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E-commerce. Payment systems


07.01.2019, 20:09
Online payment system has a very short history, which only expands to about seventeen years and is still changing to this day. In 1991, Tim Berners-Lee created the World Wide Web and in 1994 “Stanford Federal Credit Union” was the first financial institution to offer online Internet banking services to all of its members. Wikipedia: Onlinebanking - History The Internet banking of Stanford Federal would have been the first online payment system to exist to customers. Also, in 1994, Pizza Hut set up the first online delivery system. By having the first online delivery system, Pizza Hut gained an advantage over its competitors. Being the first, Pizza Hut will always be one step ahead while other organizations in the same field try and get their version of the payment system up. In 1995 is where Commercialization of the internet began with the introduction of online shopping sites like Amazon.com. Once Amazon began to grow so did the importance of online payment systems. E-bay was the second business to follow the On-line Payment System. They seem to grow together with success as time went on. Now they are the two biggest online shopping sites on the web. The development of SSL (secure socket layer) encryption in 1995 by Netscape had made the Internet a more secure place for online payments and this in turn brought the rise of online shopping. As the Internet got more popular, so have online businesses and now its most defiantly part of everyday life. Even though the history of online payments is short, a lot has happened in that short period of time.

Payment Service Providers

The first commercial online service known as E-commerce was introduced in 1979 by H&R Block and was considered the first major online service created to serve the market of personal computer users. Nowadays, people are more likely to have access the Internet 24/7 due to high-speed broadband facilities; therefore a new class of online service providers began to provide highly reliable access to the Internet to accommodate vast amounts of online buyers.

These online service providers' perform by accepting electronic payment methods such as credit card and E-wallets, they also accommodate online bill payments and money transfers such as Western Union, bank transfers, and PayPal which all focus on making it simple for customers to purchase goods online or transfer money at any time via the Internet.

Credit cards

Credit card is a plastic money card provider, which is controlled by worldwide bank companies to allow customers to make quick and convenient payments online on their favorite purchasing websites. The use of credit cards as a method of payment has had an impact on the massive growth of online service providers. These online service providers are now trusted by millions of online customers. Thus well-known brands or banks such as Visa, MasterCard, American Express and other credit cards providers back legit websites now. These brands or banks provide a secure way of registering your card by applying on these secure websites to obtain a username and a restricted password to gain customers trust without any risk of fraud to discourage online potential buyers.


The E-wallet, also known as digital wallet is an online means of storing `e-cash' which aids online transactions with ease. The E-wallet involves a once-off set up and the customer's personal information is then stored for future purchases. Although the E-wallet is less hassle than using credit cards to purchase goods, in regards to inputting personal information and payment details, the E-wallet is the least popular form of the online payment systems. This is largely due to the lack of knowledge people have about this system.

According to Biz-Rate.com, in 2001 only 38 percent of online shoppers understood how digital wallets worked, 25 percent knew about digital wallets but were unfamiliar with how they worked and 37 percent of online buyers had never heard of digital wallets at all. Meanwhile, only 22 percent of online shoppers had actually used a digital wallet at least once, and a humbling five percent used them frequently. This last figure, in fact, was equal to the percentage of customers who had used digital wallets at least once and swore they would never use one again. Such results clearly were a concern to vendors and merchants alike.

Online Bill Payments and Bank Transfers

Online bill payments permit people to pay their utility bills via the Internet. This is a quick and easy method of keeping on top of their bills and ensuring that they are paid in a timely manner. This is a very effective method of online payment as it accommodates the payment of bills at any time of the day or week and so people do not have to rely on the opening hours of banks and post offices to pay their bills. All of their personal bills can be paid by the click of a button.

Online bank transfers provide an efficient system of transferring money between bank accounts, domestically and internationally. These bank accounts can be accessed online globally.

Western Union banks allow you to transfer money online into a named account. The account holder can then collect the money from any Western Union agent located around the world. This is a secure transaction method as all transferred money can be tracked using the tracking number on the receipt given.


PayPal is an e-commerce business that allows online bank transfers and payments worldwide. PayPal is used by online businesses such as auction websites, namely eBay, to accommodate secure payments for products bought online. Auction websites can be used by members of the public to auction off their personal belongings; this can be seen as a security threat for people who wish to buy these products as the seller's intentions may not be to actually fulfill the proposed agreement. When customers use PayPal as a method of payment, they can purchase goods with a sense of security should a transaction fall through as the payment can be securely traced.

Electronic payment transactions are the heart of e-commerce, offering a broad range of payment methods that ensures the long-term success of e-commerce businesses. The future of e-commerce is bright with the introduction of Smartphone applications giving access to processing bill payments; bank transfers and online shopping which all can be done on the go. As technology continues to grow, this in turn will contribute to the growth and sustainability of e-commerce. As the diagram shows below, how far online payments service providers will contribute and continue to provide a large variety of services to give access to online potential shoppers.

As the Online business is getting bigger and bigger, so are the risks involved of online frauds. Online shoppers are becoming more prudent about online security and to re-assure them that their purchases are completely secure, there are few ways retailers can ameliorate their sites that will eventually increase the confidence of its customers.

The following recommendations approved at the PayPoint.net initiated that focusing on customers' experience not only will satisfy customers but will also maximize online conversions and increase the customer base.
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