Examining Issues of Electronic Payment Systems in Ghana

Abstract

Ever since money was invented as an abstract way of representing value, new and increasingly abstract representations of value were introduced. A corresponding progression of value transfer systems, starting from barter, through bank notes, payment orders, checque and later credit cards, has culminated in electronic payment systems. Ghana payment system has been predominantly cash-based. With the rapid growth of Information and Communication Technology (ICT),          E-commerce is now acting as a means of carrying out business transactions through electronic means such as the Internet. E-commerce is the most recent step in the evolution of business transactions as it replaces or augments the swapping of money or goods with the exchange of payment, financial service kiosks, biometric payments, electronic payments networks etc and as technology develops, the range of devices and processes to transact electronically continues to increases while the percentage of cash and cheque transactions continue to decrease. As electronic payment systems have rapidly spring up as a means of business transaction globally in recent times, most organization or institution such as banks and insurance companies are making good use of this technology. Ghana is no exception in using this technology. Despite the immense benefits derived from the use of this technology, it is threatened by certain issues and challenges. This paper seeks to identify those challenges or issues related to Electronic Payment Systems in Ghana.

Keywords: Challenges, Electronic Payment System, Information & Communication Technology, E-commerce, Cash, Bank.