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However, security, trust and convenience be among the major contending factors modify the credence of e- salary constitutions in Nigeria. This paper presents issues on the factors necessary to facilitate the development of PEPS Niger a and devise ways to enhance its adoption by personars. Key speech electronic stipend organisation, e-money, and e- retribution, Internet. 1. Introduction The worldwide proliferation of the Internet has direct to the impertinent-make birth of electronic stipend transcription a compensation service solution-softw atomic number 18 that enables pecuniary comfort to be channelizered digit eachy.Today, electronic fee carcass s flourishing collectable to the openness, speed, anonymity, digitization, and global accessibility characteristics of the Internet 1 2, which has facilitated real-time allowance transactions and the r business activities. In this paper, we considered whatever captious examinations on the living requital structure in Nigeria. AY so reviewed, was different related literatures on e- pay brass, and information from look reports. T chemical diarys, newspapers, and magazines were the likewise examined.. 2.A Brief Review of the oecumenic earnings System in Nigeria In a terra firma like Nigeria, where al well up-nigh eighty percent of TTS population rely on sensible cash rather than electronic pay, it is non so simple vertical for slew and employers of labor, to consider and decide on the basis of cost and return of using e- retribution agreements 2. In the course of preparing this research, we had the opportunity of visiting few/ distant places to find out the perception of the people round electronic money. It was sight that most people name no common knowledge about the Internet, let alone the existence of e-payments.People ar quite far from all the CIT developments take Eng place in banking. What people know about banking is the use of physical cash for opposite and payment , but non electronic payments. The brisk structure of the Nigerian payment agreement is fully based on traditional payment instruments of cash and cheeses 18. Even for large- shelter payments, like sale and bribe of land and building, people prefer physical cash rather than receiving nearly(prenominal) other form of payment. This besides applies to the general popular Zion. In businesses, people prefer using cheeses and drafts.Thus, Apex Bank (Central Bank of Nigeria CAB) operates a glade house, with many nedeucerk centers for performing queue change throughout the country. The modify house renders revives to the member banks and financial institutions only. Generally, all the banks and financial institutions are members of the clearing house. 2. 1 Electronic allowance Initiative in Nigeria Electronic Payment initiative began recently in Nigeria. Not all the banks and FL uncial institutions are bankrupticipating in the e-payment system 11. Although to date, most of th e commercial I banks stimulate engaged in providing some form of e-banking services.It is to be noted that not all of these institutions extend their e- banking facilities to their entire branch ne 2rk. The e- payment services are mostly provided in the capital city ND some bigger cities nationwide. As mentioned, the e-payment facilities available in Nigeria are Automated Teller elevator car (ATM) service, debit card, credit card, mobile banking and Internet banking 5. Intertwines Nigeria Ltd provides the switching and solvent facilities for trans actions performed on ATM and transact Nigh. Ltd provides mobile e-payment solutions switching and service provider.Banks purchased their software from different vendors to provide all these services to their customers. Authenticity, inter-operability, validity and confidence solely matter on the supplier of hat software 3. However, the important bank of Nigeria and the supervisory authority of the Nigerian financial system, has thus i nitiated steps towards the regulation of electronic payment cyst ms in Nigeria 2. Electronic payment system has also experienced a lot of setback in recent years collectable to limited availability of ATM services 5.These machines are only made available to few bank branches and clients, while the acquire for the card is higher than the services provided. Infrastructure and Information Technology (IT) constraints also contributed to some of the setbacks experienced (such as gig cost of internet connectivity, naught challenges, banks not fully automated, banks not ready for electronic payment services, and contentedness of people with the actual system because of lack of awareness on the do good of the new technology 11. CICS. Reapers/locals-9-2-1-462-467. Dif Facilitating the adoption of e-payment systems theoretical constructs and empirical analysis put down Information Title analysis Author(s) Gives azans, (Middle East Technical University, Ankara, Turkey), Guyana Binaural, (Brunet University, Submerged, I-J), Ray Hackney, (Brunet University, Submerged, I-J) credit rating Gives azans, Guyana Binaural, Ray Hackney, (2010) Facilitating the adoption of e- payment systems theoretical constructs and empirical analysis, Journal of Enterprise Information Management, Volvo. 23 Sis 3, up. 05 325 Keywords Electronic commerce, Payments, Risk, Trust phrase causa Research paper DOE 10. 1108/17410391011036085 (Permanent URL) Publisher Emerald Group issue Limited Abstract Purpose The emergence of online transactions, enabled through internet media, has led to an increase in the availability of electronic payment (e-payment) systems. This research aims to investigate, through theoretical constructs (technology acceptance model, theory of intellectualed action) and an empirical analysis, the hypercritical factors that may ensure consumer adoption of these facilities.Design/methodology/ approach This research study principally uses the deductive approach to consider secondary sources and primary data, where hypotheses postulate a bun in the oven been true in order to demonstrate the findings. An initial literature review revealed half dozen issues that are considered critical for e-payment considerations. An anonymous and self- administered survey based on the research model was developed and e-mailed to he respondents. A total of 1 55 questionnaires were coded and analyses using SAPS to analyses the hypotheses.Advances in information technology and changes in laws, institutions and regulations in some countries have encouraged the emergence of new payment instruments as easy as the delivery and processing arrangements for small and large value, time critical payments. With e commerce now in the mainstream of economic activities, we gouge and so deport more major changes in the payment systems worldwide in the next atomic number 23 years than we have in the closing five decades. Obviously, the e Philippines bottom of the in ningnot escape from this sea change.This paper discusses key operational concepts obscure in a payment system and describes the emerging payment systems in alter countries. This gives developing countries, like the Philippines, a catch of the presumable ontogeny of their payment systems in the next few years as they compound the desegregation of their economies with the rest of the world. The paper gives a detailed description of the active payment system in the Philippines and disc uses innovations in payments media, especially noncoms payment instruments, and facilities for the clearing and settlement of payments.Areas for improving the dexterity and reducing risks in existing payment system have been identified. Developments in the payment system have implications for the conduct of fiscal policy. The second to the last share of this paper, therefore, deals with this issue. In particular, it discusses item payment system innovations, such as the switch to ARTS system m and use of electronic payments media, that can enhance or weakened the effectiveness of traditional monetary tools. The last section presents some recommendations.Key words payment system electronic payment system credit depute debit transfer electronic money transmission mechanism feudal lord queue clearing. President, Philippine Institute for Development Studies (PITS). The author wishes to thank Dry. vaccine Aldens, Jar. , member of the Monetary Board, and Mr.. Francisco P. Yap, Jar. , President of the Philippine Clearing House Corporation, for their perceptive comments on the first draft of this paper. Thanks are also due to Mr.. Gill Olivarez Lime, Mr.. Francis vela, Mr.. Jerome A. Archangel, Mr.. Alton Offering, Ms. Carlisle Scintilla, and Mr..Joel A. Ramose for sharing their insights on how the payment system in the Philippines operates. The author s grateful to Ms. Sharon Theta Vital, Ms. Merle Galvan and Ms. Juanita Deletion for their excellent helper in preparing t his paper. The usual disclaimer applies. 2 INTRODUCTION It is commonly cognize that a countrys infrastructure system determines to a large extent the susceptibility of the economy. In a modern economy, the payment system I s a major component of the countrys infrastructure system. Indeed, no country right away can afford to take its payment system for granted.Firms pay take to their employees and purchase raw materials from their suppliers. In turn, they receive payments for the sale of their rodents and services. Consumers make payment transactions several times in a day. Needless to say, value is transferred among participants in the economy every minute of the day, and it increases as the economy grows. The country s payment system, therefore, must be economic so that property can quickly move among market participants for productive use, thereby promoting more activities in the economy. According to Humphrey et al. 2000), the resource cost of a nations payment sys tem can account for 3 percent of its GAP. Modernizing a countrys payment system can for sure reduce that resource cost. Thus, while the country continues to spend on roads, bridges, power supply, etc. , it must not neglect to invest in its payment system m to make split the efficiency of economy, in general, and the financial system, in particular. Through the years, payment systems have considerably changed as forms of payment have evolved from precious metals to currency and checks and recently to electro ionic payments.These changes have been made because of the need to facilitate voluminous transactions occurring in rapidly ontogeny and increasingly more sophisticated economies. Customers naturally seek the most efficient payment teeth, while providers of payment services normally seek the most profitable payments system. Advances in information technology and changes in laws, institutions and regulations in some countries have encouraged the emergence of new payment instruments as well as the delivery and processing arrangements for small and large value, time critical payments.With commerce now in the mainstream of economic activities, we can therefore expect more 3 major changes in the payment systems worldwide in the next five years than we have I n the last five decades. Obviously, the Philippines cannot escape from this sea change. Developments in the payment system have implications for the conduct of monetary policy. Well work financial markets can improve the effectiveness of Indore CT instruments of monetary policy because it is through these markets that the signal of monetary policy is transmitted to the intermediate and ultimate targets of the policy Monsoons et al. 998). The effective functioning of the financial market is, in turn, affected by the extent of the efficiency of the countrys payment system. Also, rapid innovations taking place in the countrys payment system can unpredictably alter the emend for and supply of money, thereby affectin g the effectiveness of convene national monetary tools. Monetary authorities, therefore, cannot afford to be indifferent to the rapid innovations taking place in the payment system.A countrys payment system, no matter how advanced and sophisticated, is not immune to risks. One part y in a payment transaction may not be able to receive or use the bills at a time when she needs them for another transaction for one reason or another (e. G. , fraud, bank closure, clearing and settlement failures, etc). More importantly, failure of one par captain to settle one large payment transaction could quickly spread to other transactions and institutions involved in the payment system, causing disruptions to the entire payment system.Systemic failure of the payment system can inevitably undermine t he effectiveness of monetary policy and adversely affect the real sector of the economy. The monetary authorities, therefore, have great interest in promoting efficient and sound payment system and i n seeking ways to minimize systemic risk in the payment system because it has important implications for the conduct of monetary policy, the soundness of the uncial institutions and the functioning of the economy as a whole (Baling et al. 996). Recently, the Committee on Payment and Settlement Systems (CAP AS) of the Bank for International Settlements (IBIS) has developed affection principles for consistently 4 important payment systems (see Table 1 These are certainly relevant to emerging market and transition economies especially since they are in the process s of improving their payment systems in order to better handle the growing payment flows within and across their borders.The development of these core principles clearly demonstrates he amount of attention currently given by developed as well as develop ins economies in modernizing payment system in light of increasing financial market integration worldwide. This paper in general attempts to assess the efficiency of the exis ting payment system in the Philippines and its implications for the conduct of MO notary policy. Section II discusses key operational concepts involved in a payment system. This provides a general background to the issues discussed in the subsequent sections.Section II discusses emerging payment systems in industrialized countries. Modern payment systems have evolved in industrialized countries and rapidly spread to developing countries, especially to those that have already good liberalized their financial markets. This evolution has continued in response to the growing v illume and complexity of the transactions and as new technologies emerge. Thus, the emerging payment systems in industrialized countries provide developing countries, like the Philippines, a preview of the likely evolution of their payment systems.Socio n IV describes and makes an assessment of the existing payment system in the Philippines. Section V assesses the implications of the existing and likely evolution of the countrys payment system for the implementation of monetary policy. The last section presents some recommendations. The IBIS is an international organization, which fosters cooperation among central banks and other agencies in pursuit of monetary and financial sat ability and serves as the central bank of central banks.Its head office is in Basel, Switzerland and its representative office for Asia and the Pacific is in Hong Kong. 5 Economic transactions involve the rangers of goods and services and the corresponding transfer of value . As illustrated in Figure 1 , these transfers flow in opposite direction. A pa Yemen system, which is indicated in the lower part of is a method of transferring value between buyers (payers) and sellers (payees). In reality, a payment system is much more complex than what is suggested in the figure above. 1998) provides the following broad description of a payment system A payment system encompasses a set of instruments and means generally acce ptable in reservation payments the institutional and organizational framework overdoing such payments (including prudential regulation) and the operating procedures and communication theory network used to initiate and transmit payment information from payer to payee and to settle payments. This section discusses the functions, types of risks and payment instruments in a payment system.A. Functions of a Payment System Any payment transaction has essentially two parts the flow of information providing payment book of instructions and the flow of currency . Both flows may have different timing and direction. Each payment trans action requires some form of payment instrument o have the information about the transactions, which may include the face value of the payment, the indistinguishability of the parties (I. E. , the payer and the payee) and their intermediaries, the transaction date, ND the value or settlement date.Regardless of the type of payment instrument used to effect payment, the payment systems functions of clearing and settlement occur. Clearing is the process of transmitting, reconciling and in some cases confirming Payne NT orders or security transfer instructions prior to settlement, possibly including netting of instructions and the establishment of final positions for settlement. This will be clarified further below. 6 Settlement is the act of transferring good and final funds between two parties.A Payne NT is settled with finality when the payer can no longer empty the transfer of funds to the payee and the funds have been delivered unconditionally to the payee. This is the ultimate quarry of a payment system. B. Various Types of Risk in a Payment S http//drips. Pits. Gob. PH/iris/PDF/peptidases. PDF Retail Electronic Payments Systems for Va lee Transfers in the Developing World Bill Manure Department of Anthropology University of California, Irvine emailprotected Deed compute in Progress This is a draft concept paper.You are get to cite or quote, but please do not do so without the authors perm session. Comments welcome. Summary A new payments space has emerged in the past five to ten years that promises to bring access to funds transfer, banking and financial SE revives to millions of unbaked people in developing countries and in the diasporas that remit funds to them. This payments space is characterized by the I innovative use of new information and communications technologies. This paper summarizes the expel irenic to date of us chi new electronic payments systems.