What is Payment System

The Internet has changed the way we interact with others in both our business and personal spheres. Electronic commerce has developed beyond buying and selling of goods electronically. It is now leading to new online intermediaries such as aggregators of information, peer-to-peer and social networking sites which allow sharing between individuals without the need for commercial service providers, and new on-line payment mechanisms such as BPAY in Australia, which provide additional services to those from existing credit providers. Using a case study approach, this chapter explores the factors that have led to the success of financial intermediaries and in particular, BPAY Ltd.