A Study of Significant Characteristics of E-payment Regime in India
Author(s)
Atul Kumar* (Associate Professor and Deputy Director, Siddhant Institute of Business Management, Pune, Maharashtra, India) *Corresponding author's Email
Citation
Kumar, Atul (2019), “A Study of Significant Characteristics of E-payment Regime in India”, MERC Global’s International Journal of Management, Vol. 7, Special Issue 1, pp. 109-113.
Article history
Submitted: March 14, 2019, Revision received: March 30, 2019, Accepted: April 11, 2019
The financial system is the pillar of any economy. Reliability and transparency are two keys behind any financial system of an economy to handle an increasing number of monetary transactions. In India, for a few years, the e-payment system has accelerated growth due to its popularity among citizens. In this article, the first aim is to understand the e-payments, the second aim is to acutely analyse characteristics of e-payment system and final aim is to find the features of the ideal electronic payment system. The article is constructed with exploratory research and secondary data. The data was assembled from books, journals, magazines, websites and other published sources available. This article provides an original comprehension of e-payment system, characteristics of the e-payment system and features of the ideal electronic payment system. The fundamental characteristics of the e-payment system are applicability, ease of use, security, reliability, trust, scalability, convertibility, interoperability, efficiency, anonymity, traceability, and authorisation type. The features of the ideal electronic payment service are reversals, immediate, compliant, final, freely accessible (non-discriminatory), anonymity, transparent and transaction amount neutral.
Keywords
Financial regime, E-payment, Characteristics, E-commerce, World economy, Indian economy.
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