Essay on electronic payment systems
Electronic Payments (epayments) refers to the technological breakthrough that enables us to perform financial transactions electronically, thus avoiding long lines and other hassles ADVERTISEMENTS: This article throws light upon the six main types of electronic based payment systems used in India. Similar trends occur for recurring payments. Types of e-payment system E-payments can be done in the following ways,. The Business-to-customer category involves products and serves to individuals (B2C) electronic commerce involves retailing products and services to individual shoppers. This is what I use most often because it the most convenient for me. Real Time Gross Settlement System 5. Electronic payment systems operated in banks are based on online transactions that can be discussed as rather cost-efficient for depository institutions. An internet payment is one other form which involve a person transferring money or making a purchase online. Electronic cheque system and electronic cash system are also two others. Compare and contrast electronic payment systems electronic payment system is a system which helps the customer or user to make online payment for their shopping. Business-to-business (B2B) electronic essay on electronic payment systems commerce involves sales of goods and services among businesses. * Explain how Internet technology supports business-to-business e-commerce. Electronic payments allow you to transfer cash from your own bank account to the bank account of the recipient almost instantaneously. You have Business-to-consumer which is businesses selling products and/or services to the general public through online catalogs using the shopping cart software (B2C) electronic commerce involves retailing products and services to individual shoppers. The Business-to-customer category involves products and serves to individuals They are also known as online payment systems. With giant technological leaps in the smart phone and. And such transactions require some reliable and secure payment systems electronic essay on electronic payment systems payment transactions are the heart of e-commerce, offering a broad range of payment methods which ensures the long-term success of e-commerce businesses. The term of electronic payments includes any payment to businesses, banks, and public services from citizens or businesses through a telecommunications or electronic network using modern technology. During these years, the important technological payment has developed rapidly This paper will highlight the background study, types of electronic payment systems available and which payment method users should choose considering the cost, time and security factors. Introduction With the continuing rapid growth of E-commerce, transactions on the Internet have been increasing exponentially. Hasan, Schmiedel, and Song state that banks spend less money for online transactions in contrast to paper transactions (Hasan, Schmiedel, and Song 165) On-line Payment System can be defined as the method used to pay for the purchases of goods and services over the internet. A method that assists in the transference of money electronically defines the online payment system. When need to purchase something, just give the finger print and the enter the amount to transact. E-money is the equivalent of cash, respectively, and electronic checks are similar to conventional paper checks. It is very convenientthe greatest e-payments benefit [35] to handle their transactions (e. One of the technological innovations in banking, finance and ommerce is the Electronic Payments. For the security purpose user can track the card using the mobile phone Electronic payment system (e-payment) is an important aspect of e-commerce. 3 What Are the Features of an Electronic Payment System? Each payment system has its advantages and disadvantages for the customers and merchants The digital payment system is an innovation to designed facilitate access payments in digital transaction. Technical and economical motivate great effort in electronic payment systems.