The foremost secured and fruitful online transaction was made in 1994, which was started by Internet Shopping and NetMarket. According to Bangladesh Bank, “a country’s payment system is the channel through which the Central Bank passes financial transaction part of its monetary policy.”
Well-working payment frameworks guarantee the prolific and protected performance of financial approach operations and promote the continuous and uniform transmission of money related urges. With the assistance of information technology, the electronic web business has brought on the existing dissemination domain noteworthy change step by step.
Electronic pay is a payment structure or is a process for paying for products or services electronically, rather than employing money or check as a part of the individual. It is likewise particularly common with the term “online payment.” Online pay framework has turned out to be progressively prevalent because of the across the board utilization of web-based buying and trading. The internet is in charge of consistently $10 trillion in the yearly transaction just in the USA.
There are bunches of reasons that individuals are getting to be enthusiasm for online payment, for example, effective time saving, costs control, decrease the risk of loss and burglary, low charging, easy to use, worthwhile and so on.
Eastern Bank Ltd and The Daily Star composed a roundtable dialogue titled, “Electronic Payment System in Bangladesh: Pros and Cons” where Ali reza Iftekhar, CEO, Eastern Bank Ltd, said, “there are many positive things happening in last couple of years but there are also some challenges that need to be discussed, fine tuned and resolved to develop the electronic payment system.”
He also added a list of those challenges for example, probable cyber crime, money laundering, perception of people, initial high cost of access, security of transaction, lack of skill and knowledge, minimizing cash based transaction. Alternate cons of online transaction incorporate limitations, the issue of exchanging cash between various payment frameworks, the need obscurity and the lack of internet access.
Payment safety is a decisive part of information security for individual or association included in online payment and exchange. Frequently we see news features detailing the breach of an organization’s system. Adjacent to this, hackers are making this matter all the most exceedingly terrible. As of late, Bangladesh Bank authority’s PC was hacked to take out $81 million.
Now a day people are making the online transaction, but they are always in the risk of abuse, theft, and other problems. It can become more familiar if concerned authority at least can reduce the uncertainty.