Types Of E Payment System Pdf

This paper gives an explanation about essential elements of payment systems.

Types of e payment system pdf.

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. And what is a payment system. A payment usually describes a transfer of monetary value between two. 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.

A common type of payment system is called an operational network that links bank accounts and provides for monetary exchange using bank deposits. Types of e payment system one of the most popular online payment methods are credit and debit cards. 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. 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.

It s also called an electronic payment system or online payment system. This includes the institutions instruments people rules procedures standards and technologies that make its exchange possible. 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. An electronic payment is any kind of non cash payment that doesn t involve a paper check.

E commerce sites use electronic payment where electronic payment refers to paperless monetary transactions. 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. Electronic payment has revolutionized the business processing by reducing the paperwork transaction costs and labor cost. Being user friendly and less time consuming than manual processing.

To start what is a payment. The ach system comprises direct deposit direct debit and electronic checks e checks. Methods of electronic payments include credit cards debit cards and the ach automated clearing house network. Read on to learn more.