Electronic Banking in E-Payment part 1

by Adina Ramadhana Putri – 2301903052

Defining and the concept
Users and owners of savings accounts utilize cards to transfer money to pay interest on their accounts using electronic banking, which we know as Internet Banking and Mobile Banking. Electronic banking includes debit, or the ability to withdraw money from an ATM.
Paying for products and services using an electronic device rather than a check (receipt) or cash is known as an “electronic payment system.” It is possible to use a variety of e-payment methods, including credit cards and E-Wallets as well as debit cards and E-Checks, as well as E-Cash to pay for goods, services, and subscriptions online. How is E-payment so successful? It all comes down to how many people in a family or social group have internet access, how well-versed they are in utilizing it, and how often they do it. In addition to extending loans to account holders, e-payments may help cut the bank’s operating expenses. Using Teller workers as an example, the database system at his bank has been used to decrease and eventually replace all of them, resulting in significant savings in terms of salary paid. At the very least, the expenditures of maintaining the property.

How can e-payments and e-banking help customers? Of course, by delivering financial services through electronic devices, including mobile phones, promptly and effectively. This saves customers time and allows them to do a transaction in a less-than-ideal banking setting. As a result of having to deal with just one bank when making a payment, this is likely to boost consumer satisfaction. Researchers (Roozbahani et al.; Hojjati; & Azad, 2015) have found that a significant number of people are suffering from depression.

However, there are several concerns associated with E-Banking, such as fraud, data theft, and the loss of balance in their accounts throughout the globe, so some individuals are still hesitant to use it. Even if it was breached, there are also concerns about money laundering and other technical issues since it was hacked from afar, making E-Banking a violation of privacy for certain people in society. This kind of e-payment procedure needs government oversight, which may be provided by redefining the government’s role as one of business to the government.  (Dean) (2008)

References

J, R., & Dean, S. A. (2008). E-Payments: Problem and Prospects. Journal of Internet Banking and Commerce,14.

Roozbahani, S. F., Hojjati, N. S., & Azad, R. (2015). Pasargad Bank E-Payment Company. The Role of E-Payment Tools and E-Banking in Customer Satisfaction, 9.

OJK, Indonesia’s financial regulator, has, for example, been in charge of several e-banking and e-payments payment networks.