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Modern technology is turning into an essential element in the financial trade. We focus the emphasis of this review on the research on the E-wallet and online payment, which is an element of an electric payment system, to get the pattern of using this service. This research presents a review of 131 research articles published on electronic payment between 2010 and 2020 that uses a qualitative method of answering the research questions (RQ): RQ1: “What are the major security issues regarding using electronic payments”? and RQ2: “What security properties need to comply for secure electronic payments?” With the systematic literature review approach, the results show that interest in E-wallet and online payment has grown significantly during this period, and it was found that for the increasing uses of electronic payments, researchers are more focused on security issues. The results show that, to conquer the key gaps, electronic payment must have some protection properties, namely, availability, authorization, integrity, non-repudiation, authentication, and confidentiality. Nowadays, security problems in electronic payment are usually more demanding than the present security problems on the web. These findings can enable electric transaction providers to strengthen their security methods by boosting their security gaps, as required for relevant services.
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symmetry
S
S
Review
A Review on Electronic Payments Security
Md Arif Hassan, Zarina Shukur, Mohammad Kamrul Hasan * and Ahmed Salih Al-Khaleefa
Center for Cyber Security, Faculty of Information Science and Technology, National University Malaysia (UKM),
43600 UKM, Bangi Selangor, Malaysia; p97329@siswa.ukm.edu.my (M.A.H.); zarinashukur@ukm.edu.my (Z.S.);
ahmed.salih89@siswa.ukm.edu.my (A.S.A.-K.)
*Correspondence: mkhasan@ukm.edu.my or hasankamrul@ieee.org; Tel.: +60146318275
Received: 12 May 2020; Accepted: 30 May 2020; Published: 12 August 2020


Abstract:
Modern technology is turning into an essential element in the financial trade. We focus the
emphasis of this review on the research on the E-wallet and online payment, which is an element
of an electric payment system, to get the pattern of using this service. This research presents a
review of 131 research articles published on electronic payment between 2010 and 2020 that uses a
qualitative method of answering the research questions (RQ): RQ1: “What are the major security issues
regarding using electronic payments”? and RQ2: “What security properties need to comply for secure
electronic payments?” With the systematic literature review approach, the results show that interest in
E-wallet and online payment has grown significantly during this period, and it was found that for the
increasing uses of electronic payments, researchers are more focused on security issues. The results
show that, to conquer the key gaps, electronic payment must have some protection properties, namely,
availability, authorization, integrity, non-repudiation, authentication, and confidentiality. Nowadays,
security problems in electronic payment are usually more demanding than the present security
problems on the web. These findings can enable electric transaction providers to strengthen their
security methods by boosting their security gaps, as required for relevant services.
Keywords:
electronic payment; E-wallet; online payment; security properties; impact of
electronic payments
1. Introduction
The electronic payment system has continued to grow more and more over the last years because
of the increasing spread of internet-based banking and shopping. Electronic transfers are money
transactions that take place electronically between consumers and retailers. Millions of users around
the world regularly make various payments via the Internet. These exchange materials are a kind of
electronic monetary instrument. Electronic payment systems have gained tremendous interest over the
last two decades because of the vital role they play in contemporary electronic commerce. According
to the Statista Fintech report, in 2019, the total amount of transactions in the digital payment segment
was estimated at 3,670,864 million euros, and by 2023, it is estimated to increase to 5,921,831 million
euros [
1
]. An electronic payment system is a means of paying through an e-network [
2
], where an
individual may pay for products and services online [
2
,
3
]. There are quite a few e-payment systems that
have been established in the payment sector around the world, and in References [
2
,
4
,
5
], the authors
classified electronic payment systems into various categories, namely e-cash, e-wallet, online payment,
card-based, etc. In this study, we dedicate the focus of the research to the e-wallet and online payment
system that is part of an electronic payment method in order to understand the trend of using this
system. E-wallet is a tool that has actually additionally been acknowledged as a digital wallet [
3
].
E-wallet is a program for computer banking [
6
] that can collect your identity and digital credentials and
oers an electronic or online service that allows an individual to purchase electronically [
7
,
8
]. Payment
Symmetry 2020,12, 1344; doi:10.3390/sym12081344 www.mdpi.com/journal/symmetry
Symmetry 2020,12, 1344 2 of 24
with an e-wallet is considered as one of the most famous transaction approaches at present because
a digital purchase utilizing an e-wallet has the advantages of simplicity and adaptability, as well as
protection [4,5].
On the other hand, the online transaction system is an internet-based technique of processing
monetary transactions that are accepted day by day. Online payment is an electronic way of exchanging
payment that enables a customer to pay an online dealer or service provider [
6
]. Security issues in
electronic payments are more challenging today than the other current security issues on the Internet.
In electronic payments, customers must deliver credit card and payment account details [
9
] and
personal information [
10
], and this Internet transfer is a tool that can be used to steal money [
11
].
In recent years, several studies have contributed to the multiple protection issues in the area of electronic
payments [
7
10
], where, because of electronic payment, customers need to feel protected regarding
their personal privacy concerns [
11
,
12
]. The aim of this analysis is to research the literature on e-wallet
and online payment systems. We investigate dierent studies providing dierent backgrounds for
study and their relationships. The following research questions (RQ) are specified: RQ1: “What are
the major issues regarding using electronic payments”? and RQ2: “What security properties need to
comply for secure electronic payments?”
This paper provides a selection of fascinating queries regarding interlocking in between dierent
threats of online and e-wallet transactions, looking at potential security measures. This paper is
structured as follows. Section 2outlines the study methodology, Section 3presents the reviewed papers
based on research results, and Section 4presents a discussion of the findings and the conclusions.
2. Materials and Methods
This research relies on a systematic review technique, which is a dignified procedure to test and
understand available research that is associated with a specific research question. There are three key
phases of systematic review: preparation of the review, leading the review, and reporting the review.
The core of the plan is to design research questions and improve a review protocol, with the most
significant part of the systematic review being the review protocol.
2.1. Review Protocol
The review protocol sets out the techniques to be used in the review. This research developed
a review protocol in the preparation phase. We specified the background and the research question
in the Introduction Section. We have taken only full papers from journals and conferences released
between 2010 and 2020 in English into consideration. Studies that are not connected to the e-wallet
and online payment system were excluded. When many duplicated reports have been shown to be
accessible in original formats, we only used the fullest edition of the report. The principal components
of the review protocol include data sources, collection strategy, study selection strategy, data extraction
method, and the synthesis of results.
2.1.1. Data Sources
Research papers that were associated with the subject were selected to help answer the research
questions. We rejected irrelevant research papers that could not answer or even support the research
questions. We made use of the following libraries as our primary resources, looking for research
publications in:
Science Direct (www.sciencedirect.com)
Institute of Electrical and Electronics Engineers (IEEE) Xplore Digital Library (ieeexplore.ieee.org)
Association for Computing Machinery (ACM) Digital Library (dl.acm.org)
Springer Link (link.springer.com)
Taylor and Francis (www.taylorandfrancisgroup.com)
MDPI (www.mdpi.com)
Symmetry 2020,12, 1344 3 of 24
GrowingScience (www.GrowingScience.com/msl)
Academia (https://www.academia.edu)
Google schoolar (www.scholar.google.com)
Atlantis Press (www. https://www.atlantis-press.com)
2.1.2. Search Process
According to the research method, to find any queries that are focused on e-wallet and online
payment systems, we searched using a keyword pattern. Boolean operators were used to clarify the
data on keywords and they were also a priority in searching the database for each research publication.
We used symbols and Boolean operators such as “OR”, “AND” to check for the following keywords:
(electronic payment OR (E-payment) OR (electronic AND transaction) OR (digital AND wallet))
AND (study OR Adoption) AND ((framework AND payment) OR (digital AND payment))
((online AND payments) OR (internet AND payment)) AND (security OR issue) AND (e-banking
OR online banking) AND ((mobile payments AND transaction) OR (internet AND payment))
((e-commerce AND payments) OR (mobile-transaction AND m-banking)) AND (security
OR concern)
2.2. Data Selection
Data selection is the most important thing for a systematic review of any existing research review,
and a number of items were unrelated to our research questions. After getting the results of the
keywords used, we completed three filter procedures to include the criteria for the search. The criteria
are identified in the first phase of the filter. We categorized all research findings from these keywords
into research publications. Then, the next step to be completed is a second filter that looks at the title
and reads the abstract as it relates to the research question. The third or final filter is to read any
material of a study paper taken from the candidate studies, and the last group of research papers to be
used is named “Selected studies”. The data selection criteria were as follows:
Was the research article published between the years 2010 and 2020?
Is the research article reported in any of the referred data sources?
Is the research article mentioning or discussing e-wallet or online payment systems?
Is the research article discussing any security, study or adoption regarding e-wallet,
mobile payment, and online payment system?
2.3. Data Extraction
We analyzed each preliminary study to identify the Electronic Payment System (EPS), e-wallet,
and research related to online banking. We documented all identified studies in a spreadsheet based
on their name, description, and reasoning. We performed the search process in April 2020, at which
time we identified 316 publications. By following the selection and refusal criterion, relevant research
articles were carefully extracted as per the search process shown in Figure 1. Finally, 131 studies
were identified as preliminary studies. Table 1below displays the data extraction and synthesis of the
chosen study articles to find the answers to the research questions and the 131 studies’ classification.
We rejected insignificant research articles which did not address our research questions or endorse
them. The articles were rejected because the main topics did not concern E-wallet and online payment
systems. Most of them disscued other electronic payment systems, such as credit/debit cards or smart
cards, and were also unable to answer the research questions.
Symmetry 2020,12, 1344 4 of 24
Symmetry 2020, 12, x FOR PEER REVIEW 4 of 23
IEEE
60 papers
Springer Link
19 Papers Elsevier 9 ResearchGate 47
Papers
Taylor &
Francis 9 papers
Atlantis Press 5
ACM 20 Papers
Google scholar
96 Papers
Growing Science
8
Academia 14
Papers MDPI 19
Internet Sources
10 papers
70 Papers Rejected based on TITLE of the papers
60 Papers Rejected based on ABSTRACT of the
papers
30 Papers Rejected based on general study of the
papers
Details study of 156 papers
Selected 131
papers
Rejected 25
papers
Figure 1. Search process.
Table 1. Papers extracted for the selected primary study.
Sources Found Candidate Elected
IEEE Xplore 60 35 20
ACM Digital Library 20 14 2
Springer Link 19 12 10
Taylor & Francis 9 8 2
Academia 14 9 3
Google schoolar 96 70 55
Research Gate 47 24 22
Science Direct 9 7 6
Atlantis Press 5 3 1
MDPI 19 15 8
GrowingScience 8 4 1
Internet Sources 10 7 1
Total 316 208 131
3. Result and Discussion
3.1. List of Paper Publications
This study contains two publishing formats, namely J: journal and C: proceeding/conference.
From the 131 research articles, 103 research articles were from a journal, and 27 research articles were
from a proceeding/conference. The details of the publication, paper title, year, and journal name are
shown in Appendix A.
3.2. Number of Papers based on Country
From the 131 research articles, there are 39 countries contributing to electronic payment system
research. We found that the country contributing the most papers among those we found for this area
Figure 1. Search process.
Table 1. Papers extracted for the selected primary study.
Sources Found Candidate Elected
IEEE Xplore 60 35 20
ACM Digital Library 20 14 2
Springer Link 19 12 10
Taylor & Francis 9 8 2
Academia 14 9 3
Google schoolar 96 70 55
Research Gate 47 24 22
Science Direct 9 7 6
Atlantis Press 5 3 1
MDPI 19 15 8
GrowingScience 8 4 1
Internet Sources 10 7 1
Total 316 208 131
3. Result and Discussion
3.1. List of Paper Publications
This study contains two publishing formats, namely J: journal and C: proceeding/conference.
From the 131 research articles, 103 research articles were from a journal, and 27 research articles were
from a proceeding/conference. The details of the publication, paper title, year, and journal name are
shown in Appendix A.
3.2. Number of Papers Based on Country
From the 131 research articles, there are 39 countries contributing to electronic payment system
research. We found that the country contributing the most papers among those we found for this
Symmetry 2020,12, 1344 5 of 24
area of study was India, with 33 papers. The second highest number of papers was from Malaysia,
with 20 papers. China was third highest with 8 papers, and fourth was Nigeria, with 6 papers.
The number of papers based on country is shown in Figure 2. India has seen an extraordinary
rise of E-wallet users. The country is gradually moving towards becoming a cashless economy,
and as is recognized, after demonetization, there is a remarkable rise in the number of e-payments.
After analyzing the pros and cons of demonetization, and also focusing on awareness of the general
public, numerous businesses have introduced E-wallets, with various terms and conditions to gain
competitive advantages. In the year after demonetization, digital transactions evolved considerably.
In particular, Malaysia and Nigeria have also taken the development of cashless societies seriously.
Symmetry 2020, 12, x FOR PEER REVIEW 5 of 23
of study was India, with 33 papers. The second highest number of papers was from Malaysia, with
20 papers. China was third highest with 8 papers, and fourth was Nigeria, with 6 papers. The number
of papers based on country is shown in Figure 2. India has seen an extraordinary rise of E-wallet
users. The country is gradually moving towards becoming a cashless economy, and as is recognized,
after demonetization, there is a remarkable rise in the number of e-payments. After analyzing the
pros and cons of demonetization, and also focusing on awareness of the general public, numerous
businesses have introduced E-wallets, with various terms and conditions to gain competitive
advantages. In the year after demonetization, digital transactions evolved considerably. In particular,
Malaysia and Nigeria have also taken the development of cashless societies seriously.
Figure 2. Number of research papers used in this review based on country.
3.3. Number of Standard Institutions
The importance of information security is at the forefront of electronic payment systems.
Unfortunately, there is no single source that can guarantee 100% data protection in information
technology. In relation to electronic payment, security is the most important factor that can influence
a consumer to use the system. This section discusses three standard institutions (European
Telecommunications Standards Institute (ETSI), Payment Card Industry Data Security Standard
(PCI-DSS), and European Network and Information Security Agency (Enisa)) who work for secure
electronic transactions, and enables us to provide an answer to RQ2. Standards have become the
crucial enabler of market-driven innovation. It plays an important part in minimizing the danger
regarding payment transactions, and in the development of private and public businesses if it is able
to offer protected electronic payment services. Since data protection plays a crucial part in supporting
the economic organization operations, we want a standard, or benchmark, which governs the shelter
of information security. It can be said that for security electronic payment, this is a multidisciplinary
idea between standard and nonstandard institution.
3.4. The Top Research Publication Sources
From 131 publication research sources about electronic payment system, the most dynamic
sources for using electronic payment research, specifically Google Scholar, collected 55 papers from
30 countries, including the journal and conference papers.
Figure 2. Number of research papers used in this review based on country.
3.3. Number of Standard Institutions
The importance of information security is at the forefront of electronic payment systems.
Unfortunately, there is no single source that can guarantee 100% data protection in information
technology. In relation to electronic payment, security is the most important factor that can
influence a consumer to use the system. This section discusses three standard institutions (European
Telecommunications Standards Institute (ETSI), Payment Card Industry Data Security Standard
(PCI-DSS), and European Network and Information Security Agency (Enisa)) who work for secure
electronic transactions, and enables us to provide an answer to RQ2. Standards have become the
crucial enabler of market-driven innovation. It plays an important part in minimizing the danger
regarding payment transactions, and in the development of private and public businesses if it is able to
oer protected electronic payment services. Since data protection plays a crucial part in supporting the
economic organization operations, we want a standard, or benchmark, which governs the shelter of
information security. It can be said that for security electronic payment, this is a multidisciplinary idea
between standard and nonstandard institution.
3.4. The Top Research Publication Sources
From 131 publication research sources about electronic payment system, the most dynamic sources
for using electronic payment research, specifically Google Scholar, collected 55 papers from 30 countries,
including the journal and conference papers.
Symmetry 2020,12, 1344 6 of 24
3.5. Year of Publication
From 131 publication research sources about electronic payment system, the most active years in
security of electronic payment research were, 2017, from which we collected 24 papers, which was
the top year, from 2018 we collected 20 papers, 2016 had a total of 16 papers, and 2019 was in the
fourth position, with total of 16 papers. From 2014, 2015, and 2020, we collected 10, 11, and 11 papers,
respectively. From 2013, we collected 8 papers, and from 2012, we collected 7. 2011 and 2010 were the
lowest ranked for paper collections, with 5 papers collected from 2011, 2 from the web sources and
4 papers collected from 2010.
3.6. Discipline of Journals
The five maximum of the journal’s discipline proficiency come from MDPI with 8 papers,
“International Journal of Advanced Research in Computer Science and Software Engineering” with
3 papers, “International Journal of Computer Applications” with 3 papers, “International Journal
of Advanced Research in Computer Science” with 2 papers, and “Indian Journal of Science and
Technology” with 2 papers.
3.7. Industrial Research
A cashless evolution is underway in Asia. This change was fostered by the way of a technologies’
revolution. Consumer payments in Asia are going through huge change as markets add electronic
payments to minimize the dependency on cash to invest, while concurrently improving economic
access. Because of the cashless revelation of Asia, there have likewise been increased risks for internet
fraud. Based on a clear Commerce survey, the best twelve overseas bases for online fraud are Ukraine,
Malaysia, Pakistan, Russia, Turkey, Bulgaria, Romania, Egypt, Lithuania, Yugoslavia, Indonesia,
and Israel. Precisely, the same study has also shown that the twelve countries with probably the lowest
fraud are Austria, France, the UK, Hong Kong, South Africa, Switzerland, Japan, Spain, Norway,
Taiwan, New Zealand, and Australia [
13
]. From the papers that have been selected for study, 64 articles
discuss online payments from the banking industry. Among those 64 studies, 12 discuss online banking
secure authentication and the rest of the security issues. The countries with the most discussion
about digital payment from the banking sector are India, Malaysia, Nigeria, Bangladesh, China, India,
and Indonesia. On other hand, there are 24 articles about e-wallet security issues, 19 articles about
design and requirements, and 23 articles regarding study and adoption of e-wallet, for which the
countries are the same as those on the banking industry, namely India, Malaysia, Nigeria, Bangladesh,
China, India, and Indonesia. We can conclude that, in the electronic payments system, “e-wallet and
online banking” are still the most talked about banking and financial services industry. For information
on the industrial studies, the countries are listed in Table 2.
Table 2. Researched industries and countries.
Industry Country Number of Articles
E-wallet Design and
requirement
India, Malaysia, Nigeria, South Korea, China, India,
and Indonesia 19
Study/adoption/impact
India, Malaysia, United States Nigeria, Bangladesh, China,
India, Indonesia, and Korea 23
E-wallet security India, Malaysia, Iran, Nigeria, Bangladesh, China, India,
Indonesia, and Israel 25
Online banking
security
India, Malaysia, Denmark, Nigeria, Bangladesh, China,
India, Indonesia, Saudi Arabia, Jordan, Kenya, Romania,
Saudi Arabia, Sudan, Canada, Thailand, Turkey, and Oman
64
Symmetry 2020,12, 1344 7 of 24
3.8. Answering the Research Questions
In this section, we will discuss the proposed research questions. To answer the research questions,
this section will be divided into two subsections, which are described below.
3.8.1. Major Issues Regarding Electronic Payments
Digital payment is a good way of making payments online. A tremendous alteration of web-based
transactions has occurred with an equal rise in security strikes against electronic payments [
7
].
Protection in changing the business environment is not readily acknowledged. Electronic payment on
the web is a simple target for stealing personal information and money. There are many reasons security
vulnerabilities show up in electronic payments. Clients oer charge cards and payment account details
along with other private information online. These data are sometimes transmitted insecurely [
9
].
Electronic payments demand the improvement of information technologies. The disappointment of the
electronic payment depends upon why it ignores the market and the user. In this section, we examine
what the chief problems in electronic payments are, which also answers research question 1, and look
at what areas researchers are concentrating on and just how well the information disclosed at the time
of the transaction is protected. To answer RQ1, Table 3summarizes the distribution of studies and the
number of studies from a specific source type.
Table 3. Classification of included studies.
Factors Frequency Percent (%) Valid Percent (%) Cumulative Percent (%)
Security 73 55.038 55.038 55.038
Study/adoption/impact
23 17.829 17.829 72.868
Authentication 16 12.40 12.40 85.271
Design requirement 19 14.728 14.728 100.0
Total 131 100.0 100.0
Table 3shows the frequency of studies about electronic payment. Among the 131 selected research
articles, about 73 (55.038%) of them are focused on electronic payment system security. The next
group of studies, which related to enhance authentications (16, 12.40%), were also related to electronic
payment security. On the other hand, we found 23 (17.829%) study/adoption/impact-related studies.
Finally, we found 19 (14.728%) design and requirement-related research papers. Figure 3shows the
study frequency.
Symmetry 2020, 12, x FOR PEER REVIEW 7 of 23
3.8. Answering the Research Questions
In this section, we will discuss the proposed research questions. To answer the research
questions, this section will be divided into two subsections, which are described below.
3.8.1. Major Issues Regarding Electronic Payments
Digital payment is a good way of making payments online. A tremendous alteration of web-
based transactions has occurred with an equal rise in security strikes against electronic payments [7].
Protection in changing the business environment is not readily acknowledged. Electronic payment
on the web is a simple target for stealing personal information and money. There are many reasons
security vulnerabilities show up in electronic payments. Clients offer charge cards and payment
account details along with other private information online. These data are sometimes transmitted
insecurely [9]. Electronic payments demand the improvement of information technologies. The
disappointment of the electronic payment depends upon why it ignores the market and the user. In
this section, we examine what the chief problems in electronic payments are, which also answers
research question 1, and look at what areas researchers are concentrating on and just how well the
information disclosed at the time of the transaction is protected. To answer RQ1, Table 3 summarizes
the distribution of studies and the number of studies from a specific source type.
Table 3. Classification of included studies.
Factors Frequency Percent (%) Valid
Percent (%)
Cumulative
Percent (%)
Security 73 55.038 55.038 55.038
Study/adoption/impact 23 17.829 17.829 72.868
Authentication 16 12.40 12.40 85.271
Design requirement 19 14.728 14.728 100.0
Total 131 100.0 100.0
Table 3 shows the frequency of studies about electronic payment. Among the 131 selected
research articles, about 73 (55.038%) of them are focused on electronic payment system security. The
next group of studies, which related to enhance authentications (16, 12.40%), were also related to
electronic payment security. On the other hand, we found 23 (17.829%) study/adoption/impact-
related studies. Finally, we found 19 (14.728%) design and requirement-related research papers.
Figure 3 shows the study frequency.
Figure 3. Frequency of the study materials.
Symmetry 2020,12, 1344 8 of 24
After examining this analysis, we discovered that today, researchers are much more centered on
guarding electronic payments. Namely, the e-wallet and online payments element were the biggest
services, which supports this study, and electronic payments studies showed that 73 papers were deal
with in security-related study, while 16 papers also discussed secure authentication.
3.8.2. Security Properties of Electronic Payments
Protection may be the major issue with electronic payment methods because without safe
industrial information exchange and secure electronic monetary transactions through networks, no one
will believe it is safe to use. Users require confidentiality, authentication, data integrity, as well as
non-repudiation as essential needs for making safe and secure settlements over the internet [
14
16
].
The electronic payment systems need to have all the above protection attributes, as users will certainly
not rely on an e-payment system, which is not secured. As well as this, trust is exceptionally essential
to guarantee approval from the clients. This area will provide the greatest security qualities to prevent
electric payments fraud along with a survey on electric payment transactions and security engaged at
the same time. The security properties of electronic payments adapted from Reference are shown in
Figure 4[3].
Symmetry 2020, 12, x FOR PEER REVIEW 9 of 23
was created to ensure the defense of electronic purchases. The process of authentication is important
for enabling individuals to go into their credentials, and if they match with the existing one, then the
individual is a validated user and is permitted to login to the system, otherwise, they are not. In
general, there are three main approaches utilized to verify entities, as follows: One method is
something you have on you, for example, a device, token, or card. The second method is to use points
you know, such as passwords, pins, etc. The third approach is to make use of something that is
biometric [20]. Authentication methods, like individual IDs and passwords that identify individuals,
can help to reach the objective of confidentiality [21].
However, it was identified that authentication with just one aspect is not reputable to supply
enough safety and security due to an option of safety risks [18]. Because of the increase in online
transactions, single authentication is not enough for doing expensive transactions online. For that
reason, there is a need for an even more strong and secure system according to the Multi Factor
Authentication (MFA) to look at the validity of individuals. MFA involves various points such as, for
instance, biometrics, the sensible mobile device, token device, together with the smart card. This
authentication program improves the safety degree as well as additionally making use of
identification, confirmation, and verification for guaranteeing customer authority. On the other hand,
non-repudiation is a mechanism to ensure that the user can be sure that they are connecting with the
authentic server, such that neither of the communicating parties can later on incorrectly refute that
the purchase happened. Pertaining to electronic security of monetary transactions, the application of
non-repudiation supposes a solution that provides evidence of the stability as well as origin of
information, and a verification tool that with high guarantee can be insisted to be genuine. It
maintains logs of purchases as well as being frequently upgraded by banks, and records a variety of
information comprising the nature, time, and date of transactions that have been participated in by
consumers. These records make it possible for the verification of many completed transactions as well
as provide the proof required for any concern, which may arise.
Confidentiality Authentication
Authorization
Integrity
Non repudiation Availability
Product
Or
Service
Finance Institution
Technology
Application
Pay
Supporting
Robustness Efficiency
Security Properties
Figure 4. The security properties of electronic payments adapted from Reference.
Robustness and Efficiency
Figure 4. The security properties of electronic payments adapted from Reference.
Authorization
Electronic payment should be available only for authorized customers, and additionally, the details
exchanged for the payment have to only cover the authorized topics. The system must verify that
it allows the user to make the requested transaction. The assets involved must be able to verify that
everyone involved in the transaction may make the transaction. If authorization on information is not
suitably oered to payment system, hackers can conveniently intercept the payment information of
customers without mutual verification and additionally, they can control the information [17].
Symmetry 2020,12, 1344 9 of 24
Confidentiality
Confidentiality is extremely essential in the e-commerce world due to the possibility that hackers
might get people’s sensitive details. In electronic payment, a client ought to be allowed to use the
electronic banking account after eective verification. The information entered by the customer is
not easily accessible to other customers using electronic banking. Confidentiality is an assurance that
information is shared solely among authorized individuals or companies. Only an authorized receiver
should be able to acquire the encrypted message so that others cannot view its contents [
18
]. It must
protect confidential information from any unauthorized person, process, or device.
Integrity
To prevent malfunction or physical harm, an electronic payment network needs accurate details.
Integrity is connected to the believability of information resources. It is utilized to make sure that
the information is precise enough for its needs. The information must be complete and authentic,
making sure that information will not be replaced or maybe harmed during the transaction time or
perhaps transmission time [
19
]. Data integrity will keep all the specifics confidential during the electric
transaction. The information and devices have not been changed and corrupted by external parties.
Valid user credentials will usually be acknowledged.
Authentication and Non-Repudiation
Authentication is the procedure of confirming the identity of a procedure or maybe device, usually
as a precondition for enabling use of materials on a product. The primary problem, which must be
looked after for an electric payment device, is authentication that identifies the customer and ensures
that the individual is who he/she promises to be. A selection of authentication techniques was created
to ensure the defense of electronic purchases. The process of authentication is important for enabling
individuals to go into their credentials, and if they match with the existing one, then the individual is a
validated user and is permitted to login to the system, otherwise, they are not. In general, there are
three main approaches utilized to verify entities, as follows: One method is something you have on you,
for example, a device, token, or card. The second method is to use points you know, such as passwords,
pins, etc. The third approach is to make use of something that is biometric [
20
]. Authentication
methods, like individual IDs and passwords that identify individuals, can help to reach the objective
of confidentiality [21].
However, it was identified that authentication with just one aspect is not reputable to supply
enough safety and security due to an option of safety risks [
18
]. Because of the increase in online
transactions, single authentication is not enough for doing expensive transactions online. For that
reason, there is a need for an even more strong and secure system according to the Multi Factor
Authentication (MFA) to look at the validity of individuals. MFA involves various points such as,
for instance, biometrics, the sensible mobile device, token device, together with the smart card.
This authentication program improves the safety degree as well as additionally making use of
identification, confirmation, and verification for guaranteeing customer authority. On the other hand,
non-repudiation is a mechanism to ensure that the user can be sure that they are connecting with the
authentic server, such that neither of the communicating parties can later on incorrectly refute that
the purchase happened. Pertaining to electronic security of monetary transactions, the application
of non-repudiation supposes a solution that provides evidence of the stability as well as origin of
information, and a verification tool that with high guarantee can be insisted to be genuine. It maintains
logs of purchases as well as being frequently upgraded by banks, and records a variety of information
comprising the nature, time, and date of transactions that have been participated in by consumers.
These records make it possible for the verification of many completed transactions as well as provide
the proof required for any concern, which may arise.
Symmetry 2020,12, 1344 10 of 24
Robustness and Eciency
As the electronic payments are transforming, there is a need to change and develop. In competing
situations, time-to-market robustness is crucial for measuring the success of a system. Security measures
for electronic payment solutions must be tested under the supervision of the danger monitoring function
to ensure their robustness and eectiveness. The rise in Fintech has grown rapidly in the banking sector
worldwide. To stay aordable, banks are introducing internet banking with the motive to achieve
greater productivity as well as eciency [
22
]. Eciency is one of the favorable characteristics of the
electronic payment system [
9
]. Electronic payment is gaining appeal among significant retailers because
of the safety, eciency, and added energy it oers to the end-user, which enhances their satisfaction of
their overall purchase. By giving high eciency in making transactions, consumers are extra likely
to adopt E-wallet, making deals in their daily life [
23
]. Eectiveness can be substantially improved
by decreasing transaction expenses, enabling trade on items, and services with much reduced values.
The performance of the online payment can be even more improved based on the following referrals:
Eort needs to be made to verify the input information to ensure the integrity of the system.
Supporting Transaction
Support cash transaction is the one of basic attributes of customer satisfaction with electronic
payment [
20
]. The application for payment should support a mechanism allowing money to be
exchanged over the Internet [
24
], and the merchant or provider is liable for the payment-method
application (app) to disable it [
25
]. The app does not conflict with other mobile systems or non-payment
functions. In electronic payments, the principal problem is to be more secure for payment systems and
disputation between online merchants and customers. Electronic payment systems are not successful
without the acceptance of users [
13
]. Problems are not readily recognized due to a lack of protection
in the growing market ecosystem. A 2G/3G/4G/5G wireless network or Wi-Fi network is needed to
support the communication between user devices and mobile payment systems [
26
]. The need to have
a reliable network to help e-banking is crucial, because badly performed Internet banking programs
will harm the credibility of a bank or otherwise alienate clients and the public. Payments issuers
need to collect and analyze more information from customer behavior, or from the transaction [
27
].
There are many applications from the payment service providers that were developed for supporting
mobile payments including: issuer, card network, and mobile company. One-time password (OTP)
and biometric features like fingerprint, voice, or facial recognition must be used if the mobile banking
app supports them to authenticate the identity [
28
]. In order to help capture illegal acts, the user can
see where the sale takes place along with the name and number of the dealer [2933]
Availability
In electronic payment, the service must have the availability, which pleases both security needs of
subjects taking part in purchases and customer comfort. It requires having the accessibility, in which
it can complete the purchase whenever the user demands [
34
,
35
]. Availability defines the access of
information sources, ensuring a started transaction can be timely and completely executed. In order
for an electronic payment service to be securely provided, it must have confidentiality, authentication,
authorization, integrity, non-repudiation, robustness, eciency, supporting transaction, and availability,
as mentioned above.
Table 4shows that most researchers have suggested that, in an electronic transaction, the system
must have the listed security properties. E-commerce has altered the method individuals utilize to
do business. The online transfer is not just limited to ecommerce, it also oers the opportunity to
gain movie or plane tickets, download music, buy a publication, or look at the global markets for
desired products at any time in any location. Security factors to consider are a fundamental part
of electronic transactions. To allow large-scale transfer approaches all around the world, payment
Symmetry 2020,12, 1344 11 of 24
approach necessitates following an eective safety procedure that can absolutely ensure safety and
security for internet transactions.
Table 4. Security properties of electronic payments.
Security Techniques References Total Studies
Confidentiality [15,21,2945]. 18 papers
Integrity [17,24,30,31,33,36,40,4244,4656]. 22 papers
Non-repudiation [14,24,33,42,5562]. 14 papers
Authorization [34,42,58,6370]. 12 papers
Authentication [14,21,24,26,33,35,40,42,44,56,68,7077]. 19 papers
Availability [14,17,21,37,53,61,78,79]. 8 papers
Robustness and Eciency [7,20,22,31,45,65,8086]. 13 papers
Supporting transaction [9,13,14,17,20,25,26,31,38,52,65,87,88]. 13 papers
In this modern world, the digital payment solutions provided in this paper would have ideal
mechanisms to satisfy the safety and security properties detailed in RQ2. However, providing security
is a task that needs exhaustive evaluation and even more initiative than just using cryptographic
mechanisms. After completing the security analysis, we found that to overcome security challenges,
the system must implement the security properties outlined as below:
Confidentiality
Integrity
Authentication
non repudation
Robustness
eciency
Availability
4. Conclusions
This study reviewed 131 papers published from 2010 to 2020 on an electronic payment system,
namely e-wallet and an online payment system. After examining these papers, we classified the studies
into two groups: e-wallet and online payment studies. While e-wallet studies examined that e-wallets
are gaining more attention in electronic payment, the focus of online payment system research was
more focused on online payment security. The analysis of the selected studies shows several challenges
and topics for future research, including those specifically related to using electronic payment systems
to improve security and interoperability of e-wallets and online payment systems.
Author Contributions:
Conceptualization, M.A.H.; Data curation, M.A.H. and M.K.H.; Formal analysis, M.A.H.
and Z.S.; Funding acquisition, Z.S. and M.K.H.; Investigation, M.A.H.; Methodology, M.A.H.; Resources, M.A.H.;
Software, M.A.H. and M.K.H.; Supervision, Z.S. and M.K.H.; Validation, M.A.H. and Z.S.; Writing—review
M.A.H., Z.S., M.K.H.; and editing Z.S., M.K.H. and A.S.A.-K. All authors have read and agreed to the published
version of the manuscript.
Funding:
This research was funded by the Malaysia Ministry of Education (FRGS/1/2019/ICT01/UKM/01/2) and
Universiti Kebangsaan Malaysia-Yayasan Tun Ismail (EP-2018-012).
Conflicts of Interest: The authors declare no conflict of interest regarding this paper.
Symmetry 2020,12, 1344 12 of 24
Appendix A
Table A1. List of References that were used to analyses the data.
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Factors
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2020 J Malaysia [4]Journal of International Business
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E-Wallet
Transactional
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2020 J Malaysia [5]
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2019 J China [6] Sustainability
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2019 J Korea [7] Sustainability
MDPI The role of
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2019 J China [8] Sustainability
Growing
Science
The eect of
. . .
2020 J
Indonesia
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library
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of . . .
2020 C Dubai, [10] IC4E 2020
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2020 J Korea [11] Sustainability
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Mobile
personalized
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2020 J China [12] Sustainability
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2016 J India [13]
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2017 J India [15]International Journal of Advanced
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IEEE Secure
mobile . . .
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Symmetry 2020,12, 1344 13 of 24
Table A1. Cont.
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Google
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Identity
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Google
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2017 J USA [27] MPIW
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comparative
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gate
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Regarding
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gate
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gate
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Acceptance
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Graduate Research Colloquium,
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gate
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2019 J Nigeria [37]International Journal of Education
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mobile . . .
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[38] IT Professional
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[41]
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Google
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Symmetry 2020,12, 1344 14 of 24
Table A1. Cont.
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IEEE
BISC
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2017 C India [44]International Conference on Green
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IEEE Review of
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2019 C Malaysia [45]2019 International Conference on
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Springer
A
Cryptographic
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2013 J
Germany
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Technology
Science
Direct
A
Comparative
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2012 J Thailand [47] Procedia Engineering
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e-Management and e-Learning
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2018 J South
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2015 J
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IEEE Enhancing
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2017 C India [56]
IEEE International Conference on
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Springer Embedding
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Design and
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2015 J Spain [59]
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Symmetry 2020,12, 1344 15 of 24
Table A1. Cont.
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secure . . .
2018 J China [63] IEEE Access
IEEE An ecient
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2016 C Thailand [64]
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Security
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IEEE Survey on
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2019 C India [68]
Amity International Conference on
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gate A robust . . . 2018 J South
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Google
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Biometric
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2018 J Iran [70]Journal of Advances in Computer
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IEEE A robust . . . 2016 C India [71]International Conference on Green
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2019 J Malaysia [72] Sensors
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2017 C China [73]
International Conference on
Education, Management,
Computer and Medicine
IEEE
Cam-Wallet:
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2017 C
Mauritius
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IEEE International Conference on
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Google
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Authentication
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2017 J India [75]Imperial Journal of
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Enhancing
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2018 J India [76] Journal of Computer Engineering
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A Case
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2015 J India [77]
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Enhancement
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E-Commerce
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Analyzing
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2017 C
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Springer A peer . . . 2018 J Taiwan [81] Electronic Commerce Research
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Symmetry 2020,12, 1344 16 of 24
Table A1. Cont.
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Springer
Experimental
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Direct
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analysis . . .
2019 J China [84]Journal of Information Security
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Mobile
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Analysis of
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Research in Computer Science
Google
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Mobile
Commerce
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2010 J France [88]
The European Telecommunications
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Research
gate
Towards a
cashless . . .
2011 J
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Research
gate A formal . . . 2011 J Brazil [90]
International Journal of Computer
Science and Information
Technology
Academia
Electronic
banking
fraud . . .
2011 J Malaysia [91]
International Journal in Advances
in Information Sciences and
Service Sciences
Google
Scholar
Analysis
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2012 J
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2012 J Ghana [93]Journal of Management and
Strategy
Science
Direct
Locking
down . . .
2012 J England [94] Computer Fraud and Security
ACM
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Designing
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2012 C
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Electronic Commerce
Google
Scholar
Issues and
Challenges
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2013 J India [96]
International Journal for Research
in Management and
Pharmacy(IJRMP)
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Internet
banking-benefits
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2013 J India [97]International journal of research in
business management
Springer Analysis of
Internet . . .
2013 J South
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Communication Technology and
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Google
Scholar
Study of
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2013 J India [99]IOSR Journal of Computer
Engineering
Google
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and Optimization
Google
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2014 J China [101]International Journal of Security
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2014 C India [102]Conference on Electrical,
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Table A1. Cont.
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Google
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A Review on
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2015 C Oman [104]International Conference on
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An
Evaluative
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2016 J India [105]Amity Journal of Management
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Impact of
Perceived
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2016 J Iran [106] Journal of Internet Commerce
Google
Scholar
Acceptance
of e-wallet
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2016 J India [107]
International Journal of Innovative
Research in Management Studies
(IJIRMS)
Google
Scholar
Security of
Mobile . . .
2016 J Greece [108]European Union Agency For
Network and Information Security
Google
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Development
of e-wallet
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2016 J Nigeria [109]Computer Sciences and
Telecommunications
Google
Scholar
A Study on
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2016 J India [110]
International Journal of Advanced
Research in Management and
Social Sciences
Google
Scholar
Are digital
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2016 J India [111]Apeejay Journal of Management
and Technology
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gate
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2016 J India [112]International Journal of Research
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Google
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Perceived
Security . . .
2017 J Malaysia [113]Journal of the Asian Academy of
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Springer A model for
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2017 J Saudi
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Google
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2017 J India [115]
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Google
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Fintech, the
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2017 J Hungary [116] Budapest management review
Google
Scholar
Future of
e-Wallets . . .
2017 J India [117]
International Journals of Advanced
Research in Computer Science and
Software Engineering
IEEE
Security
Requirement
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2017 C Japan [118]
International Conference on
Software Quality, Reliability and
Security
Google
Scholar
Oine
Transactions
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2017 J India [119]Indian Journal of Science and
Technology
Research
gate
Bio Wallet:
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2017 C Turkey [120]International Conference on
Systems
Google
Scholar
E-Banking
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2018 J India [121] Commerce Spectrum
Google
Scholar
Issues and
challenges
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2018 J Nigeria [122]International Journal of
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Google
Scholar
The impact
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2018 J Malaysia [123]International Journal of Industrial
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Symmetry 2020,12, 1344 18 of 24
Table A1. Cont.
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IEEE Secure and
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2018 C India [124]IEEE Smart World Ubiquitous
Intelligence and Computing,
IEEE Security
testing . . .
2018 C Portugal [125]
International Conference on
Computational Intelligence and
Communication Networks
Google
scholar
Factors
aecting . . .
2018 J Malaysia [126]International Journal of
Engineering and Technology(UAE)
Google
Scholar
The
Adoption of
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2018 J South
Korea [127]International Journal of Applied
Engineering Research
IEEE A systematic
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2018 C Pakistan [128]
International Conference on
Frontiers of Information
Technology, FIT 2018
Google
scholar
Eect of e
. . . 2019 J Malaysia [129]
International Journal of Advanced
Computer Science and
Applications
Springer A New . . . 2019 C India [130]
International Conference on
Communications and Cyber
Physical Engineering
Science
Direct
Technological
factors . . .
2019 C
Indonesia
[131] Procedia Computer Science
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... The strategy's feasibility has been demonstrated by using an Alipay dataset [12]. A thorough assessment of the many aspects of the m-payment system, including vulnerability analysis, infrastructure, architecture, and threats from potential and probable worms and viruses, was presented by Hassan et al. [13]. Wazid et al. [8] evaluated the exploitation and vulnerabilities of current and potential malware for mobile phones. ...
... Many types of malware exist Trojan Horse, Spyware, Adware, Banking Trojans, Ransomware, Advanced Persistent Threats, and Remote Access Trojans (RATs) [26]. Users should be aware and very cautious because malware attacks can be used to steal important data such as PIN numbers and bank card details [13]. Bosamia [14] claimed that a Malware attack threatens mobile wallet application users. ...
... Confidentiality, integrity, authentication, non-repudiation, robustness, efficiency and availability are the features to be emphasized in digital payment systems to overcome security challenges [4]. The key technological factors that influence humans for the usage of mobile payments are perceived security, performance expectancy, facilitating conditions, absorptive capacity, availability and perceived utility [5]. ...
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تهدف هذه الدراسة إلى البحث عن أثر جائحة كورونا على الخدمات المصرفية الالكترونية في العالم بشكل عام والجزائر بشكل خاص، وتم الاعتماد في الدراسة على المنهج الوصفي التحليلي عن طريق دراسة تحليلية لتطور الخدمات المصرفية الالكترونية خلال فترة كورونا في الجزائر. وتوصلت الدراسة إلى وجود أثر إيجابي لجائحة كورونا على الخدمات المصرفية الالكترونية في الجزائر.
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