Unit-8 E-Commerce, D2 - Compare different payment systems used by e-commerce systems.
In this assignment I will describe different payment systems that are widely used by e-commerce websites all around the world. I will talk about the popularity, security and other different measures that need to b...
D2 - Compare different payment systems used by e-commerce systems.
In this assignment I will describe different payment systems that are widely used by e-commerce
websites all around the world. I will talk about the popularity, security and other different
measures that need to be considered when using different systems.
Online payment systems let users get the latest online discounts in a more noticeable, better way. E
commerce businesses can quickly promote their website by giving away vouchers that include a few
percent off from their purchase and or include some big titles on the front page with discounts
printed all over it to catch the attention.
People in undeveloped countries may face really slow internet connection and may have to use dial-
up, so the below mentioned payment systems may not be useful for them as it might not even load
in. In countries like India, where most people have smart phone, but no internet use different ways
to make payments. Those people who do not have internet and or bank accounts are able to spend
money by topping up their mobile balances at various stores, and then use that credit at selected e-
commerce websites. It might be safe to pay on the website, but if they happen to use a public Wi-Fi
hotspot, they could be hacked very easily if someone set up a hotspot to steal private information.
Electronic Cheques
Electronic cheques are very identical to normal cheques that are available for everyone in a paper
format.
These cheques however are a lot better as customers and companies will be able to process it in a
more secured way by using different security software and encryption. Most of these cheques are
available to use and supported by big companies. These cheques will also be processed in a lot faster
way with the help of the internet and well-built systems. It also reduces the fake cheques as it will be
available only electronically, so it will be protected in a much higher way than a normal cheque. I
would recommend using this payment method as it is a lot more protected than actual cheques and
also a lot faster to use and get it processed.
Online Banking:
People have the ability to manage their account and or make payments using their bank’s official
payment system which are in most cases highly secured. People can transfer money from account A
to B without any issues, however when sending or receiving a large amount of money, the money
could take up to 7 working days to be received on the other side. Net Banking has multi layered
protection system including other variants such as: activation and confirmation via addresses, email,
and phone. All of these are things that people use in the every day, and keep it with them, so
activating and or confirming transfer information should be protected and very safe, even when
someone’s phone would get stolen, or their email would get hacked, these systems would require to
say a password or a different method to finish the transaction or to log in.
PayPal:
Paying over the internet using different payment methods will not require the customers to have
their card with themselves at all times, comparing it to shops where people must have their credit
card with themselves in order to buy things. This makes paying a lot more comfortable and easier,
however the downside of this is that the information can get into the wrong hands and can be used
Roland UDVARLAKI – Unit 8 – Assignment 3 – D2 - Page 1 of 2
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