Electronic Payment Systems: Architecture, Elements, Challenges and Security Concepts: An Overview

In this paper, the major aim is to investigate the heightened awareness regarding various electronic payment systems-related concepts in terms of their advantages, problems, and security issues. The payment processing system providers use software as a service (SaaS) model and with this model, they form a single payment channel to numerous payment methods for their clients. Users often give away their personal information such as names, card details, and so on whenever they go online to make any firm of payment. An online payment system is referred to a system that facilitates electronic money exchange. This form of payment typically involves the deployment of the Internet, computer networks, and other digital stored value systems. Collecting any form of payment over the internet implies that the user has accepted an online payment and must have shared some confidential information with the service provider. This paper embarks on a thorough review of all aspects of online/electronic payment with emphasis on the analysis of numerous studies on electronic payment systems. The latest studies have been explored to gain insight on the electronic payments systems.