Challenges for Indian E-Payment System

Abstract

The commercialization of Internet and the subsequent development of electronic
commerce has resulted in a dynamic business environment where transactions take
place without face to-face interaction. As the popularity of ecommerce is increasing,
several payment systems have been created, which make the process of exchanging
money over the Internet easier for consumers. Electronic payment systems can be
defined as any payment system that facilitates secure electronic commerce
transactions between organizations and individuals. These include systems such as
electronic cash, e- cheques, smart cards and micropayment solutions such as PayPal.
Despite the immense benefits derived from the use of this technology, it is threatened
by certain issues and challenges. This paper seeks to identify those challenges or issues
related to Electronic Payment Systems.