Types Of E Payment System Pdf

The ach system comprises direct deposit direct debit and electronic checks e checks.

Types of e payment system pdf.

This includes the institutions instruments people rules procedures standards and technologies that make its exchange possible. Types of e payment system one of the most popular online payment methods are credit and debit cards. Methods of electronic payments include credit cards debit cards and the ach automated clearing house network. An electronic payment is any kind of non cash payment that doesn t involve a paper check.

A payment usually describes a transfer of monetary value between two. 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. 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.

This paper gives an explanation about essential elements of payment systems. Being user friendly and less time consuming than manual processing. E commerce sites use electronic payment where electronic payment refers to paperless monetary transactions. Read on to learn more.

And what is a payment system. Electronic payment has revolutionized the business processing by reducing the paperwork transaction costs and labor cost. It s also called an electronic payment system or online payment system. 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.

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. Electronic payment system electronic payment is a form of a financial exchanger that take place between the buyer and. A payment system is any system used to settle financial transactions through the transfer of monetary value. To start what is a payment.