An Electronic Payment System to Ensure Cost Effectiveness with Easy Security Incorporation for the Developing Countries

TL;DR

This paper proposes a low-cost, secure electronic payment system tailored for developing countries that eliminates the need for online third-party processors, simplifying digital transactions.

Contribution

It introduces a framework for secure credit card payments that reduces costs and complexity, suitable for resource-constrained environments in developing nations.

Findings

Framework effectively reduces transaction costs

Ensures security without third-party processors

Suitable for developing countries' infrastructure

Abstract

With the rapid growth of Information and Communication Technology, Electronic commerce is now acting as a new means of carrying out business transactions through electronic means such as Internet environment. To avoid the complexities associated with the digital cash and electronic cash, consumers and vendors are looking for credit card payments on the Internet as one possible time-tested alternative. This gave rise of the on-line payment processing using a third-party verification; which is not suitable for the developing countries in most of the cases because of the excessive costs associated with it for maintenance and establishment of an online third-party processor. As a remedy of this problem, in this paper, we have proposed a framework for easy security incorporation in credit card based electronic payment system without the use of an on-line third- party processor; which tends to be low cost and effective for the developing countries.