Electronic payment system is the alternative to the coin or paper based cash payment system to ease the user to make payment for their purchased goods or services over the network or internet and in absence of the physical (entity) presence. Initially cheque in bank payment systems are used to serve the purpose of the same but now in the era of internet and e-commerce paying securely over the internet is important task for the electronic payment system. Currently credit card are also in use for the payments over the network but still users are doubting about trustworthy and the security of their money because of the increase in the frauds which ultimately causes loss of value (money) either to users, merchant or participating banks.

Present electronic payment system are to far from ideal payment system because of the higher transaction cost, more fraudulent activities, and multiple parties are involved in the payment processing simultaneously lacks users acceptance, proper application plans and incompatible standards/specifications. The good payment system should satisfy the userís acceptance and merchants in the mass scale.

This paper is organized as follows. The currently implemented smartcard electronic payments are described in section II. Section III describes its existing mobile payment counter parts. Implementation for transit purpose is described in Section IV . Section V gives other area of applications. Section VI briefs the challenges regarding the implementation of electronic payment schemes. Section VII describes the challenges in implementation of smartcard/mobile based payments. Section VIII concludes the future of the electronic payment schemes.



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