E-payment E-payments include a various method which is Electronic

     E-payment is a way of making
transactions or paying for goods and services through electronic method without
the use of cash and check. It’s also called an electronic payment system or
online payment system. In short, e-payment is facilitated by internet
access. It includes all financial operations using electronic devices such as
computer, smartphones or tablets. The e-payment system has grown rapidly over the last decades due to the
widespread of internet-based banking. As the world more on technology
development, a lot of e-payment systems and payment devices have been developed
to increase and improve payment transactions while reducing the transaction of
cash and cheque.

include a various method which is Electronic Funds Transfer (EFT) and Credit
Payment system. EFT is an
electronic system used to transfer money from one bank account to another
without any exchange cash by hand. EFT include direct debit, e-cheque,
electronic billing, electronic cash and stored value card. For the credit
payment system, it is
credit transfer through payment provider, which is an intermediary
between the customer’s bank and the retailer. These include credit cards and
e-wallet. Generally, these are the most popular and actively used by many
consumers and businesses in their daily transactions.

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     Facilitated by the use of Information and
Communication Technology(ICT) and digital innovation, the banking sector has
changed whereby the transactions are shifting from traditional banking to
electronic banking system which is e-payment (Slozko&Pelo,2014). Traditional banks were the first financial
institution which provides current account and saving account, acts as the
depository institution to accept deposits, make loans and payment of the
cheque. In short, traditional banking involves cash and other paper-based
transactions. In comparison, e-payments
are effective and efficient especially in international transactions
because payment is made instantly and so its save time. Along with the
electronic commerce (e-commerce), e-payment has expanded rapidly over the years
as e-commerce allow consumers exchange goods and services electronically
without barriers of time and distance. E-commerce is a term for any form of
business transaction that conducted across the internet. Today, the world
payment system drive towards the current trends of cashless transactions has
further extended the need for countries to provide efficient e-payment system
to promote growth and economy efficiency. Furthermore, efficiency payment
system would also help to reduce the costs related to cash and cheque