ISSUES AND CHALLENGES OF ELECTRONIC PAYMENT SYSTEMS

An electronic payment is defined as a payment service that utilize information and communications technologies including integrated circuitcard, cryptography and telecommunications networks. E-commerce (electronic commerce) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet. The focus of this paper is to identify and explain the issues and challenges in e-payment system and to examine the problems faced by consumers during e-payments. Electronic payments are financial transactions made without the use of paper documents such as cheques. Electronic payments include debit card, credit card, smart card, e-wallet, e-cash, electronic cheques etc. E-payment systems have received different acceptance level throughout the world; some methods of electronic payments are highly adopted while others are relatively low. This study aimed to identify the issues and challenges of electronic payment systems and offer some solutions to improve the e-payment system quality.