Electronic Payment Systems

Paper Summary:

This paper explains that electronic banking, also known as electronic fund transfer or EFT, uses the computer and electronic technology instead of traditional checks and other paper transactions. The author points out that electronic payment systems, in comparison to tradition labor-intense systems, require human intervention only in specific problem cases thus saving the companies and their consumers time and money; however, customer self-service, through electronic payment systems, does not reduce costs if customers do not use it as an alternative to the traditional paper method. The paper relates that electronic commerce in developing countries permit better access to information and marketing opportunities but also have negative aspects such as delays and questionable security.


Table of Contents
Electronic Fund Transfer
Electronic Payment System
Global Electronic Payment Systems and E-Commerce
Electronic Payment Systems in Developing Countries

From the Paper:

"At present, business organizations, consumers and government agencies throughout the world take advantage of payment technologies to send and receive funds (Kushawara 2003). Consumers pay their taxes and make other payments electronically; governments receive these taxes and distribute refunds also electronically; and enterprises put these modern technological tools to move payments and other funds. Electronic business payments have proved valuable in saving money, improving efficiency and helping deliver better returns to shareholders. With these benefits, organizations are better able to use their financial and human resource on more important or critical objectives and activities than on processes that need to be automated."

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