERNET BASED PAYMENTS also called as E-payments
(electronic payments), can be simply defined as paying for goods
or services on the internet. It includes all financial operations using
electronic devices, such as computers, smartphones, or tablets. E-
payments come with various credit or debit card payments or bank
transfers.

3. REQUIREMENTS FOR INTERNET BASED PAYMENTS
 SECURITY:
Protection may be the major issue with electronic payment methods because without safe
industrial information exchange and secure electronic monetary transactions through networks, no
one will believe it is safe to use.
INTEGRITY:
A payment system with integrity allows no money to be taken from a user without
explicit authorization by that user. It may also disallow the receipt of payment without explicit
consent.
AUTHENTICATION:
Both the customer and seller need to trust each other, they must remain as
who they are in real. Both the seller and buyer must provide proof of their original identity
so that the transaction can happen securely between them.

4.  REVERSIBLE:
Online transactions are possibly reversible. If payment is reversible, consumers will
reverse their payment if they do not receive the purchased good or only in faulty condition.
Hence, with reversible payment there is no risk on the buyer's side.
 STANDARDIZED:
Standardisation is indispensable to establish successful products and services.
There are good reasons to have the actual standards set by market players, driven by their
business needs and foreseen opportunities. Payments services constitute a two-sided market of
payers and payees.
 SCALABLE:
Scalability describes a system's capability to adapt easily to increased workload
or market demands.

5. ADVANTAGES OF E-PAYMENT
 IT SAVES TIME:
Paying via card, contactless, mobile wallet, or wearable device is almost
always faster than using cash . Valuable time is saved as customers simply swipe or tap to
pay. No more digging through wallets or purses looking for coins – and you don’t need to
count out the correct change when someone pays for a low-value item.
 IT IS MORE EFFICIENT:
By processing payments faster, you can keep queues shorter. And
with shorter queues, you’ll need less staff to manage your store at peak times. You may even
consider redeploying staff into different customer-facing roles to improve service and keep
your store in tip-top shape.
 IT IS MORE SECURE:
With less cash in and around your business, the risk of robbery, costly
human error, and/or fraud decreases. You also don’t need to worry about transporting large
sums of money to deposit at the bank.

6.  IT HELPS TO REDUCE YOUR CARBON FOOTPRINTS:
With modern payment apps, the need for paper receipts can be
minimised or removed entirely. Instead of issuing a traditional receipt, you can send your
customers a digital equivalent, saving you money on paper, ink, and printers — and boosting
your green credentials in the process
 IT INCREASES CONFIDENCE AND SECURITY:
Consumers don’t need to carry large amounts of cash around
with them. This makes them feel safer and more confident shoppers, knowing that the impact
of theft or loss can be offset by quickly blocking their cards or mobile wallet.
 IT IS MORE HYGIENIC:
The COVID-19 pandemic has brought contactless payment into
sharp focus as a means of minimising contact and the spread of the virus. Using contactless,
consumers don’t need to touch PIN pads or swap physical cash, making it a more hygienic
and health-conscious payment method.

7. DISADVANTAGES OF E-PAYMENTS
SERVICE FEES:
Many a time while using e-payment services we are liable to
pay service fees or a convenience fee which adds to our expense.
 Risk of Theft:
There have been many incidents in which cybercriminals have
manipulated people and money has been looted.
Technical Problems:
As it is an online service, it may go down due to technical
issues and people who get 100% reliable on this service for their payments may face an issue.
REMOTE AREAS:
Remote areas still rely on cash. You might find it difficult
in making payments on the go while traveling to some remote areas.