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DESIGN AND IMPLEMENTATION OF AN ELECTRONIC PAYMENT PROCESSING SYSTEM
ABSTRACT
In this paper a brief overview of electronic payment gateway is provided. This paper addresses the
requirements for an electronic payment gateway from both the customers’ and the merchants’ point of view.
Most of the population doesn’t trust on the local existing online payment gateway because it is not very
secure. Mostly people want to adopt electronic payment system as it has lots of advantages. They need
such a gateway that fulfill their all requirements and provide security, privacy etc. On the basis of these
requirements and the local infrastructure, we propose an electronic payment gateway for local environment.
Keyword: E-Commerce, Electronic Payment Gateway.
1. INTRODUCTION
Online shopping allows customers to sit in their homes and buy goods from all over the world.
Similarly allows Merchant to sell their products to all over the world from home. Most of the
population will use online payment in near future. Most of the Third world countries lagged behind in making a good Internet architecture. There is need of a secure online payment gateway in developing countries. On the basis of proposed architecture of e-payment system of third world countries, this paper gives a brief overview of existing electronic payment gateway. It also mentioned the requirement for an electronic payment gateway from customer and merchant’s point of view. And on the basis of these facts and figures a new secure e-payment gateway has
been designed and developed. The payment gateway would provide secure transactions.
2.CONTRIBUTIONS
On the basis of proposed architecture of e-payment system of third world countries and the requirements related to any electronic payment gateway, we design and develop a Secure, reliable and efficient electronic payment gateway.
3. RELATED WORK
In USA about $3.5 trillion pours daily through three major payment networks that dwarf the Bank of New York’s. The networks, run by banks and the government over high-speed phone lines, converge at just 10 secret data- processing centers nationwide. They transmit everything from direct-deposit paychecks to utility bill payments to huge corporate transfers in the USA and abroad. PayPal in the US, which was recently purchased by Ebay, is one of the most frequently used e-payment gateway. [1] In China payment gateway is the single biggest unmet demand because of lack of trusted and secure mechanism. [2] Turkey’s payment gateway is difficult to use, insecure and highly expensive.