Abstract
This study examined
the implementation of electronic payment system in Nigeria banks. With
reference to United bank of Africa. The emergence of e-commerce has created new
financial needs that in many cases cannot be effectively fulfilled by the
traditional payment systems. Recognizing this, virtually all interested parties
are exploring various types of electronic payment system and issues surrounding
electronic payment system and digital currency. The objective is to examine broadly
electronic payment systems can be classified into four categories: Online
Credit Card Payment System, Online Electronic Cash System, Electronic Cheque
System and Smart Cards based Electronic Payment System. Each payment system has
its advantages and disadvantages for the customers and merchants. These payment
systems have numbers of requirements: e.g. security, acceptability,
convenience, cost, anonymity, control, and traceability. Therefore, instead of
focusing on the technological specifications of various electronic payment
systems, the researcher make use of SPSS Statistical package for social science
to analyze the data analyzed in the research work. The findings showed that electronic
payment systems based on what is being transmitted over the network; and the
difference of each electronic payment system by evaluating their requirements,
characteristics and assess the applicability of each system.
Keywords:
Electronic Payment
Clearing System, and Online Electronic Cash System
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