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remain the most common form of payment for e-commerce transactions. As of 2008, in North
America, almost 90% of online retail transactions were made with this payment type. It is difficult for an online retailer to operate without supporting credit and debit cards due to their widespread use. Online
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In some developing countries, many people do not have access to banking facilities, especially in tier II and tier III cities. Taking the example of India, there are more mobile phone users than there are people with active bank accounts. Telecom operators, in such locations, have started offering
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It is typically seen as being safer than using credit cards, as it is much more difficult for hackers to gain login credentials compared to credit card numbers. For many eCommerce merchants, offering an option for customers to pay with the cash in their bank account reduces cart abandonment as it
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but can be expensive for the merchant to accept because of transaction fees primarily. Debit cards constitute an excellent alternative with similar security but usually much cheaper charges. Besides card-based payments, alternative payment methods have emerged and sometimes even claimed market
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mobile money wallets which allow adding funds easily through their existing mobile subscription number, by visiting physical recharge points close to their homes and offices and converting their cash into mobile wallet currency. This can be used for online transaction and eCommerce purchases.
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The speed and simplicity with which cyber-mediary accounts can be established and used have contributed to their widespread use, despite the risk of theft, abuse, and the typically arduous process of seeking recourse when things go wrong. The inherent
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of large financial institutions maintaining information safeguards provides the end-user with little insight into the system when the system mishandles funds, leaving disgruntled users frequently accusing the mediaries of sloppy or wrongful behavior;
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Despite widespread use in North
America, there are still many countries such as China and India that have some problems to overcome in regard to credit card security. Increased security measures include the use of the
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E-commerce payment system often use B2B mode. The security of customer information, business information, and payment information base is a concern during the payment process of transactions under the conventional
312:(TLS) in place to safeguard the portion of the transaction conducted over public networks—especially with payment systems—the customer-facing website itself must be coded with great care, so as not to
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between the public and the banking corporations is not improved when large financial institutions are revealed to have taken flagrant advantage of their asymmetric power, such as the 2016
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for alternative payment methods at checkout. Many of the mediaries permit consumers to establish an account quickly, and to transfer funds between their on-line accounts and traditional
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There are varied types of electronic payment methods such as online credit card transactions, e-wallets, e-cash and wireless payment system. Credit cards constitute a popular method of
331:(CVN) which detects fraud by comparing the verification number printed on the signature strip on the back of the card with the information on file with the cardholder's issuing bank.
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Turban, E. King, D. McKay, J. Marshall, P. Lee, J & Vielhand, D. (2008). Electronic
Commerce 2008: A Managerial Perspective. London: Pearson Education Ltd. p. 554
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Turban, E. King, D. McKay, J. Marshall, P. Lee, J & Vielhand, D. (2008). Electronic
Commerce 2008: A Managerial Perspective. London: Pearson Education Ltd. p.554
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Turban, E. King, D. McKay, J. Marshall, P. Lee, J & Vielhand, D. (2008). Electronic
Commerce 2008: A Managerial Perspective. London: Pearson Education Ltd. p.550
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This is a system that does not involve any sort of physical card. It is used by customers who have accounts enabled with
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Lowry, Paul
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merchants must comply with stringent rules stipulated by the credit and debit card issuers (e.g.
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for credit card processing, Smartpay for direct online bank payments and
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in the countries where the debit/credit service conducts business.
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enables a way to complete a transaction without credit cards.
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International
Journal of Technology, Policy and Management
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Mastercard: Security Rules and
Procedures-Merchant Edition
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Fatonah, S; Yulandari, A; Wibowo, F W (December 2018).
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292:(of the financial institution on the receiving end),
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Zhou, Kai; Zhao, Weibin; Zhou, Huiyan (2022-01-01).
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16:System that facilitates e-commerce transactions
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551:"A Review of E-Payment System in E-Commerce"
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