What is the general scheme of electronic payment system work

    This study examines electronic payment technologies and their potential for improvement. Electronic payment systems are popular because they are faster, safer, and more convenient than older methods. Smartphones and other internet-enabled mobile devices have made electronic payments commonplace. MBA project on electronic payment scenario,assesses the mobile payment trends,digital wallet adoption,system integration,scope of Improvement.

    By focusing on these areas, the electronic payment business may be able to improve its efficiency, security, usability, and user experience, making a more efficient payment environment. This study could help consumers and industry players understand how things are right now and find ideas for developing electronic payment systems.

  More and more people are using internet payment options. Technology and the way people think and act have changed this. Many people use cell accounts, email payments, and internet banking in this case. Because they are fast, easy, and safe, these methods are changing how money is sent from one place to another.

Keywords: Electronic payment, current scenario, scope of improvement, adoption, technology, convenience, speed, security, fraud, data breaches, authentication protocols, encryption techniques.

INTRODUCTION

        In the opening, a general review of the topic of electronic payment is given, with a focus on its importance, usefulness, and place in the bigger financial world.

    The way money moves has changed because of new ways to pay electronically. Due to how quickly technology changes and how much society is becoming digital, electronic payment methods are becoming more and more common. Without cash or paper tools, these technologies make deals quick, safe, and easy. The electronic payment scenario continuous transformation due to mobile payment trends, digital wallet adoption, and the integration of payment systems, as highlighted in the mba project report, which also suggests areas for improvement.

      Customers use and accept electronic funds more and more these days. This is because these ways of paying have a lot of good things going for them. Some of these benefits include the ability to make payments whenever and wherever you want, quick and easy transactions, less reliance on cash, more security, and the ease of using digital tools to access and handle financial transactions.

      Even though ways to pay on the internet are getting better, some things still need to be changed. Among these areas are making sure that different payment platforms and systems can work together to make them easier to use and more accessible and meeting the changing needs and expectations of users to make payments easier and more personal. These places are very important for making people’s ways of paying better.

OBJECTIVES

The following are some of the goals of this research:

• Analyse the present state of the market for electronic payment methods, taking into account their rates of acceptance and use as well as the variety of payment choices that are now accessible.
• Determine the primary obstacles and constraints that electronic payment systems must overcome in order to improve their levels of user experience, interoperability, and security.
• Look at the many ways that security features of electronic payment systems could be better to deal with the growing number of risks that scams and data breaches pose.
• Conduct research on methods that may facilitate interoperability across various payment platforms and systems, which will make it possible to seamlessly transmit and integrate information.
• Look at what the users want and what they expect from the different types of electronic payment. Then, figure out where there is room for change to improve the total user experience.

LITERATURE REVIEW

      The review gives a complete assessment of existing research and academic works linked to electronic payment. It focuses on major results, trends, and knowledge gaps that exist in the present body of knowledge.

      Academics have studied electronic Payment system integration processes since digital transactions are becoming more important in the contemporary economy. Electronic payment adoption rates, security, user behavior, technological advances, and business processes have been studied.

    Several studies have shown that more and more people and companies are using internet payment methods. These methods are used because they are easy, quick, and easy to get to. Due to a world without cash, phones, and mobile apps, electronic payment methods have grown.

    Publications are mostly about safety and preventing scams. Protecting private financial data has been the main focus of research on identification, encryption, and finding scams. Security needs to be updated all the time to keep up with new threats like hacking and identity theft. Mobile payment trends ,Digital wallet adoption, Payment system integration ,mba project report on Electronic payment ,Electronic payment scenario and scope of improvement frame a simple short sentence using these words

Internet payments study is beneficial, but there are still many topics to investigate. How older or low-income individuals utilize technology is unknown. Electronic payments’ effects on economic development and governance require more study.

CONCLUSION

Electronic payments have streamlined and expanded commerce. According to the literature review, electronic payments are widely utilized, there are security, user behavior, and interface difficulties, and technology is improving.

    Electronic payment systems drive the cashless society trend, and the findings reinforce its importance. Their simplicity and availability have increased their usage. Security and fraud prevention remain vital. Authentication, encryption, and fraud detection must be improved to protect sensitive financial data.

    Interoperability appears crucial to improving electronic payment system integration . To transfer money and provide a consistent experience, payment systems must be defined and connected. The mba project report on electronic payment analyzes the current electronic payment scenario, with a focus on mobile payment trends, digital wallet adoption, and payment system integration, aiming to identify opportunities for improvement.

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