Prospects of Electronic Payment Systems

As the volume of Electronic Commerce becomes larger, the role of secure and economical online payments on the Internet will, accordingly, become more important. At the moment, the credit card payment for B2C trades with SSL protocol is the most widely adopted. However, SET protocol tailored to credit card payment may become one of the next generation standards. For micro payment, smart-card-based e-cash will become popular and will be recharged through the Internet from the cyber-banks, which will revitalize the benefit of cyber-banks.

As B2B occupies the major portion of Electronic Commerce, more economical payment methods like Internet-based funds transfer equipped with the benefit of check systems will become the major medium for large-amount payments. The credit card fee seems too high to transfer large amounts among credible corporations. This prospective trend should envision opportunities to payment businesses and corporate finance managers.

An ideal e-payment system should posses the good point as identified by Dankwambo:

1) Easy tracking of payments to beneficiaries' account hence it will assist audit trail.

2) It reduces cases of corruption.

3) It will assist corruption fighting agencies like the EFCC and ICPC in cases of investigation.

4) It is the begginning of a cashless society.

5) Reduced transactions of very low value.

6) Increase convenience of payments

7) Payment can be made swiftly and remotely using various devices. 8) Accountants will appreciate IT more and this will improve the quality of financial reports generated by MDAS.

9) Economic Growth and Development as Transparency and Accountability improve.

10) Real Time Reporting and

11) Eliminate writing of cheques.

The risk associated with cheques been stolen, forging of signature and disparity between amount in words and figures has been totally eliminated.

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