Adoption of e-Payment Systems: A Review of Literature

Abstract

E-payment system is increasingly becoming a daring means of payments in today's business world. This is due to its efficiency, convenience and timeliness. It is a payment system that is continuously being embraced and adopted in the financial system of both developed and developing countries with a view to simplify and ease payments in business transactions. As a result, many studies were conducted around the globe by scholars on e-payment adoption. It is based on this that this research paper looks at the available past literature on e-payment adoption across the world, with a view to highlight the scope, methodology and Information System (IS) models used by previous researchers so as to identify research gaps and recommend such for future studies. The study employed an extensive literature search on e-payment adoption with the aid of Google Scholar for those recent studies between the years 2010-2015. To facilitate the understanding of the issue under study, previous studies were analysed based on scope-geographical location of the study, theories/models adopted and methodology used. Finally, the paper has identified the patterns of previous researches with regards to these three items and further highlights and recommends key areas in which future research should delve on.

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Adoption of e-Payment Systems: A Review of Literature
Mohammad Auwal Kabir*, Siti Zabedah Saidin, Aidi Ahmi
School of Accountancy, Universiti Utara Malaysia
Abstract: E-payment system is increasingly becoming a daring means of payments in today’s business world. This
is due to its efficiency, convenience and timeliness. It is a payment system that is continuously being embraced
and adopted in the financial system of both developed and developing countries with a view to simplify and ease
payments in business transactions. As a result, many studies were conducted around the globe by scholars on e-
payment adoption. It is based on this that this research paper looks at the available past literature on e-payment
adoption across the world, with a view to highlight the scope, methodology and Information System (IS) models
used by previous researchers so as to identify research gaps and recommend such for future studies. The study
employed an extensive literature search on e-payment adoption with the aid of Google Scholar for those recent
studies between the years 2010-2015. To facilitate the understanding of the issue under study, previous studies
were analysed based on scope-geographical location of the study, theories/models adopted and methodology
used. Finally, the paper has identified the patterns of previous researches with regards to these three items and
further highlights and recommends key areas in which future research should delve on.
Keywords: E-Payment, E-Commerce, Cashless Economy
1. INTRODUCTION
The emergence of Information and Communication
Technology (ICT) had completely changed the lives
and operations of individuals and organizations
respectively. ICT and Digital technologies had made
great evolutionary development in finance,
economics, operational costs (Slozko & Pello, 2015)
and enhanced organizational performance (Ali,
2010). The era of ICT and digital innovations has
come along with a dynamic change in the world
business environment, whereby business
transactions are constantly shifting from cash-based
transactions to electronic-based ones (Mohamad,
Haroon, & Najiran, 2009). Also, the global
proliferation of the internet and its rapid use over
the years had contributed much in facilitating
electronic commerce in global business environment
(Fernandes, 2013).
Consequently, as transactions among business
partners continue to proffer on the e-commerce
platform, an electronic payment solution emerged
to replace the former cash-based payment systems
(Dennis, 2004). The advent of this development in
the global business environment challenged most
organizations to automatically switch from the
conventional paper-based money transactions to an
electronic payment system which is widely known as
the e-payment system. Generally, electronic
payment can be defined as a platform used in
making payments for goods/services purchased
online through the use of internet (Roy & Sinha,
2014).
Subsequently, with the introduction of e-payment
system, the world payment system turned out to
align with the current trend of cashless transactions
among individuals, businesses and governments
(Odi & Richard, 2013). As a result of this, the world
payments system is gradually changing from coins
and paper based money to electronic forms that
provide more convenient, fast and secured process
of making payments among individual and
organizations (Premchand & Choudhry, 2015).
Similarly, the global annual non-cash transactions
being facilitated by e-payment and mobile payment
(m-payment) had been on the increase over the
years, except for 2012 where it decelerates from an
annual growth rate of 8.6% in 2011 down to 7.7% in
2012 (World Payment Report, 2014).

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E-payment systems are important mechanisms used
by individual and organizations as a secured and
convenient way of making payments over the
internet and at the same time a gateway to
technological advancement in the field of world
economy (Slozko & Pello, 2015). In addition, it has
also become the major facilitating engine in e-
commerce through which electronic business
success relied upon. Electronic payment system had
also brought about efficiency, fraud reduction and
innovativeness in the world payment system
(Oladeji, 2014).
Furthermore, e-payment system tends to bring
many electronic modes of payments through which
financial institutions offer different e-payment
opportunities and services to their customers such
as the credit cards, debit cards, on-line banking and
mobile banking (Premchand & Choudhry, 2015). As a
result, the adoption of e-payment technology is ever
increasing in today’s business environment
(Balogun, 2012) and public sector establishments
(Kaliannan & Awang, 2010; Hussein, Mohamed,
Ahlan, & Mahmud 2010; Gil-Garcia & Luna-Reyes,
2003). However, despite all these benefits
associated with e-payment, adequate ICT know-how
among users and fear of security breach remain the
most concern of individuals, organizations and
experts in the field of information system (Khairun &
Yasmin, 2010).
However, much empirical studies had been
conducted on e-payment systems with the aim of
investigating factors that influence its use and
adoption. In view of this, this aim of this paper is to
review the findings from such previous studies and
to suggest directions for further research in that
field.
The main sections of the paper will discuss the
various definitions of e-payment, types, and its brief
historical development. Last sections of this paper
provides an analysis of various empirical studies
conducted on e-payment adoption around the globe
based on critical issues ranging from methods used,
adapted models, and scope with a view to
recommend areas that need further research.
2. E-PAYMENT SYSTEM
2.1. Definition of E-Payment
In the last two decades, electronic payment systems
(EPS) have attracted much attention from
researchers and information system designers due
to their vital role in modern electronic commerce.
This led to wide and in-depth researches that
produced different perspectives on e-payment
definitions among others. These definitions were
mainly viewed from different perspectives ranging
from scholars in the field of accounting and finance,
business technology to those in information
systems. For instance, Dennis (2004) defines e-
payment system as a form of financial commitment
that involves the buyer and the seller facilitated via
the use of electronic communications. Also, Briggs
and Brooks (2011) sees e-payment as a form of
inter-connections between organizations and
individuals aided by banks and inter-switch houses
that enables monetary exchange electronically.
In another perspective, Peter and Babatunde (2012)
viewed e-payment system as any form of fund
transfer via the internet. Similarly, according to
Adeoti and Osotimehin (2012), electronic payment
system refers to an electronic means of making
payments for goods and services procured online or
in supermarkets and shopping malls. Another
definition suggests that e-payment systems are
payments made in electronic commerce
environment in the form of money exchange
through electronic means (Kaur & Pathak, 2015).
Furthermore, Kalakota and Whinston (1997), sees
electronic payment as a financial exchange that
takes place online between the seller and the buyer.
Moreover, Humphrey and Hancock (1997) are in the
opinion that electronic payments refer to cash and
associated transactions implemented using
electronic means. E-payment is also defined as
payment by electronic transfer of credit card details,
direct credit or other electronic means other than
payment by cheque and cash (Agimo, 2004).
Antwi, Hamza, and Bavoh (2015) defined e-payment
as a payer’s transfer of a monetary claim on a party
acceptable to the beneficially. Lin and Nguyen
(2001) define e-payment as payments made via the
automated clearing house, commercial card systems
and electronic transfers. Shon and Swatman (1998)
define e-payment as any exchange of funds initiated
via an electronic communication channel. Gans and
Scheelings (1999) define e-payment as payments
made through electronic signals linked directly to
deposit or credit accounts. Hord (2005) also sees e-
payment as any kind of non-cash payment that does
not involve a paper cheque.
Also, Teoh, Chong, Lin, and Chua (2013) viewed e-
payment as any transfer of an electronic value of
payment from a payer to payee through an e-
payment channel that allows customers to remotely

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access and manage their bank accounts and
transactions over an electronic network. In a
nutshell, going by the above definitions, e-payment
system can simply be defined as a collection of
components and processes that enables two or
more parties to transact and exchange monetary
value via electronic means.
2.2. Brief Historical Development of e-Payment
System
The history of e-payment can be traced back to 1918
the time when currency was first moved in United
States (U.S) by the Federal Reserve Bank with aid
of telegraph. However, that technology has not
been widely used in US until the time when their
Automated Clearing House (ACH) was incorporated
in 1972. Since from that time, the electronic
currency became widespread. This enabled U.S
commercial banks and its central treasury with an
alternative to cheque payment (Graham, 2003).
Credit card industry can also be traced to 1914
when department stores, oil companies, western
Union and hotels start issuing cards to their
customers to enable them to pay for goods and
services. After about 40 years of credit card
evolution, there have been increasing numbers of
credit cards usage as they have become more
acceptable by people as a medium of payment
especially in transportation. Initially, credit cards
were all paper-based payments, until in the 1990s
when such cards were transformed to electronic
completely. Due to the increasing number of credit
cards usage, the industry has grown rapidly which
lead to the introduction of a debit card too. Debit
and credit cards are now used in transactions
payments for all types of purchases and or services
rendered all over the world (Mohamad et al. 2009).
2.3 Types of E-payment Services
Generally, there are quite a number of e-payments
services that have been developed within the
payment system around the globe. These include
electronic cheques, e-cash, credit cards and
electronic fund transfers (Ken & Will, 2002).
According to Hsiao-Cheng, Kuo-Hua and Pei-Jen
(2002), there are four major categories of electronic
payment systems: online credit card payment,
electronic cash, electronic cheques and small
payments. They further stressed that each of these
systems has its own advantages and disadvantages.
They further stressed that each type could be
assessed through these four distinct qualities viz:
Technological aspect, Economic aspect, Social
aspect and Institutional and law aspects.
3. RESEARCH METHODOLOGY
To determine the current state of research on e-
payment systems and their future directions, the
study employs a meta-analysis technique of
research. In statistics, meta-analysis refers to
statistical analysis of large collection of analysed
results from individual studies with the aim of
integrating such findings (Glass, 1976). In other
words, meta-analysis simply means analysis of
analyses. As such, this study provides an extensive
literature review search conducted with Google
Scholar search engine in the month of May 2015 for
those researches that were carried out on e-
payment adoption between the years 2010-2015.
The use of Google scholar is justified due to its
accuracy, high performance in precision and
comprehensiveness in providing measure for journal
impact (Walters, 2009; Harzing & Van Der Wal 2009;
Meho & Yang 2007; & Walters, 2007).
The key words used for the search were as follows:
[intitle:“electronic payment” adoption], [intitle:“e-
payment” adoption], [intitle:“e payment” adoption
and [intitle:“epayment” adoption”. Accordingly, the
search produced a total number of 188 academic
research papers. Out of this number, 51 of them
were empirical. For the purpose of this study, these
51 empirical papers were reviewed on the criteria
that they were explicitly on factors that influence e-
payment adoption. In the first place, the review was
to establish relevant articles that were published in
different academic journals and conference
proceedings across the globe pertaining to e-
payment adoption and secondly, to analyse and
discuss previous researches with regards to the
scope-geographical location of study, methodology
used, and IS models that were adapted. This is done
with a view to analyse and integrate the previous
researches so as to identify research gaps that will
call for future research.
4. ANALYSIS OF RESULTS
As mentioned earlier, all the previous researches
that were reviewed for the purpose of this study
were empirical that addressed issues on e-payment
adoption in different parts of the world. Our analysis
is based on the onset research guiding principles.
These include the scope, methodology and adapted
IS models. In the first place, Table 1 below shows the
analysis of all the 98 papers based on conceptual
and empirical and other approach. For the purpose

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of this research work, only empirical papers were
considered. Though, papers categorized as others
are empirical in nature, but they are mostly
students’ theses and dissertations and therefore
excluded for analysis. The scope of the study is
focusing on published research articles in journal
and conference proceedings.
Table 1. Publications by empirical/conceptual approach
Approach
Number of Papers
Conceptual Papers
130
Empirical Papers
51
Others
7
Total
188
4.1 Analysis for the Scope-demographic
Researches on e-payment system adoption had
been studied across the globe both in developed
and the developing countries. At a glance, the
analysis of these studies that was based on country
location provides an understanding on the state of
affairs of e-payment system adoption in different
parts of the world. Many studies such as Alawiye-
Adams and Afolabi, (2013), Fenuga and Kolade,
(2010) Gholami, Ogun, Koh, and (2010); Ifinedo,
(2012); Nwaolisa and Kasie, (2011) Ogunleye,
Adewale, and Alese (2012) Ebiringa, (2010)
Oyewole, El-Maude, Abba, and Onuh (2011) Briggs
and Brooks, (2011), Haruna, (2012), Senyo, (2013),
Antwi, Hamza, and Bavoh, (2015), Kagu, (2014),
Ngereza, and Iravo, (2013), Nzaro, (2014), Kavu,
Rupere, Nyambo, and Hapanyengwi, (2013) and
Samui, (2014) were all conducted in African
countries.
Most of these researches from the African countries
focused on user acceptability of e-payment system
except for Antwi et al. (2014) that investigate on its
effectiveness and Nzaro, (2014) and Kavu (2013) on
the role of e-payment system in financial institutions
and Small and Medium Enterprises respectively. This
clearly shows that e-payment system is an emerging
issue in developing countries and need to be studied
extensively. As such, there is need for further
research on how government, financial institutions
and other stakeholders in electronic payment
services can influence people to use and adopt e-
payment platforms in transaction payments and
other payment services. Similarly, further studies
could look into payment cultures, demographic and
lifestyle characteristics, readiness of consumers to
use electronic banking and the use Point of Sale
(POS) in transactions payments (Dahlberg, Mallat,
Ondrus & Zmijewska, 2007).
In addition, other studies reviewed include those
that were carried out in Asian countries. These
consist of Ming-Yen Teoh, Choy Chong, and Wei
Chua, (2013), Harris, Guru, and Avvari (2011),
Muhayiddin, Ahmed, and Ismail, (2011), Bin
Muhayiddin, Elsadiq and Ismail, (2011), ; Bin
Muhayiddin, Elsadiq, and Yeow, (2011), Bapat,
(2012), Roy and Sinha, (2014), Dehbini, Birjandi, and
Birjandi, (2015), Dhevika, and Latasri, (2011),
Cheraghi, Nazari and Mahmoodi (2015), Tani,
(2015), Huang, and Chen, (2011), Kim, Tao, Shin, and
Kim 2010; Lin and Nguyen, (2011), Chavosh, Halimi,
and Espahbodi, (2011), Hsieh, Yang, Yang, and Yang
(2013), Jeon and Ha, (2010), Zahari, Ariffin, Noriza,
and Zamin (2014) and Chin, and Ahmad, (2015). All
the studies in these countries, contrary to
developing countries in Africa, focused more on
users’ perception on e-payment systems platforms
as well as users’ satisfaction with e-payment
systems services. Only few studies were found on
users’ acceptability. These include Roy and Sinha,
(2014) and Muhayiddin et al. (2011) on customers’
acceptance of electronic payment system among
bank customers in India and the acceptance of
electronic dinar payment system in Malaysia
respectively. This indicates that e-payment systems
are widely adopted and being used in Asian
countries much more than in Middle East and
African countries. This assertion is further supported
by the 2014 World Payment Report as it revealed
that combined Asian countries records 33.9 per cent
as compared to that of Central Europe, Middle East
and African with 23.8 per cent (World Payment
Report, 2014).
Similarly, other researches that were conducted in
Middle East countries among others include
Keramati, Hadjiha, Taeb, and Mojir, (2012), Alinejadi,
Arbab and Mehrabi, (2013), Cheraghi, Mahmoodi
and Nazari, (2015), AL-Adwan, AL-Zyood and Ishfaq,
(2013), Hamed, and Bether, (2012), Shiva, Ebrahimi,
and Ghazizadeh (2012), Hanzaee, and Alinejad,
(2012), Trivedi, and Mago, (2013) and Mourad and
Sherif, (2015). E-payment systems adoption studies
in this part of the world are closely related to the
ones in African countries on one part and similar to
that of Asia on the other part. One of the
outstanding characteristics of such past studies in
Middle East is that they tried to evaluate the e-
payment system and its effects in organizations. This
can be found from the works of Shiva et al. (2012)
and Alinejadi et al. (2013) in Iran, and AL-Adwan et
al. (2013) in Saudi Arabia.
On the other hand, only few studies were found in
the developed countries such as the U.S and Europe.

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These studies include Mann, (2011), Gallardo,
Olanie, Ordóñezc and Ostrom, (2015), Oti, and
Kamga, (2015), Masino and NiñoZarazúa, (2014),
Cheraghi, Mahmoodi, and Nazari, (2015) and Ellison,
Williams and Whyley, (2012). Most of these studies
dwelled much on the impact of e-payment systems
in the business environment and beyond. E-payment
systems technology in these countries were adopted
for long and in used in almost all aspects of payment
services.
Table 2. Publications by Place of Study
Continent
Number of Papers
Africa
19
Asia
20
Middle East
7
Europe and America
5
Total
51
In a nutshell, looking at Table 2 above, it shows that
almost 50% of the empirical studies on e-payment
adoption were carried out in African countries. Also,
the number of studies in Asia is close to that of
Africa. However, Europe and American countries
had fewer studies which could be as a result of their
advancement in technology adoption far away from
the less developed countries.
4.2 Analysis for the Methodology
The methodology used in any research work is very
important as it provides bedrock for research
studies. In the first place, the research designs used
in all the reviewed studies have something in
common as most of the studies employed survey
research design.
Table 3 reveals that out of the 38 empirical studies,
34 used survey research designs and the remaining
4 were exploratory. This clearly shows that much of
the empirical studies conducted on e-payment use
survey method. In view of this, therefore, it will be
of great value for future researchers to adopt other
methods with a view to fill in the methodological
gap that currently exists in this area.
Table 3. Analysis of Methods
Method used
Number of Papers
Survey
47
Exploratory
4
Further analysis with regards to methodology, is the
composition of respondents used in previous
researches. Table 4 below presented the analysis on
this particular aspect and affirms that greater part of
respondents used in previous studies among users
of e-payments service are ‘all categories of
individuals’ followed by customers and bank staff.
This further indicates that most of the studies on e-
payment adoption were carried out on the banking
sector. In contrast, only one study had focused on
public sector respondents.
Table 4. Analysis of Respondents
Information Systems Theory
Frequency
Bank customers only
5
Bank Staff only
4
Bank Staff and customers
5
Business Merchants
1
Companies staff
2
Business Merchants and retail
customers
3
IT & Business Professionals
4
Top Executives
1
All categories of individuals
14
Public sector entities and Staff
1
Furthermore, with regards to the methodology,
questionnaire method is the dominant instrument
used in data collection from all the empirical works
so far reviewed. This is evident from Table 5 as it
records more than 50% of the past studies
employed the used of questionnaire. However,
some studies have combined the use of the
questionnaire with other secondary source of data.
In light of this, therefore, future research in this area
would be highly recommended to go for other
methods of data collection. Though, some few
studies such as Ebiringa (2010), Senyo (2013), and
Gallardo et al. (2015) were qualitative in nature,
further qualitative studies would enhance and bring
out hidden issues with regards to some matters
especially with regards to customers’ perception on
e-payment usage.
Table 5. Analysis of Data Collection Instruments
Continent
Number of Papers
Questionnaire
30
Interview
6
Questionnaire and Interview
6
Observation
1
Others
8
4.3 Analysis of Adapted Information System (IS)
Model
The use of underpinning theory in research cannot
be overemphasized as its gives the groundwork on
which a particular research is laid upon. Therefore, it
is equally important to use theories in IS research.
There are many theories that are widely used in
Information Systems (IS) research which are also
referred to as IS models. It is in line with this that
this study tries to critically analysing the frequency
of such models being used in e-payment adoption
studies. The result of the analysis presented on
Table 6 revealed that among those that adapted
Information Systems model, the most frequently

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used in determining e-payment adoption were the
Technology Acceptance Model (TAM) and Unified
Theory of Acceptance and Use of Technology
(UTAUT). These two models have been in use to
explain usage intentions in terms of social influence
and cognitive instrumental processes in technology
acceptance (Davis, Bagozzi & Warshaw 1989) and
user intention of using information systems and
subsequent usage behaviour.
Nevertheless, Dehbini, Birjandi and Birjandi (2015)
are among some few researchers that have used
other models in investigating the factors that
influence the adoption of e-payment system.
However, from the analysis presented below,
majority of past researchers have developed their
own conceptual framework instead of adapting. On
other hand, many others too, did neither. Therefore,
it could be concluded that IS models are less
frequently used in e-payment technology adoption
researches. However, this might be due to lack of
proper knowledge and awareness of these
theories/models by some e-payment researchers in
management sciences other than those in the
Information Systems.
Table 6. Analysis of Adapted Theories
Information Systems Theory
Frequency
Technology Acceptance Model
9
Theory of Planned Behaviour
1
Theory of Reasoned Action
1
Unified Theory of Acceptance and Use
of Technology
5
Diffusion of Innovations Theory
1
Institutional Theory
1
Expectation Confirmation Theory
2
Self-developed Models
11
No Model
20
5. CONCLUSION
As a whole, the study had critically reviewed
previous existing e-payment adoption studies across
the world. The paper had also highlighted and
analysed past researches by giving much emphasis
on three distinct elements in each study. These
include the scope-geographical location of the
study, theories/models used and methodology. One
of the findings of this study was that most of e-
payment adoption studies were carried out in less
developing countries most especially African
countries. Secondly, survey method was the
predominant method used by previous studies to
investigate the adoption of e-payment systems
across the world. Thirdly, banking sector had been in
fore front runners on e-payment adoption studies as
significant number of the past studies used bank
customers and staff as respondents. Furthermore,
the most daring instrument used for data collection
in the past studies was the questionnaire method.
Moreover, it was found that the most frequently
used models in determining e-payment adoption in
the past studies were the Technology Acceptance
Model (TAM) and Unified Theory of Acceptance and
Use of Technology (UTAUT).
Based on our findings, we would like to emphasize
and recommend that future studies should use
other methods other than survey so as to bring new
methods with a view to observe any variations from
the previous researches that might come up.
Similarly, the use of different data collection
instruments such as the structured interview and
observation is highly recommended as they might
yield better results from respondents. Also, with
regards to the industry-focus of the research, a shift
should be made from the banking industry to other
sectors such as the retail merchants and public
sector entities in order to widen the horizon of
research in e-payment adoption studies. Lastly, the
study also recommends the use of established
Information Systems models in IS and technology
related researches so that the needed factors to be
examined would be properly investigated and
addressed.
Finally, the limitation of this study is its limited
capacity to looks on only three aspects: scope,
methodology and models. Therefore, further
researchers expand the scope to cover other aspects
of earlier studies such as by analysing the variable
used. This might give room to analyse and integrate
the variables used with a view to find existing gaps
for further empirical studies on e-payment adoption.
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