La Topic: Cyberpayment Methods

Payment is an essential part of any business transaction. E-commerce urged the development of e-payment systems. Scholars talk about creating a cyber-payment infrastructure to facilitate e-commerce transactions. Yet, such infrastructure has not grown as fast as e-commerce itself. Even though two cyber-payment methods have evolved - smart cards and Internet-based systems or e-cash-, conventional credit and debit card payments have been used by e-customers. People prefer traditional methods of payment and this may be reason for the slow development of a cyber-payment infrastructure. Latin America and Africa are the regions with the lowest e-payment processing- 5%. Some of the reasons for the low use of e-payment systems in Latin America are, low Internet penetration due to high costs; computer illiteracy; and privacy and security reasons, among others. The United Nations and other International Organizations are monitoring the development of cyber-payment systems in Latin America to avoid money laundering and other criminal activities. Europe is the region reporting the highest e-payment processing- 44% of the total worldwide e-payment processing, - followed by Asia/Pacific with 27%, and North America with 24%. Following there is a brief explanation of the two most popular e-payment methods and an example of a method used by a Latin American country.

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