A study of significant characteristics of e-payment regime in India

The financial system is the pillar of any economy. Reliability and transparency are two keys behind any financial system of an economy to handle an increasing number of monetary transactions. In India, for a few years, the e-payment system has accelerated growth due to its popularity among citizens. In this article, the first aim is to understand the e-payments, the second aim is to acutely analyse characteristics of e-payment system and final aim is to find the features of the ideal electronic payment system. The article is constructed with exploratory research and secondary data. The data was assembled from books, journals, magazines, websites and other published sources available. This article provides an original comprehension of e-payment system, characteristics of the e-payment system and features of the ideal electronic payment system. The fundamental characteristics of the e-payment system are applicability, ease of use, security, reliability, trust, scalability, convertibility, interoperability, efficiency, anonymity, traceability, and authorisation type. The features of the ideal electronic payment service are reversals, immediate, compliant, final, freely accessible (non-discriminatory), anonymity, transparent and transaction amount neutral.