Online Payment Transaction System

Online payment transaction system is playing a crucial role in the economic development of countries. It indicates the growth in revenue generation and reduction of black money. This chapter aims to know the genesis of online payment transaction system using plastic money card. The development and enhancement in security for online payment transaction system due to the rise in plastic money card fraud with change in innovative and sophisticated fraudulent patterns of cybercriminals, fraudsters, or hackers is the reason behind the study. This chapter presents the growth of the online payment transaction system from start to present and the drivers behind its development, including digital technological development, COVID-19, and the requirements of customers. This chapter elaborates on the worldwide adoption of online payment transactions along with its consequences in terms of online payment transaction fraud. This chapter illustrates the online payment transaction system using plastic money cards and various options to perform transactions. This chapter also presents the various security measures of online payment transaction system and plastic money card. Lastly, this chapter demonstrates the reason behind adopting online payment transactions, including significance, requirements, and benefits.