Academic literature on the topic 'Electronic payment gateway'

Today's world is absorbed by digital technology and developments. From daily bread to business, from home to office, the implementation of electronic devices has become an integral part of life. The wallet has transformed the global payments ecosystem by offering multiple digital services, from utility payments to e-tailing. After demonetization, e-payment systems, mainly mobile wallets, have become a popular means of conducting transactions without physical presence. This study was conducted on consumer preferences, satisfaction, and issues when using mobile wallets for cashless payment. The study used the chi-square method to analyze and interpret the primary data of 80 respondents. The study implies that today's life is more important to mobile wallets such as Paytm, MobiKwik, Bhim, and free charge.

The primary objective of this chapter is to exhaustive analysis of the constantly changing security and privacy issues and important factors in e-commerce. The need to protect sensitive data and guarantee user privacy has increased with the growth of the digital economy. This chapter examines many security concerns, such as phishing attacks, data breaches, and payment gateway vulnerabilities, and highlights the possible consequences for both consumers and organisations. It explores cutting-edge technology and creative fixes meant to strengthen e-commerce platforms against dynamic cyberattacks. In addition to pointing out the vulnerabilities that now exist, the study suggests preventative measures as well as future lines of inquiry and application. We look at biometric authentication, and privacy-preserving technologies as possible ways to improve the security of e-commerce platforms. The data that is being presented highlights how important it is for technology, legislation, and user awareness to come together to provide a safe and reliable online purchasing environment. To strengthen the digital marketplace against the challenges presented by a constantly changing cyber landscape, in competitive markets, businesses try to increase their profit margins without sacrificing the quality of their products. Conversely, customers successfully fulfil their needs and desires at home. AI provides answers for a wide range of issues that both consumers and business owners face. Computer-based information can benefit economic growth, organizations, managers, and buyers. Without a doubt, AI improves human lives. Artificial intelligence has the potential to improve economic growth and raise everyone's standard of living. People and businesses everywhere are eager to invest in human resources, and e-business is crucial to continuously providing customers with the easiest way to purchase goods and services. Moreover, the emergence of an AI-ready business does not translate into a rise in the need for mechanical expertise. The use of electronic commerce has made life better. We focused on phishing attacks, data breaches, blockchain payment gateway, Ransomware attacks, Cloud-based and cyber attacks in E-commerce.

The e-commerce industry has been expanding at an exponential rate, evolving and adapting even during times of national lockdowns and worldwide pandemics. In a relatively short period of time, the Indian e-commerce ecosystem has grown to be vital to both the country's internet users and economy. The e-commerce industry has also seen a rise in cyberattacks. These attacks frequently result in data leaks that compromise data integrity, violate customers' rights and privacy, and foster mistrust between online retailers and their clientele. The roots of e-commerce security problems are highlighted in this paper, along with the potential benefits of several cutting-edge technologies including machine learning (ML) and artificial intelligence (AI) in reducing security risks. To increase e-commerce security, the study suggested a number of methods, including as data encryption, secure payment gateways, multi-factor authentication (MFA), regular software updates and patches, user privacy policies, and compliance.

Protecting and Securing the privacy of customers is the most crucial factor for E-commerce companies' growth, since, most transactions occur via online channels. Unfortunately, hackers cause data breaches by getting access to E-commerce platforms and by taking advantage of loopholes in systems and networks. These fissures violate customer privacy and compromise data integrity, thus, leading to mistrust among consumers and retailers. To inactive and reduce these risks to some extent or all; organizations are adopting advanced technologies to enable fraud protection and threat reduction in real-time. Many secure payment gateways are established to protect financial transactions. The encryption of data protects sensitive data. In addition to the above, security layers are added by Multi-Factor Authentication (MFA), and susceptibilities and vulnerabilities are reduced by regular software upgrades and patches. User privacy rules and regulatory compliance also improve security and build customer trust. The chapter explores the emerging technologies for securing E-Commerce in brief.

Internet usage has increased significantly across developing economies in last decade and most of the enterprises are extensively reliable on computer networks for electronic mails to payment gateways. But, the scenario we live in today has become more and more connected, sophisticated and risk-prone to our network-delivered society. Nevertheless, it remains critical for enterprises to exploit the full potential of available technologies such as mobile computing, smart computing and cloud computing. A cyber security related gaffe in any of these rapidly emerging domains may lead to lost productivity and grave concerns to the enterprise. The chapter highlights the various concerns associated to cyber security, viz., how an attack may be operated and offered measures to secure the network and information technology resources within and outside the enterprise. In most of the developing economies no synchronized activities in this regard are taking place which opens the opportunity to cyber criminals intrude into the system and compromise the resources.

Internet usage has increased significantly across developing economies in last decade and most of the enterprises are extensively reliable on computer networks for electronic mails to payment gateways. But, the scenario we live in today has become more and more connected, sophisticated and risk-prone to our network-delivered society. Nevertheless, it remains critical for enterprises to exploit the full potential of available technologies such as mobile computing, smart computing and cloud computing. A cyber security related gaffe in any of these rapidly emerging domains may lead to lost productivity and grave concerns to the enterprise. The chapter highlights the various concerns associated to cyber security, viz., how an attack may be operated and offered measures to secure the network and information technology resources within and outside the enterprise. In most of the developing economies no synchronized activities in this regard are taking place which opens the opportunity to cyber criminals intrude into the system and compromise the resources.

Banco de la República's monitoring of the local financial market infrastructure is an additional contribution to the country's financial stability. One of the products of that monitoring has been the Payment Systems Report, which is now known as the Financial Infrastructure Report. The change in name, as of this edition, is intended to reflect in a broader way the issues that are addressed in the report. The 2022 edition includes several changes that are the result of a comparative study of financial infrastructure reports prepared by other central banks. These changes seek to make the report more fluid and easier to read, including main points and selected key figures for the different interest groups to which it is addressed. The report shows the financial infrastructure continued to render its services without interruption, with general evidence of good performance in 2021. Additionally, the resilience of the Central Counterparty Risk of Colombia (CRCC) and the Large-value Payments System (CUD) to extreme events was validated, based on stress tests conducted according to international standards (focused on liquidity and credit risk). As for retail payments, transactional information indicates the use of electronic instruments increased in terms of value during 2021 compared to 2020 (credit and debit cards, checks and electronic funds transfers). The use of debit and credit cards in payments rose to levels similar to those reached in the pre-pandemic year. Meanwhile, electronic funds transfers continued to grow. Although the results of the BR 2022 survey show cash continues to be the instrument most used by the public for regular payments (like the situation in other countries), the perception of its use decreased significantly to 75 % (87 % in 2019). Also, in commerce, cash was the preferred instrument for customers. However, in this measurement, several retail channels such as hairdressers, drugstores and restaurants joined the group that has traditionally received electronic payments for a value greater than 10% of their sales (hypermarkets and gas stations). Likewise, for nearly 50% of the population, cash payments are lower than before the pandemic. This is consistent with the transactional increase in electronic payment instruments that was observed in 2021. Banco de la República continues to monitor the technological developments that have expanded and modernized the supply in the international and local payments market, as these are issues of interest to the industry that provides clearing and settlement services. This report outlines the Pix case for instant payments in Brazil, the projects that are underway regarding the possible issue of digital currency by central banks (CBDC) for cross-border payments, as well as an approach to the Fintech ecosystem in Colombia, with an emphasis on companies that provide payment services. Leonardo Villar Governor Main points: 2022 The local financial infrastructure was safe and efficient throughout the year. The services of the financial infrastructure were proved on a continuous basis, showing good performance overall. Less momentum in the large-value payment system CUD activity declined versus the previous year because of fewer government deposits with BanRep. This was offset partially by growth in repos to increase money supply and in retail-value payments (electronic funds transfers, checks and cards). Increased momentum in financial market infrastructures. Larger amounts were cleared and settled through the Central Securities Depository (DCV) due to an increase in the market for sovereign debt. Operations managed by the Central Counterparty Risk of Colombia (CRCC) increased due to inclusion of the foreign exchange segment and the positive evolution in non-delivery forward peso/dollar contracts. Added confidence in the peso/dollar spot foreign exchange market due to CRCC interposition. Number and value of trades grew, mainly due to the adjustment of therisk management model for the FX segment and the increase in the limiton net selling positions in dollars. Stress testing with international standards to validate CRCC and CUD resilience Stress tests conducted independently by the SFC, BanRep and the CRCC, like those done in England and the United States, concluded that the CRCC's risk management model allows it to withstand extreme market events and simultaneous defaults by its main members. Based on the experience of other central banks, BanRep strengthened its intraday liquidity risk stress exercises in the CUD by incorporating temporary payment delays. It calculated that a two-hour delay by a key participant increases the system's liquidity needs by 0.5%. Electronic payments increased during 2021 According to transactional information, all electronic payment instruments increased in value versus 2020 (electronic funds transfers, checks and debit and credit cards). Electronic funds transfers continued to grow (80% from legal entities), with the participation of closed schemes driven particularly by the use of mobile wallets (35% of the number of intra-transfer transactions). The use of debit and credit cards for payments climbed to levels similar to those witnessed in the pre-pandemic year. Cash continues to be the instrument most used by the public for regular payments. The results of the BanRep survey in 2022 show that the perception of the use of cash declined significantly to 75% (87% in 2019), and about 50% of the population perceive their cash payments as being lower than those they made before the pandemic. Electronic funds transfers were second most used instrument, having increased to 15% (3% in 2019). Also, in commerce, cash was the preferred instrument of payment for its customers; however, several commerce channels received more than 10% of the value of their sales in electronic payments (hypermarkets 35%, gas stations 25%, hairdressers 15%, drugstores 14% and restaurants 12%). Continuous technological developments have broadened, and modernized services offered in the payments market. Pix (instant payments in Brazil). The high level of adoption of instant transfers in Brazil motivated a review of its strengths; namely, the possibility of different use cases between individuals, businesses, and government; high participation by financial and payment institutions; free of charge for individuals and the possibility of charging legal entities, and simple user experience. Digital currencies in central banking. Several groups of countries have joined forces to conduct pilot projects with wholesale CBDCs for cross-border payments. Flows generated by international trade, foreign investment and remittances between individuals can be processed more efficiently, transparently, and securely by reducing their cost and increasing their speed. Due to the constant progress being made on this issue, BanRep will continue to monitor all CBDC-related matters. The fintech ecosystem for payments in Colombia. A high percentage of existing FinTech companies in the country are dedicated to offering digital payment services: wallets, payment gateways, mobile devices (point-of-sale terminals) and acquisition. These have driven innovation in payment services.