Electronic Payment Systems

Electronic commerce online is expanding at an exponential rate. Much of this relates to the type of consumer transactions which would otherwise have been fulfilled in the market using one of electronic funds transfer at the point of sale devices (EFT-POS), such as cheque cards, debit cards, credit cards or debit cards. The legal consequences of the use of the cards are based on the contract between the card issuer and the card holder. Without exception, these contracts will be standard form, on the issuer’s provisions. The Consumer Credit Act 1974 (CCA) is considered the main source of statutory regulation of plastic cards. However, it does not apply to all plastic cards. This article aims to identify general rules of the law relating to new payment systems, and concludes that the collection of payment system law should abide in a body of statute. This would provide clarity for the parties about their rights and duties, and avoid any misunderstanding

The EPS as an e-commerce enabler: The Macedonian perspective

The payment system represents a sum of instruments, procedures and infrastructure for money transfer. It is of great importance for all economic agents since it enables fast and efficient payments in the national economy as well as internationally. Electronic payment system functionality is measured through analysis of the transactions committed, structure of the electronic instruments available within a country, and payment instruments used during payment of purchased or ordered products or services. The use of Electronic Payment Instruments in Macedonia is growing steadily, which shows that the EPS system in this country is continually growing and is in some extend well organized, people are friendly to ICT and conduct electronic transactions easily. E-banking activities in Macedonia started, but remain in low levels; which is a fact for e-commerce activities in general.e-commerce, Electronic Payment Systems, Electronic Payment Instruments

The Electronic Payment System as an e-commerce enabler: The Macedonian perspective

The payment system represents a sum of instruments, procedures and infrastructure for money transfer. It is of great importance for all economic agents since it enables fast and efficient payments in the national economy as well as internationally. Electronic payment system functionality is measured through analysis of the transactions committed, structure of the electronic instruments available within a country, and payment instruments used during payment of purchased or ordered products or services. The use of Electronic Payment Instruments in Macedonia is growing steadily, which shows that the EPS system in this country is continually growing and is in some extend well organized, people are friendly to ICT and conduct electronic transactions easily. E-banking activities in Macedonia started, but remain in low levels; which is a fact for e-commerce activities in general.e-commerce, Electronic Payment Systems, Electronic Payment Instruments

Why do we use so many checks?

The authors identify underlying disincentives for payment system participants to migrate to electronic payments. Their analysis sheds light on why check usage remains higher in the United States relative to other industrialized countries when the real resource cost of processing payments may decrease by using electronic payment networks.Checks ; Payment systems

Personal on-line payments

The swift growth of e-commerce and the Internet has led to the development of a new form of electronic funds transfer—the personal on-line payment—that uses web and e-mail technologies to initiate and confirm payments. This article describes this payment instrument and the trends that have given rise to it. The authors explain that personal on-line payment systems are already providing a convenient alternative to checks, money orders, and cash, and may replace credit cards for some small-scale retail e-commerce. However, issues such as the interoperability of diverse systems and the systems’ inherent risks will continue to be central. The authors also suggest that although personal on-line payment systems are not likely to have a great impact on monetary policy, they do raise regulatory issues associated with consumer rights and protection.Electronic funds transfers ; Electronic commerce ; Payment systems ; Finance, Personal

Electronic bill presentment and payment--is it just a click away?

This article addresses the following questions about electronic presentment and payment (EBPP) in the business-to-consumer marketplace: Why aren't electronically presented bills always paid electronically? And, if EBPP does aid in the migration to fully electronic end-to-end payment, what are the barriers to its adoption.Payment systems ; Electronic funds transfers

A Study Looking the Electronic Payment Market

The aim of this paper is to make an analysis of the electronic payment market. We identified the most important characteristics of the electronic payment systems especially those mentioned by the European Central Bank. We used for this the companies’ websites, the Weka software and the k-means algorithm for data clustering.e-payment, k-means, Weka.

Payment Systems in Malaysia: Recent Developments and Issues

Payment systems in Malaysia have been undergoing changes in recent years. Among the notable changes is the emergence of electronic-based payment systems. The central bank has been playing an active role in shaping the development of payment systems, particularly in the gradual introduction of electronic-based payment schemes, in the belief that these have the potential to increase efficiency in the economy as whole. The active introduction of e-payment instruments has increased both the value and volume of transactions per capita use of e-payment instruments in recent years. Checks continue to be the major payment instrument, however. Small- and medium-sized enterprises could benefit tremendously from the use of e-payment schemes through more efficient business operations, cost reductions, enhanced security and wider payment channel choice. Noted improvements have also resulted from the introduction of large-value payment systems, such as the payment versus payment infrastructure for the settlement of Malaysian ringgit (RM)-United States (US) dollar (US$) foreign exchange trades and the delivery versus payment settlement for US dollar securities that are issued, deposited and traded in Malaysia. The development of the domestic payment system is becoming more important in the development of a deep and active domestic financial market that promotes financial market stability and the reinvestment of savings in the country. Closer financial market integration in the region and closer cooperation and policy coordination among the monetary authorities in the region is becoming increasingly important. Eight years after implementation in Malaysia, the e-payment schemes should be studied to assess any economic benefits they may have provided.malaysian payment systems; information and communication technology; asian payment systems study

E-money and e-commerce two alternatives views of future innovations

Electronic commerce ; Payment systems