E-Payment Systems Essay Example | Topics and Well Written Essays - 2500 words

E-Payment Systems - Essay Example The report has conducted a brief literature review regarding e-payment systems in order to highlight their importance for an e-commerce company. Advantages, disadvantages and implications of three types of e-payment systems as Biometric Payments, Mobile Payments and Person-to-Person (P2P) Payments have been discussed in the report and based on the evaluation; the report has recommended suitable e-payment solution to the client. In the later section, the report has also evaluated security frameworks that can protect the customer account information, transaction information and website database from unauthorized and malicious access. At the end of the report, suitable security recommendation has also been provided to the client, which can not only increase transparency of the e-payment system but also help the client to improve their brand presence through social media marketing. Table of Contents Table of Contents 3 Introduction 4 E- Commerce and E-Payment Systems 4 Different types E- Payment Systems 6 Biometric Payments 6 Mobile e-Payments 7 Person-to-Person (P2P) Payments 9 Recommendations 11 Website and Database Security 13 Conclusion 15 Introduction Fazlollahi (2002) stated that demand for e-payment and online transaction has been increased manifold with the growth of e-commerce. ... archer will propose e-payment system for Book Bunker that can not only help the client to ease the payment process but also increase their online presence. In the next section, the researcher will describe the theoretical model of e-payment system in order to prepare the background of the proposed recommendations. Three different e-payment systems will be proposed for Book Bunker and security suggestion will also be provided at the end of the report. E- Commerce and E-Payment Systems According to Khosrow-Pour (2008), e-commerce sites help users to buy and sell products and merchandises through online platform and internet communication. When product purchase and sell is being done online then it would be unfeasible to connect manual cash payment with the virtual system due to three reasons, 1- lack of synchronization between manual and online system, 2- lack of symmetry in the information processing and 3- synchronization might decrease the speed of processing (Khosrow-Pour, 2008). H ence, it can be said that absence of e-payment system might create problem for users of the system to pay cash in the virtual environment of e-commerce. Heng (2004) reported that before the arrival of e-payment system, e-commerce companies introduced various e-cash systems such as â€Å"Millicent†, â€Å"Digicash†, and â€Å"PayBox† etc as the predecessor of e-payment system but this earlier version of e-payment systems failed to provide the security and efficiency of transactions. Due to such inefficiency of previous e-payment system, customers shifted to online transaction via credit/debit cards payment or cash payment. According to Abrazhevich (2004), consumers also check for the security settings in the e-payment system and often stop using the e-payment system if the service vendor has