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literacy among consumers and the high cost of internet. The average income per capita in these countries is
low making it hard to pay by card or cash and getting an internet connection is not very accessible (Kaur et. al
2016).
With the introduction of phone wallets, features that allow consumer to pay using their stored credit cards on
their cell phones have been introduced. The value has been increasing with an increase in double-digit
percentage growth every year since 2012 up till 2015 (Kursunoglu & Alvarez, 2016).

A study that highlights the importance of digital payments was conducted by Suresh Aggarwal & Rahul
Mehta (2014). This study has found that increasing mobile payments and with the business model which was
developed for each of those mobile payments are becoming an important aspect for organizations.
Nasir, Sajid (2015) have noted that not just individuals, organisations in the form of companies, government
and non-government organisations have already adopted these new payment models. This enabled them to
cater for their different financial requirements rather than depending on cash only. Hence the significance of
this paper is to examine the impact of e- payment system on organisation in terms of efficiency, effectiveness
and productivity (Nasir, 2015). So far this is the most comprehensive literature available on e-payment
systems.

Overall, with the emergence of mobile payment systems, it has had a huge impact on the reputation of banks.
As more and more people use these systems, they look for better products and services. This opportunity is
also prompting banks to improve their customer's experience through mobile banking (Kaur et.al 2016).
Mobile payments are growing in China and mobile payment services are becoming more popular due to the
ease of transaction made possible through it (Kaur et al. 2016). Mobile payment transactions account for
almost 40% of China's total transactions (Gao & Yin, 2015). It is argued that the adoption of mobile
payments will continue to grow and will be the norm for consumers (Kaur et al. 2016).

Mobile payment systems are becoming more popular in the developed world due to the convenience and
ease of use of these systems (Kaur, 2016). This is also encouraging banks all over the world including
Australia, Brazil, Canada to offer these products to their customers. It can be expected that mobile payment
systems will continue to grow in popularity due to their convenience and ease of use.
The digital transformation has brought new solutions and opportunities which have changed the way we
make payments. Banks are now offering a wide range of products and services which allow customers to
manage their finances anywhere, anytime.

With regards to challenges faced by consumers, a study was conducted by Ipsos in 10 countries. In this study,
the researchers found that customers are finding it hard to save money due to the cost of living, but they still
want to be able to make payments with mobile phones (Ipsos Mori & AFI-BAF, 2015).
There has been negative press towards banks due to the rise of FinTech companies and this is affecting the
reputation of banks. Banks must improve their customer experience by providing better services and
products over mobile devices (Kaur et.al 2016). Banks also need to implement better fraud prevention
strategies as a lot of frauds occur through these new services and systems (McAlister 2015).

Regarding security issues, a study was conducted by Swan et al. (2010) which found that consumers are not
confident in using mobile payments due to security concerns. Banks need to make sure that their services are
not only secure but also convenient so that the perception towards banking may change for the better (Swan
et al. 2010).
One of the main concerns regarding mobile payments is the ease and security of making payments with
phones. Many campaigns have been made to inform consumers about how mobile payment systems work
and they have proven to be very successful in solving security issues (Aggarwal & Mehta, 2014).

With regards to future research, more studies need to be conducted which examine the effect of digitalization

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