Electronic Payment Mechanism Developments & implementation in Pakistan.

Abstract

notes and coins. Electronic payment developments in the world gave rise to a new field in the financial industry i.e. e- finance. That is rapid information technology developments and good information and communications technology infrastructure in the developed countries forced financial institutions and customers all over the world to enter the world of electronic finance. Developing nations where low Internet bandwidth, week information and communications technology infrastructure and scarce awareness of the electronic facility to financial services are big question marks, future of the electronic financial industry is prone to many risks. Recent encouraging trends in the adoption of the electronic means of payment in developing countries although show a good sign but the usage of electronic payment is no more than credit and debit card transactions. The study reveals that the risk associated with the electronic payment mechanism is also due to the lack of regulatory framework for electronic financial transactions and the role of respective governments of each country. In Pakistan electronic payment mechanism KAMRAN KHALID MBA2K1-175 MBA Final Thesis 7 developments and implementation are not more than debit and credit card transactions at the consumer end.