Electronic Payments Essay

1923 Words May 14th, 2013 8 Pages
Institutionalizing Electronic Payment (e-payment) Systems in Ghana

|Prince Kwame Senyo | |
|University of Ghana | |
|kpsenyo@gmail.com | |

INTRODUCTION
Technological advancement has caught up with us in the developing world and there is a need to rapidly change and focus on how best we can make optimum use of this opportunity. Payment for goods and
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The environment includes; payment instrument, the network arrangement, institutional players, market convention, legal and regulatory framework (Bank of Ghana, 2012). The payment industry in Ghana has players such as Bank of Ghana (BoG), service providers (SP), banks, consuming firms (CF) and the general public (GP). The Bank of Ghana plays the regulatory role in the payment industry whiles the banks receive payment for payment systems (Bank of Ghana, 2012). The service providers on the other hand are the firms that develop, rollout and provide the needed infrastructure for electronic payment systems. The consuming firms are the organization that adopt and use the payment systems in the business transaction and also serves as intermediaries between the service providers and the general public that use the payment system.

Firms become popular, visible and closer, and also deepened their transactional interaction with their suppliers and customers through electronic commerce development (Boateng et al., 2011). Firms who adopt and use electronic payment systems enjoy benefits which includes optimize and shorten cash lifecycle, reduction in operational, logistics and infrastructure cost, security enhancement and most importantly increase in revenue. Nevertheless, their customers tend to be satisfied in their dealings with the firm in terms of product or service delivery (World Payment Organization, 2011).

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