Analysis of Centralized Payment Eco-System: A Systematic Review on E-Payments

Abstract

Nowadays the increasing number of e-commerce systems and online services raises the need for online payment systems. In the future, the number of internet businesses will increase drastically. In recent times because of the outbreak of COVID 19, Online purchase has increased rapidly and we can guess that, in future these increments will remain as high present if not more. Future online businesses will require more efficient and secured payment systems. There are already a large number of payment Methods & Gateways available. The most popular ones are using the traditional centralized approach. Centralized payment gateways use central database for all the records and need a central authority for controlling it. Our primary goal is to analyze the feasibility of these kind of popular online payment gateways. In this paper, we have analyzed the features of centralized payment gateways as well as provide an overview of the cost and reliability of the current payment system. We found how these kind of popular centralized payment gateways are overall helpful and beneficial for the internet businesses and there are opportunities to improve it.