This paper is concentrated on researching and expanding thoughts about different ideas identified with Electronic Payment Systems (EPS) or commonly known as Mobile-Based Payment System including its favorable circumstances, difficulties, and security contemplations. The proposed paper additionally assesses the selection of mobile payment frameworks and the subsequent effect on the economy of a country. Strategies/Statistical Analysis: In this paper, a complete overview of all the parts of electronic payment was led after examination of a few concentrates on online payment frameworks. The latest references and data have been investigated to acquire huge data about electronic payment ecosystems. Discoveries: From the investigation led, it tends to be clarified that despite different issues that utilization of mobile payment represent, these are distinguished as a positive advance towards the monetary improvement of a country. Coincidentally, its maximum capacity can be acknowledged simply by raising its mindfulness among individuals. Applications/Improvements: With the progression in innovation and notoriety of the Internet, the view of making on-the-web transactions will undoubtedly acquire energy. Later on, the payment modes as of now utilized and upheld will see a declining pattern inferable from the various advantages offered by electronic payment frameworks or simply put as Mobile Payments.