Definition of E-Payment Via Online Banking

Anceline Aprilia Yolanda, NIM : 2301888442

E-Payment is a system that offers facilities for making payments for services or items that are purchased or delivered through the internet. Electronic payments are payment techniques that do not need the use of currency and instead rely on electronic media. A payment system that facilitates transaction processing in e-commerce between customers and sellers is known as an e-payment system. Payers, payees, e-commerce, banks, organizations, and governments all profit from the use of the Electronic Payment System (E-payment System). These advantages may eventually lead to the widespread use of electronic payment systems around the globe. Using an efficient and trustworthy e-payment system, sellers and purchasers may get quicker payments, have better monitoring, have more transparent transactions, spend less time, save money, and have more confidence in one another. Development and acceptance of technology in the electronic payment system include financial transactions, assimilation of new users, and high-quality e-payment technology, all of which influence users’ attitudes and expectations of the system. Electronic payment methods, such as transactions via ATM machines, the use of credit or debit cards, as well as internet banking and mobile banking, are now widely utilized in many countries. When compared to paper-based payments, electronic payments save a large amount of money.
In the context of payment services, an electronic payment is described as one that makes use of information and communications technology, such as the integrated circuit (IC) card, encryption, and communication networks. To keep up with fundamental shifts in socio-economic patterns, electronic payment systems are becoming more important. In finance, the payment system is the infrastructure, which is made up of institutions and instruments as well as regulations, processes, standards, and technological elements, all of which are designed to facilitate the transfer of monetary value between all parties involved. An effective payment system lowers the cost of transferring goods and services, and it is essential to the smooth operation of the interbank, money, and capital markets, as well as other financial institutions. A weak payment system, on the other hand, can have a significant negative impact on an economy’s stability and development capacity; its failures can result in inefficient use of financial resources, unequal risk-sharing among agents, actual losses for participants, and a loss of confidence in the financial system and the use of money itself. There are 38 electronic wallets in Indonesia that have been granted formal licenses, however the 10 most popular ones are OVO, DOKU, Go-PAY, FUND, AJA Link, Jenius, Go Mobile by CIMB, I Pocket, SakuKu, and Paytren, which are listed below. With the increase in the number of electronic wallets that have appeared, there has been an increase in the level of competition amongst apps.

References

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Widiyanti, W., Islami, V., Rani, Syahrir, & Rosento. (2020). OVO E-Wallet as a Platform of Digital Payment in Indonesia: An. Moneter: Jurnal Akuntansi dan Keuangan, 237-238.