The Imperative of Online Payment System in Developing Countries

Authors : D. U. Ashishie; J. O. Ugah; O.B.Ogunfeyimi

Volume/Issue : Volume 7 - 2022, Issue 1 - January

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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 In recent times, the conventional market is gradually been replaced by Electronic Commerce, also referred to as E-commerce and without gainsaying, it now ranked highest among the services that stems from the World Wide Web.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


Paper Submission Last Date
30 - April - 2024

Paper Review Notification
In 1-2 Days

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In 2-3 Days

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