The paper “ Requirements for Electronic Payment System, Problems of Taxing E-Commerce, Purpose of Copyright Law” is an informative variant of the assignment on e-commerce. Explain the main requirements for a good electronic payment system. How do electronic wallets and credit card payments meet these key features? Identify and briefly describe the alternative forms of electronic payment that have emerged to support purchasing on the Internet. Which e-payment form(s) are likely to dominate as online retailing continues to grow? Why? The electronic payment system is usually used in transferring cash from a certain bank to another bank without any exchange of money by hand.
The major requirements of a good payment system include; the direct debit whereby the account holder requests the bank to make to pay a certain amount of cash to another individual. Another requirement is the Electronic check which is the electronic transfer of cash from the bank account without having the check paper. Credit cards and electronic wallet payment meet the features of the electronic payment systems as they can enable online transactions. Both the electronic wallets and also the credit card payment always meet these requirements through the following ways; the credit card allows the payment of cash online, while the electronic wallet stores the financial data thus facilitating the easy online transaction (Gary, 2011). Some of the alternative forms of electronic payment that support the payment of both goods and services through the internet include net banking and PayPal.
Net Banking is an electronic transaction of cash which does not involve any physical card. Net banking is usually used by the customers who their bank accounts are connected with internet banking.
Importantly, the transactions which are conducted through the net banking tend to be much safe as compared to the usage of the credit cards. PayPal is the global electronic commerce that allows business transactions as well as money transfers via the internet.
ReferenceGary P. Schneider. (2011). E-business. Cengage Learning.