Authors :
D. U. Ashishie; J. O. Ugah; O.B.Ogunfeyimi
Volume/Issue :
Volume 7 - 2022, Issue 1 - January
Google Scholar :
http://bitly.ws/gu88
Scribd :
https://bit.ly/34jmDdC
DOI :
https://doi.org/10.5281/zenodo.5923292
Abstract :
This paper takes a critical review of online
payment systems and their importance in the economies
of developing countries. The significance of online
payment systems in the present scheme of things cannot
be over-emphasized. Online payment systems are a
crucial component in the overall development of the
economies of developing countries. The way payments are
made are increasingly been reshaped by growing demand
for digital payment methods coupled with improvements
in technology. In recent times, the conventional market is
gradually been replaced by Electronic Commerce, also
referred to as E-commerce and without gainsaying, it now
ranked highest among the services that stems from the
World Wide Web. It’s reasoned that the scope and
volume of trade the world over is been rapidly expanded
by the development and integration of online payments to
e-commerce, which in turn is closing up the barriers once
encountered in payment for goods and services in the
conventional market ecosystem. The framework of ecommerce in developing countries has indeed been
boosted and strengthened by the implementation of
online payment systems. The advent of the Covid-19
pandemic which has restricted human physical contact in
recent times has posed great changes on how consumers
purchase goods and services with respect to the available
payment options associated with such transactions. The
overall aim of this paper is to carry-out a critical review
of the Online Payment Systems and their classifications;
highlighting the various payment gateways, challenges of
online payment, the numerous benefits and the need to
integrate online payment systems to boost the
development of the economies of developing countries. It
equally examined the future trends in online payment
systems.
Keywords :
World Wide Web; Electronic Commerce; Online payment system; Online payment developments; Payment gateway; Online payment challenges; Online payment merits
This paper takes a critical review of online
payment systems and their importance in the economies
of developing countries. The significance of online
payment systems in the present scheme of things cannot
be over-emphasized. Online payment systems are a
crucial component in the overall development of the
economies of developing countries. The way payments are
made are increasingly been reshaped by growing demand
for digital payment methods coupled with improvements
in technology. In recent times, the conventional market is
gradually been replaced by Electronic Commerce, also
referred to as E-commerce and without gainsaying, it now
ranked highest among the services that stems from the
World Wide Web. It’s reasoned that the scope and
volume of trade the world over is been rapidly expanded
by the development and integration of online payments to
e-commerce, which in turn is closing up the barriers once
encountered in payment for goods and services in the
conventional market ecosystem. The framework of ecommerce in developing countries has indeed been
boosted and strengthened by the implementation of
online payment systems. The advent of the Covid-19
pandemic which has restricted human physical contact in
recent times has posed great changes on how consumers
purchase goods and services with respect to the available
payment options associated with such transactions. The
overall aim of this paper is to carry-out a critical review
of the Online Payment Systems and their classifications;
highlighting the various payment gateways, challenges of
online payment, the numerous benefits and the need to
integrate online payment systems to boost the
development of the economies of developing countries. It
equally examined the future trends in online payment
systems.
Keywords :
World Wide Web; Electronic Commerce; Online payment system; Online payment developments; Payment gateway; Online payment challenges; Online payment merits