Advantages And Disadvantages Of E-Payment In Nigeria

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Trade generally involves the exchange of goods and services for corresponding abstract value like money. [1] Money is been used as an abstract way to represent value and a system for making payments. Development brought about new abstract ways to represent value, [2] this progressive trend started from the barter through bank notes, payment order, cheques and later on credit cards which climaxed to the electronic payment system. A payment system is one used for the transfer of money. The emergence of computers and information systems brought about other alternate electronic payment systems such as debit cards, credit cards, Internet banking and e-commerce payments.
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• Various risks associated with carrying huge sum of money, such as threat from armed robbers, fraud, thefts and others.
• Improves the quality of financial reporting system in the public sector.
• Realization of an economy with a more efficient financial transaction system by government. Types Of e-Payment
Dankwambo [3] identified that there are two types of e-Payment in the Nigerian context, which includes:
1.End-to-End Processing 
Here, all the processes from approvals to the receipt of 
value by the beneficiary are completed electronically. 

2.Manual e-Payment or use of Mandate. 
It is the combination of manual and electronic process where the infrastructures present cannot support the End-to-End processing. 
The glitches militating against e-Payment as registered by Sumanjeet [4] mostly rotate around.
• Integrity: to determine that transmitted financial 
information is unaltered in transit. 

• Non-repudiation: to determine that each party has a non- 
deniable evidence of receipt. 

• Confidentially: to ascertain that transactions are 
safeguarded from potential

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