online payments

I already wrote 1 page for the third assignment. Now, our teacher told me to continue writing 3 pages with online payments and write their analysis and recommendations. please make sure to add some references thank you!

Online Payment

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The Internet and technology are convenient due to eased communication and digitalized online payments. Today, people can communicate with friends and family members using online platforms and technologies, such as Skype and social media (Oren, 2018). Besides, quick and instant transfer of money across borders through technology and online platforms creates expediency. Overall, the Internet and technology have enhanced easy communication and convenience in transfer of funds.

One of the most common challenges of online payment is fraud. During the online transactions, someone else can key in details of a card holder. Therefore, the payment fraud may occur by the unauthorized online payment transaction. Fraud may also occur when the user of the online payment method, such as PayPal, demands a false refund, commonly known as chargebacks (Mohamed & Mohamed, 2019). In this scenario, a seller can lose money to a dishonest customer.

Stakeholders in online payments can improve to solve fraud by applying advanced EMV. EMV is a payment verification method that uses technical standards for smart payment cards and payment terminals. The payment method is used to validate that the payment card is genuine (Masihuddin et al., 2017). The method is also used for the facilitation of process authorization. Similarly, integration of automated SMS notifications would be useful in alerting the card owner to approve a transaction before it is completed. On the issues of chargebacks, application of blockchain technology can easily stop such tendencies. This technology ensures that once a transaction has been made, it cannot be reversed, making it hard for dishonesty users to chargeback.

References

Masihuddin, M., Khan, B. U. I., Mattoo, M. M. U. I., & Olanrewaju, R. F. (2017). A survey on e-payment systems: elements, adoption, architecture, challenges and security concepts. Indian Journal of Science and Technology, 10(20), 1-19.

Mohamed, A. A., & Mohamed, A. A. (2019). Assessment of challenges and opportunities of e-payment in Sudan (No. 2001). EasyChair.

Oren, D. (2018). Technology: convenience and therapeutic leverage. In Psychoanalysis Online 3 (pp. 129-152). Routledge.

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