STUDIES

In this paper ‘A Study on the Perception of Customers towards E-Commerce and E-

Payments in Local Survey’ the authors S. Kowsalya, Swetha Krishnan, Mridhula. R,
Sowmya. A. M. mentioned that the trust in Ecommerce mainly depends upon the online
payment system which allows a customer to make payment to the online merchant or
service provider. Consumers are becoming more and more comfortable in making
online transactions and are concerned about conducting electronic business
transactions and the risks involved that have a vital impact on the transition of
electronic business. Increasingly more consumers are migrating to e-commerce to make
electronic bill payments, to pay for information online, to purchase products, services.
According to the authors E-Payments refers to the technological breakthrough that
enables us to perform financial transactions online, thus avoiding hindrances and other
hassles. E-Payments provides greater freedom to individuals in paying their taxes,
licenses, fees, fines, and purchases at unconventional locations and at whichever time of
the day, & 365 days of the year. The authors found that credit and debit cards will
become obsolete, because they saw the increasing development of mobile technology
and the internet industry. (S. Kowsalya, 2017).
From this paper ‘The Future of the Mobile Payment as Electronic Payment System’ the
author Zlatko Bezhovski states that with all the security and convenience provided by
mobile electronic payment method, we can expect further growth of mobile payments
worldwide even surpassing payments made by credit and debit cards. However, there
are several barriers identified to the adoption of this payment method; so certain
measures should be taken to grant this industry a promising future ahead. This study
finds that customers are increasingly using mobile payment methods for their routine
online purchases and for their on-site purchases as well. With growing advanced
technology that supports mobile transactions and makes them transparent and more
convenient, consumers have developed their trust and habits on using mobile payment
systems. Enhancing the compatibility with a wide range of users, the use of latest
technology and establishment of common standards for various service providers, and
overcoming the security and privacy issues could help in facilitating faster adoption of
electronic payment methods and advance the rising market of mobile payments.
(Bezhovski, 2016)
More specifically, this study modifies and extends the Perceived E-Readiness Model.
The modified model redefines relationships between the variables and introduces
business strategy as a new independent variable and e-payment adoption as the
dependent variable. I combine two established theories in technology innovation and
adoption behavior areas—the Technology Acceptance Model and the Technology
Readiness Index—into an integrated model. This model better explains the impact of
behavioral readiness and perceptions of technology to e-payment adoption.
(Determinants of Electronic Payment Adoption: The Stakeholder’s Perspectives, 2015).
LITERATURES

Within the electronic payments ecosystem there are two main end-parties: buyers
(consumers) and sellers (merchants). The evolution to electronic payments from cash
and checks has changed the behavior of, and in some cases the relationship between,
consumers and merchants. Electronic payments provide access to financial resources.
Consumers using cash or checks may be limited in the amount of funds they have for
particular transactions. (Zandi and Singh, 2016)
The increased rate and dynamics of e-commerce and e-payment in recent times have
necessitated the need for studies to investigate the relationship between e-payment and
consumers’ spending in various countries and regions. According to Feinberg, electronic
mode of payment will be more acceptable than the traditional mode of payment in the
USA. This is also the case in developed and developing nations. Based on this, several
studies have examined the relationship between electronic payment and key
macroeconomic variables such as economic growth, consumer spending, inflation, and
unemployment, and so on. For the purpose of this study, more attention is given to
literatures that discuss determinants of electronic payment adoption, consumer
spending and electronic payment.
Focusing on the determinants of e-payment adoption, Gholami et al; investigated the
intention to adopt e-Payment in Nigeria using the Unified Theory of Acceptance and Use
of Technology (UTAUT) model. The study identified perceived benefits, effort
expectancy, social influence, trust, awareness, and demographic variables as major
factors determining intention to adopt e-payment in Nigeria.

REFERENCES
Khan, S. (2018). Innovative Business Practices and Sustainability in VUCA World. A Study on Usage of
ePayments for Sutainable Growth of Online Business, 76

I. https://www.met.edu/uploadfile/documents/Ms_Shreya_Jain_eMBA_student.pdf

Oyelami, L. (2020). Future Business Journal. Electronic Payment Adoption and Consumers’ Spending
Growth: Empirical Evidence from Nigeria. Article 14.

I. https://fbj.springeropen.com/articles/10.1186/s43093-020-00022-z

Zandi, M., et al. (2016). Moody’s Analytics. The Impact of Electronic Payments on Economic Growth, 4.

I. https://www.tralac.org/images/docs/9254/the-impact-of-electronic-payments-on-
economic-growth-moodys-analytics-visa-february-2016.pdf