The internet has become both a centre
and a platform for commerce and this is
reshaping payment systems across the
world. Changes include moves to phase
out cheques and a decline in the rate at
which the use of credit and debit cards
increases. But the most significant
change to payment systems has been
the rise of electronic banking – and
numerous associated payment
platforms. Services offered by
traditional banks are increasingly
accessed online from internetconnected
fixed and mobile devices;
statutory payments must increasingly
be made electronically; payment
options using mobile phones are
proliferating; businesses and consumers
have a myriad of ways to make and
accept payments for goods and
services.