A review of Turava Sofiko on article ‘A survey on e-payment systems: elements, adoption, architecture, challenges and security concepts’ Masihuddin Muddassir, et al., Faculty of Technology and Innovation, Segi University, Malaysia
This study is aimed at raising awareness about the features of electronic payment systems. Today, the importance of electronic payment systems in the world of trade and Commerce is difficult to overestimate. This paper provides important information about electronic payment systems. The authors conducted a comprehensive analysis of aspects related to electronic payments, taking into account the advantages and disadvantages, as well as the impact on the economy as a whole.
The second section of the article describes various definitions related to the electronic payment system and related aspects. Thus, the authors draw a clear picture about this method of payment for further understanding of the analysis. The authors mention the existence of a number of electronic payment services, but emphasize the use of two uniquely different types of payment systems: Internet-Based Payment System and Electronic Transaction-Based Payment System. Special attention is paid to the advantages of electronic payment systems, starting with the security and convenience of their use and ending with the development of Bank deposits and the reduction of transaction costs. As for the difficulties associated with electronic payment systems, the authors focus on infrastructure, regulation, legal and socio-cultural issues. In order for the system to be effective, it is necessary to have a financial, tech-savvy and reliable infrastructure, as well as to ensure legal regulation of the new payment method in order to avoid fraud, etc. In addition to all this, users should have confidence and trust in the new payment method.
Next, the authors consider the electronic payment system from the point of view of global adoption and economic growth, and then move on to security issues. Since this type of system is directly related to information, the security of this information and data is of great importance. The article presents the main safety requirements for electronic systems, including integrity and authorization, confidentiality, availability and reliability. This paper, in addition to the main aspects of the use of electronic payment systems, also provides information about the models of electronic payment gateways. The electronic payment gateway is a fundamental part for online transactions and is designed to provide the client with a reliable and secure exchange. The authors mention all aspects related to payment gateways: their use, advantages and main problems.
In conclusion, the authors claim that despite the comprehensive use, there are some problems associated with the security of payment gateways. It is also clear from the study that the existence of these problems does not prevent the intensive development of the use of electronic payment systems. They are defined as a positive step towards economic development and this potential can be realized primarily by raising awareness among people.
Source: Masihuddin Muddassir, et al. «A survey on e-payment systems: elements, adoption, architecture, challenges and security concepts», 2017
Published by Indian Journal of Science and Technology
URL: https://www.researchgate.net/profile/Burhan_Khan12/publication/318076004_A_Survey_on_E-Payment_Systems_Elements_Adoption_Architecture_Challenges_and_Security_Concepts/links/5c90c1f3a6fdcc38175cfd30/A-Survey-on-E-Payment-Systems-Elements-Adoption-Architecture-Challenges-and-Security-Concepts.pdf