Running Head: EPS
EPS
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Contents
Abstract    3
Introduction    3
Trends of Digital Payment    4
Analysis    4
Solution Insights    5
Mode of Payment Insights    6
Digital Payment Market Share Insights    6
Findings    8
Conclusion    10
References    12
Abstract
Organizations are increasingly adopting digital payments (m-pays) as an innovative method of conducting business in the 21st century. In the past, some years, the use of mobile payments as an innovative payment channel has led to enhance in the amount of literature on this topic. Therefore, this study represents the findings of a literature review, aiming to identify key research topics and research methods. Recent technological developments in the telecommunications and wireless fields have emerged as an NPS, which is considered to resolve the issues and deficiencies of traditional payment systems (for example visa cards, PayPal debit cards, MasterCard, and credit cards. It seems that it can appear anytime and anywhere, and it is easy to conduct transactions anytime and anywhere, such as remittance, purchase of products, and payment services. This NPS is called mobile payment and mobile money, which involves devices for example wireless personal digital assistants (PDAs), mobile phones as well as other associated digital devices. A transaction or payment is initiated by using a cell phone and mobile device.
Introduction
This paper's purpose is to provide a coordinated and comprehensive framework for classifying, integrating, and synthesizing existing m-pay literature. This paper classifies and identifies several research priorities. This study determines the basic theoretical ideas that constitute the subject analysis. Determine the nature of the research, that is, the method of analysis, and distinguish some trends or themes in literature; particularly, is to determine the consensus area and point out suggestions and opportunities for upcoming research.
Trends of Digital Payment
E-commerce payment systems help to accept electronic payments for online transactions. Due to the extensive use of Internet banking and shopping, systems of e-commerce payment have become more and more famous (Bátiz-Lazo, 2012). This prevalence makes it necessary to develop appropriate procedures and laws to secure ongoing data exchange and appropriately punish some abuse or misuse of the digital payment system. It’s also significant to remind that building a market requires faith, whether in the physical or electronic world. As more and more business activities are carried out over the Internet, online safety is of paramount significance to consumers and businesses. Research shows that with the development of e-commerce through a computer network, it can also provide an impetus for the progress or development of electronic money (Cencini, 2009). Currently, the development, as well as the use of electronic money and banking, is still in its infancy, nevertheless, the presence of several projects in the electronic payment system project indicates that its future development probability is great.
Theories
The e-payment utilization among the customers and its use patterns show the acknowledgment level of the e-payment framework. The increments in the non-money retail exchanges mirror the expands acknowledgment of the e-installment framework among shoppers. In this way, it shows the connection between the utilization among shoppers and the acknowledgment level of the e-installment frameworks. The use and the acknowledgment level of re-installment frameworks have a direct relationship, which implies that when the use of e-installments among customers increment, the acknowledgment level of e-payment frameworks will likewise increment. As such, the higher the use of e-payment framework among purchasers, the higher the acknowledgment level of e-payment frameworks among customers.
Contents
The payment frameworks have been going through changes as of late. Among the prominent changes in the development of electronic-based payment frameworks. Both the worth and volume of exchanges per capita utilization of e-payment instruments had expanded as of late.
Types and usages of e-payment systems
There have seemed various kinds of electronic payment frameworks over the most recent couple of years. In any event, many electronic payment frameworks proposed or as of now practically speaking are found (There are six kinds of electronic payment frameworks: PC-Banking, Visas, electronic checks (I-checks), miniature payment, keen cards, and E-Cash. Kinds of electronic payment frameworks: charge and Visa, internet-based payment, portable payment, versatile wallet, e-satchels, and payment through an outsider.
Analysis
This system of payment can only succeed if they provide the same safety, efficiency, and confidence as physical payment systems, plus appropriate laws that can provide adequate protection against some undesirable activities (De Mariz, 2017). Innovative technologies that support electronic storage, use, and transfer of currency can have an important impact on customers, merchants, economic institutions, as well as governments also. This study discusses a few relevant policies and regulations in this regard. According to critics of the government, after moving towards cashless India, adequate arrangements should be made in advance to support the people in coping with the cash crunch (Malhotra, 2013). Also, adequate security measures need to be taken to protect online transactions from fraud, which is very common. Compared with traditional payment channels, mobile payment is "a relatively new phenomenon and is developing so rapidly", and there are often "researchers who collectively breathe and have few opportunities to complete the global assessment of research activities so far.
In 2018, the global digital payment market was 43.5 billion U.S. dollars, and it is estimated that from 2019 to 2025, the compound annual growth rate is 17.6% (Seira, 2010). Increased use of Internet penetration and smartphones are expected to drive market development during the...