E-Payment Transactions
E-Payment Transactions
$16.0 Summary and Conclusions
$16.1 Introductions
This study has covered some issues related with e-payment transactions. The main theme of this paper was trust in relation to e-payment system. Other themes evaluated in the paper are confidentially, dependability, convenience, valid use, auditing and non-repudiation. Interviewees were conducted to both intermediaries in the e-payment system, as well as, clients who use the e-payment system. The study contains a description of various e-electronic payment instruments from the end-users’ viewpoint. In addition, it looked into the challenges facing the e-payment system and what clients would like to be improved in the system. Factors that force customers to terminate the e-transaction at the payment and intermediary level were evaluated. Key factors that influence consumers into adopting the use of e-payment intermediaries, and main characteristics for a successful e-payment intermediary. This chapter contains the following sections: summary of findings, limitations of the research, directions for future research, practical and theoretical implications of the research, key contributions and summary.
$16.2 Summary of findings
It was found that e-payment using was varying for different users in relation to what they purchased using the system. Users bought accessories like computers, decorations, books, air tickets, and mobile phones among others. PayPal appeared to be the commonly used system as many respondents indicated that they had used the method in various occasions. Clients had different views in relation to e-payment. Clients prefer to use e-transaction since it is convenient than the traditional method of payment. Users can do transactions in an office, home or anywhere they have access to the internet rather than going to many shops in search of product. Online shopping also enables clients to get a wide range of product choice as compared to conventional shopping. In addition, e-transactions are cheaper than the traditional method of transaction. Some e-transactions go for as cheap as half the price offered in retail shops.For clients to use an e-payment method, they should have trust on the service. The most expressed concern, in use of e-payment system, was its security.
An insecure method makes clients lose trust in it hence avoid its usage. Customers avoid using e-payment system when the confidentiality of their personal information is questionable when they use the system. They also fear that they may lose their money after paying for products online only to fail to get the products together with the refund for their money. Others feared that they would get the wrong product, or a product that is in poor condition since they could not access it before paying payments. Ease of usage also determined whether a client opted to use an e-payment method. Termination of transactions could result when clients were stuck on the way when using a system. Termination of transactions occurred when there the recipient lacked capacity of confirming to a third party that their counterpart undertook the action in question. Failure to come into consensus among the intervening parties on non-repudiation of together with their accountability was also a main concern which resulted to termination of transactions. E-payment services should be always available for use for customers to have full trust on the services. Additionally, it should be easy in usage in avoiding confusion or sending the money to the wrong recipient among the clients.
For clients to adopt an e-payment system, there are factors that made them consider using the method. These factors comprised of the confidentiality of their information, and security of their money. Others factors to informing the use of e-transactions are the ease of use and dependability of the services. The process should be auditable to ensure that no money will be lost and that when lost it can be traced. All the involved parties should come to a consensus in a transaction.Various actions recommendations were given to improve the current e-payment intermediaries. One of actions to be taken included improving the system’s efficiency. The efficiency can be increased by making the process speedy and ensuring that it is easier to use than before. Security should also be enhanced to reduce chances of loss of money in the transaction. In addition, clients’ information should be kept confidential. This will increase the trust the clients have on the services.
$16.3 Limitation of the research
Despite the research study being prepared carefully, I am also aware if its shortcomings and limitations.
Time limit: Due to the time limit the research was conducted just on a limited population. The population used was not sufficient to generalize to the entire population of the potential users of e-payment. Only one intermediary was used, and this was a setback as one cannot compare different viewpoints given.
Solution: The study should have comprised of additional respondents at different levels, to generalize the results for larger populations. This will give extra information, and wider picture in relation to the use of e-payment method.
Small sample size: The small sample size used could cause bias in the results obtained. Since the sample size is less than 30, it does not meet the threshold for normality.
Solution: Thisconcerncan be resolved by the increase of the sample size to at least 30 (Yin, 2002).
$16.4 Directions for future research
This process was aimed at determining the factors that cause a large number of e-transaction terminations at the e-payment intermediary level. The choice of this perspective was due to the researcher’s interest on e-transactions and its development. Research on this perspective had not been done, while there is extensive information of e-payment and its challenges explaining and giving the viewpoints of customers using the e-payment methods. Nonetheless, to get an accurate overall view on the whole e-transaction process, research ought to be continued and take interplay of both customers and service providers under closer scrutiny. This would offer a better understanding of the entire process of e-transaction, as well as issues that affect the e-payment. On this further research, the questions on effects of terminations of e-payment to both the service provider and the client should be included.
Another crucial issue for further research is an examination of the e-payment terminations and security issue from a legal point of view. This study should as well entail the contemplation of possibly desired transformation of the relevant e-payment systems to bring extra efficiency. The regulations to be established to monitor the process should also be suggested. The expected changes in the process could cause some theoretical and practical consequences on the usage of e-payment systems of individual companies, and these consequences should be studied in advance (Vartanian, 2000).
$16.5 Implications of the study: Theoretical and practical
$16.5.1 Theoretical
The study offers a theoretical foundation for academics to conduct further research. The paper also gives theoretical contribution in explaining the factors that cause termination of e-payment at intermediary, as well as payment level. It enhances theoretical understanding of privacy issues in e-payment. Other theoretical issues covered are security, valid use, non-repudiation, and dependability.
$16.5.2 Practical
This offers practical guidelines for service providers to deal with security aspects of e-payment systems. The research is useful to advocates of privacy and confidentiality, service providers, regulatory bodies and marketers. It helps in shaping and justifying their decisions in relation to e-payment. Service providers are now aware of the main concerns of the online shoppers and can rectify the areas which create problems in the process. This would create extra trust amongst the users of e-payment, hence improving the industry (Kim, et al 2010).
$16.6 Major contributions
From the views given by the customers together with the intermediaries, various conclusions can be drawn and solutions provided. Customers gave recommended that the security of the e-transaction be improved. Improving security would increase the efficiency of the system. In addition, from the research, service providers now understand what is required to gain the trust potential clients. Trust can be gained for having efficient, confidential, secure, and reliable e-transaction systems. If this is capitalized on, e-transaction system will improve significantly (OECD Information technology outlook, 2000).
$16.7 Summary
The chapter gives the summary and findings of the research paper. It also gives the summary of findings, and the limitations of the study. Other areas provided are theoretical and practical implications of the study. The key contribution of the research study is also given. This study is crucial in informing customers, intermediaries and other service providers in relation to e-payment methods.
References
Kim, K.S., Tao, W., Kim, C. & Shin, N. (2010) An empirical study of customers’ perception of security and trust in e-payment systems, Vol. 9 Is. 1 p.84-95
OECD Information technology outlook (2000) E-commerce, ICTs, and the information economy
Vartanian, P.T. (2000) Electronic payments future: Roadblocks and emerging practices: Jacobson, Fried-Frank-Harris and Shriver
Yin, R. (2002) Design and methods: Case study research 2nd Edition. Beverly Hills, CA: Sage Publishers
Is this your assignment or some part of it?
We can do it for you! Click to Order!
