Electronic Payment Systems

Abstract

Electronic commerce online is expanding at an exponential rate. Much of this relates to the type of consumer transactions which would otherwise have been fulfilled in the market using one of electronic funds transfer at the point of sale devices (EFT-POS), such as cheque cards, debit cards, credit cards or debit cards. The legal consequences of the use of the cards are based on the contract between the card issuer and the card holder. Without exception, these contracts will be standard form, on the issuer’s provisions. The Consumer Credit Act 1974 (CCA) is considered the main source of statutory regulation of plastic cards. However, it does not apply to all plastic cards. This article aims to identify general rules of the law relating to new payment systems, and concludes that the collection of payment system law should abide in a body of statute. This would provide clarity for the parties about their rights and duties, and avoid any misunderstanding.