Electronic Payment Systems: Factors Influencing Trust, Satisfaction, and User Experience

Abstract

The rapid adoption of electronic payment systems has revolutionized financial transactions, offering users enhanced convenience, efficiency, and accessibility. This study examines consumer perception of electronic payment systems, focusing on trust, satisfaction, security concerns, and preferred payment methods. A primary data-based approach was employed, gathering responses from 240 participants to analyse key factors influencing electronic payment adoption. The findings reveal that trust in security does not significantly impact overall satisfaction (R² = 0.002, p = 0.549), indicating that while consumers may trust a payment platform, their satisfaction is driven more by usability, transaction speed, and rewards. However, satisfaction levels vary significantly based on the preferred payment method (F = 3.11, p = 0.027), suggesting that different platforms offer varying consumer experiences. Furthermore, 75% of respondents expressed security concerns, and 28.8% reported experiencing fraud, highlighting the ongoing challenges in ensuring safe transactions. Based on these insights, this study recommends enhancing payment platform usability, strengthening security measures, improving customer support, and introducing incentive programs to boost consumer satisfaction. Additionally, digital literacy initiatives and regulatory improvements are necessary to build long-term trust in electronic payment systems. Future research should explore the impact of emerging technologies, cross-cultural payment preferences, and AI-driven fraud prevention mechanisms to further enhance the reliability and efficiency of electronic transactions.