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Cyberspace Enhanced Payment Systems in the Zimbabwean Retail Sector: Opportunities and Threats

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  • Ishmael Mugari

    (Bindura University of Science Education, 1020 Chimurenga Road, Bindura, Republic of Zimbabwe.)

Abstract

The cyberspace has revolutionised payment systems across the globe. The retail sector has also embraced cyberspace enhanced payment systems as an alternative or compliment to the conventional cash based payment systems. Whilst the cyberspace has brought positive results to the business environment, new criminal threats have also evolved. This study sought to explore the nature of cyberspace enhanced payment systems for the retail sector in Zimbabwe, as well as to document the nature of cyber threats to this sector. It was found out that use of debit cards, mobile money transfers and real time gross (RTGS) transactions top the list of cyberspace enhanced payment systems in the Zimbabwean retail sector. Dominant cyber threats to the retail sector include infection of computers with viruses and unauthorised access, whilst debit card fraud and fraudulent RTGS transactions infrequently occur in the Zimbabwean retail sector.

Suggested Citation

  • Ishmael Mugari, 2017. "Cyberspace Enhanced Payment Systems in the Zimbabwean Retail Sector: Opportunities and Threats," International Journal of Economics and Financial Issues, Econjournals, vol. 7(3), pages 760-767.
    • Handle: RePEc:eco:journ1:2017-03-97
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    References listed on IDEAS

    as
    1. Sandeep Dhameja & Katy Jacob & Richard D. Porter, 2013. "Clarifying Liability for Twenty-First-Century Payment Fraud," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q IV.
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      More about this item

      Keywords

      Cybercrime; E-payments; Payment Fraud;
      All these keywords.

      JEL classification:

      • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
      • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce

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