Types Of E Payment System Pdf

E commerce sites use electronic payment where electronic payment refers to paperless monetary transactions.

Types of e payment system pdf.

A payment system is any system used to settle financial transactions through the transfer of monetary value. With contrast to the previous century when the concept of electronic transfer was proposed nowadays electronic payments are drastically increased due to the rapid increase in online shopping or internet based banking. An e payment system is a way of making transactions or paying for goods and services through an electronic medium without the use of checks or cash. The growing use of internet based banking and shopping has seen the growth of various e commerce payment systems and technology has been developed to increase improve and provide secure e payment.

An electronic payment is any kind of non cash payment that doesn t involve a paper check. Methods of electronic payments include credit cards debit cards and the ach automated clearing house network. A common type of payment system is called an operational network that links bank accounts and provides for monetary exchange using bank deposits. This paper gives an explanation about essential elements of payment systems.

Types of e payment system one of the most popular online payment methods are credit and debit cards. Electronic payment has revolutionized the business processing by reducing the paperwork transaction costs and labor cost. Electronic payment system it an e commerce environment payments take the form of money exchange in an electronic form and are therefore called electronic payments electronic payments e payments are an integral part of e commerce and are one of its most crucial aspects. To start what is a payment.

And what is a payment system. Electronic payment system electronic payment is a form of a financial exchanger that take place between the buyer and. A payment usually describes a transfer of monetary value between two. Being user friendly and less time consuming than manual processing.

This mode of payment without using cash or cheque is called an e commerce payment system and is also known as online or electronic payment systems. The ach system comprises direct deposit direct debit and electronic checks e checks. Apart from them there are also alternative payment methods such as bank transfer electronic wallet smart card or bitcoin wallet bitcoin is the most popular cryptocurrency. Figure 2 cheque like payment system both types of payment systems are direct payment systems i e a payment requires an interaction between payer and payee.