Blockchain Based Architecture and Solution for Secure Digital Payment System

Online payment remains a significant factor in today's e-business sector. Since businesses are expanding globally and also offering online options, the need for alternative forms of payment is quite substantial. The use of online payment systems has increased substantially and has changed the way consumers do business. Online payment systems have also catalyzed new business formations and social practices. The term electronic money was formed from online payment systems, electronic ordering, and payment system. The Online Ordering and Payment System with SMS Notification for Nina Clothing Accessories is a system that can order through online. The admin part of the system can monitor sales order including customer’s information. The customer would find their experience most enhanced when the online system gives flexibility for the customer to choose the delivery method and receive the SMS Notification on the ordering status.

In the current era of digitization, online payment systems are attracting considerable interest. Improving the efficiency of a payment system is important since it has a substantial impact on revenues for businesses. A gateway is an integral component of a payment system through which every transaction is routed. In an online payment system, payment processors integrate with these gateways by means of various configurations such as pricing, methods, risk checks, etc. These configurations are called terminals. Each gateway can have multiple terminals associated with it. Routing a payment transaction through the best terminal is crucial to increase the probability of a payment transaction being successful. Machine learning (ML) and artificial intelligence (AI) techniques can be used to accurately predict the best terminals based on their previous performance and various payment-related attributes. We have devised a pipeline consisting of static and dynamic modules. The static module does the initial filtering of the terminals using static rules and a logistic regression model that predicts gateway downtimes. Subsequently, the dynamic module computes a lot of novel features based on success rate, payment attributes, time lag, etc. to model the terminal behaviour accurately. These features are updated using an adaptive time decay rate algorithm in real-time using a feedback loop and passed to a random forest classifier to predict the success probabilities for every terminal. This pipeline is currently in production at Razorpay routing millions of transactions through it in real-time and has given a 4-6% improvement in success rate across all payment methods (credit card, debit card, UPI, net banking). This has made our payment system more resilient to performance drops, which has improved the user experience, instilled more trust in the merchants, and boosted the revenue of the business.

Over the past few decades, Internet technology has shaped almost everybody’s life. Business banks set up internet workstations and provide customer information requirements, internet payment fund diversion financial services, credit, investment, etc. An online payment system is a means for conducting economic transactions based on the Internet. This allows a seller to accept payments over the web or other internet connections, such as direct network connections between retail stores and their suppliers- a common way of keeping inventories just in time. Online payment systems are greatly expanding a company’s scope and selling potential. Usually, online payment services are operated by third-party firms like PayPal, Google, or Click2Pay. Such companies make a profit by taking a small portion of each transaction, or by signing contracts with institutions that require a large number of transactions. Without the ability to make online payments, a large Internet retailer, like Amazon.com, could not exist. Online payment systems have expanded the playing field between big and small companies, as each of them can adopt the same payment methods when they sign up with third-party payment processors.

Development of the enterprise e-commerce gives birth to the development of e-commerce professional. The e-commerce teaching, which is with the practical teaching as the core needs to rely on the e-commerce practical teaching software. The development of e-commerce practical teaching software is based on online payments and settlements, in the light of software designâ??s principles of sharing, scalability and reliability, with the processes WEB system process design thinking, adopts SQL2005 database and B/S architecture, based on JAVA, EJB , J2EE, XML open technical interfaces, from the five functional modules of systems management, information management, B2C transactions, B2B transactions as well as certificates and payment to simulate the payment clearing system, the commercial banking system and the front-end payment instrument system. The students can understand the systems, structures and processes of online payment and settlement systems, building intuitive e-commerce operational mode to enhance the practical operational ability and comprehensive quality through the intuitive feelings of e-commerce online payment and settlement systems.

Determinants of user acceptance of the e-Government services: The case of online tax filing and payment system

The article presents the theoretical aspects of the payment system, clarifies the definition of the national payment system of a complex and interconnected set of payment and technical elements, each of which contributes to the efficient functioning of both the financial sector and the national economy as a whole. The classification features according to which payment systems are classified are generalized and their types are given. The main tasks of payment systems functioning are outlined. The components of the payment system of Ukraine are considered. It is proved that the non-cash payment system is designed to minimize the cost of issuing cash and reduce the cost of its maintenance, collection, and recalculation. It is highlighted that the main purpose of creating payment systems is to reduce the cash supply. The modern basic requirements to payment systems are defined. The current payment systems in Ukraine are analyzed, among which: the national electronic payment system (EPS), created by the National Bank of Ukraine, the National Payment System “Ukrainian Payment Space”, 10 intrabank payment systems, 2 money transfer systems, 11 money transfer systems, 1 system settlements and 1 card system created by non-banking institutions, as well as 8 money transfer systems and 4 card payment systems created by non-residents, as well as international payment systems, which include 5 money transfer systems created by Ukrainian banks and 4 money transfer systems created by non-banking institutions . The current state of operations of Ukrainian banks with electronic money is studied. The basic requirements for national payment systems are given. Measures to increase the level of security of the national payment system of Ukraine are outlined. Recommendations for the development of the electronic payment system of Ukraine are presented. Special attention needs to be paid to the development of the national payment system of Ukraine, which depends on the effectively implemented innovations, which consist in the application and expansion of non-cash forms of payment and guarantee of the electronic payment system.

The online payment for products or for the access to payment-based services can be made by means of a range of (mobile) electronic payment systems - (M)EPS. Both the industrial sector and research community, mainly World Wide Web Consortium (W3C), are working on facilitating these payment methods on Web and supporting the multiple users on how they can select the suitable (M)EPS. However, to the best of our knowledge, there were no thorough studies considering consumer's preferences when they support multiple (M)EPS. To address this issue, we have performed a survey on an international participants (n=272) aiming to (i) developed a theoretical model to determine their preferences when they are supporting more than one (M)EPS, (ii) find the most valuable option according to them and (iii) determine the surrounding conditions that support their decision to use a specific (M)EPS. The theoretical framework of this study was based on the Technology Acceptance Model (TAM). According to our statistical analysis (Chi-square test), consumers that can pay using different (M)EPS during their online payment transaction, have a preferred payment system based on its security, fees, usefulness, and ease of use as well as on their favorite Web browser for these transactions. Factor analysis was also performed to identify factors that much influence the (M)EPS. Results revealed that the factors influencing online payment preferences differ from those involved in traditional payment methods. Our findings allowed, therefore, providing practical suggestions for supporting payment processes with Web browsers and the W3C payment Application Program Interface (API).

This article describes research into online electronic payment systems, focusing on the aspects of payment systems that are critical for their acceptance by end users. Based on our earlier research and a diary study of payments with an online payment system and with online banking systems of a reputable bank, we proposed a set of 12 interaction design guidelines. The guidelines have been applied during the implementation and redesign of a new payment system. An extensive experimental comparison of the original version of the system with the one designed according to the design guidelines has provided confirmation of the relevance and adequacy of these guidelines for designing online payment systems.

This paper investigates the choice of payment methods by online food purchasers in Bangladesh. The objective is to identify the factors influencing the choice of payment methods and factors influencing the choice. Responses are collected from 540 respondents through an online questionnaire survey. Cross-tabulation, frequency analysis, the Chi-square independence test, and binary logistic regression are used for in-depth analysis of the data. Cash on delivery is found to be the most favored method of payment followed by mobile financial services (MFS) and internet banking and/or debit/credit cards. Among the demographic variables, purchasers’ gender showed a significant but weak influence on the choice of payment method. MFSs are the most preferred payment method for men. A larger percentage of women prefer the cash-on-delivery method. The use of debit/credit cards is more prevalent among the female purchasers. Other demographic variables such as household income, age, and profession did not portray any significant influence on the choice of payment method. However, frequent buyers are found to prefer online payment (MFS, card, or internet banking) to occasional buyers. The findings of the study contribute to business literature by shedding light on an inadequately tapped area of research. Factors identified to be significant in the choice of payment methods will help online food traders address issues related to their business process and effectively communicate the improvements they can make. The findings of the study may also instigate the financial service providers to be motivated to focus on educating customers about online payment systems and their built-in security.

This study looks at the mediating role of planned behavior in the link between perceived cybersecurity concerns and the intention to utilize online payments among micro and small enterprises in the accommodation and food service industries in Laguna, Philippines. Drawing on the Theory of Planned Behavior (TPB), this study sought to give insights into the factors that impact micro and small enterprises’ adoption and intention to utilize online payment systems. Using a quantitative design and a causal research technique based on partial least squares-structural equation modelling (PLS-SEM), the analysis of relationships between variables was evaluated. The data gathered was based on the data derived from a purposive sampling method of 150 respondents who operate their micro and small enterprises online payment system while also working in the accommodation and food service industry. The findings show that perceived cyber security threats have a significant relationship to micro and small enterprises’ intention to use online payment methods as mediated by their attitude towards behavior. On the other hand, it was found that perceived cyber security threats were seen to have direct effects towards attitudes toward behavior and perceived behavioral control, while attitude towards behavior and perceived behavioral control having their respective direct effects towards the intention to use online payment methods.

The term "online payment" is used for a system where the process of sending money in exchange for any valuable products as well as for any type of services is done without the actual exchange of any type of currency.This online payment systems done this type of activity with the help of a wide and excellent range of various online or digital technology and infrastructures to guarantee the security, safety, transparency and efficiency and effectiveness of valuable monetary transactions.The increasing growth in appeal of online or Digital payment options can be directly connected due to its many benefits over traditional currency trades.RBI or Reserve Bank of India is the apex and governing body for the monetary system of Indian economy.This put a great focus on security and safe without sacrificing its uniqueness or creativity.One of the main aim of this research paper is to gain more knowledge about online payment system of India and the factors that effect it along with any possible remedies for it.

Demonetization by Government of India is a well-planned move towards a cashless economy which came as a bonanza for several digital payment platforms. Various mobile wallets and online payment systems are sprouting to reap the benefits of this opportunity. These vibrant payment systems evaporate the importance of cash as the only method of exchange of value. Perception of consumers towards these payment systems is highly important for future growth. This study aims to discover perception of users towards electronic payment (e-payment). Literature review indicates that factors such as usefulness, ease of use, security, trust, and risk significantly affect users' perception. A conceptual model was developed and tested in this study mainly focusing on factors influencing users' perception towards e-payment. A self-administered questionnaire was developed and disseminated to 200 respondents out of which 150 valid responses were considered for further analysis. Cronbach alpha was used to check the reliability of the questionnaire. Exploratory factor analysis was used to extract the variables. Correlation and multiple regression analysis revealed that usefulness, ease of use, and security significantly impact perception of users towards e-payment. However, results for trust and risk are insignificant. It has been found out that there is a great potential for future expansion of such payment instruments and the challenge is to meet the continuously growing expectations of consumers. Several implications can be drawn from the study for both marketing managers and policy makers which help in developing strategies directed at increasing epayment acceptance, and usage.

Along with the exponential increase in online business transactions, the online payment system has gained in popularity because vendors and creditors realize its growing importance as a foundation to improve their information infrastructure and to achieve "paperless" operating efficiency. However, due to per se different characteristics among customers and Web-systems, both sides' perspectives and technology factors could cause a significant level of variation in customers' acceptance of online payment methods. Our research involving 148 subjects who participated in a field survey examined the impact of a series of possible decision factors including perceived risk, perceived benefits, vendor's system features, and customers' characteristics on the intention to use an online payment system by customers. Some significant associations are observed and their implications are discussed. Request access from your librarian to read this chapter's full text.

This research is a type of quantitative research with the aim of determining the Effect of Consumer Reviews and Cash On Delivery (COD) online payment systems on consumer confidence in purchasing products on the Shopee Application. The type of data used in this study is quantitative data obtained from questionnaires distributed and related to the problem studied. Data collection is carried out by observation and distribution of questionnaires. In this study, the data sources used in data collection include primary data and secondary data. The research instrument used in this study was using the Likert scale method. The results showed data using statistical calculations through the Statistical Package for the Social Science (SPSS) application version 25 regarding the Effect of Consumer Reviews and the Cash On Delivery (COD) online payment system on consumer confidence in purchasing products on the Shopee Application which has been discussed from the previous chapter, the author draws important conclusions, namely consumer reviews and cash on delivery. This means that consumer reviews have a positive and significant effect on the Cash on Delivery payment system in purchasing products on the Shopee application.

Financial institutions are the intermediaries that connect those having surplus funds with those looking for the funds. In addition to this, the role of financial institutions is much more in making the transactions happen, such as banking institutions. The last few years have been revolutionary for the financial sector, wherein the methods of making payments and transactions have drastically changed. This period has witnessed the evolution of a new range of financial institutions, which the primarily tech-based organizations, hence known as FinTech companies or institutions. With the emergence of alternative payment methods, people have adopted the services of FinTech companies with excitement. The present study is descriptive in nature and discusses the benefits and challenges of FinTech and its role in transforming the financial sector in India. The study is based on the data collected from experts in the field of finance and technology. The sample size of the study is 140. Mean, and T-test was applied to analyze the data. The study concludes that India has a vast potential for start-ups to grow and flourish due to Fintech, which has India as an attractive market across the world. FinTech services have boosted the economy of the countries. It is also found that Fintech has played a significant role in the Transforming Financial Services Sector in India.