Types of Electronic Payment Systems?

1.Card Services

a. Credit : The bank can pay for the user if there is no money in his account
and it will be paid when the person deposits money in his account.

b. debit : It is one of the payment methods in which the money in the bank
account must be available so that he can pay at the end of the bill against the
credit card.

c. Smart Card: It is a card that has user information and can be loaded with
money to make online purchases and pay immediately.

2. Mobile Payment: mobile service providers allow their customers to have a

bank account on their cell phone numbers and can use the funds in their
accounts to carry out transactions.

3. e- wallet: The electronic wallet is stored in all bank accounts so that the
user can access his accounts without the need to enter information every time
and payments can be made faster.

4. Netbanking: It uses a similar method to the debit card of paying money

that is already there in the user bank.

5. Automated Clearing House: payments system was designed to allow

corporations and consumers to reduce or eliminate the use of paper checks to
make routine payment and It is commonly used in America and including B2B
transactions, government transactions, and consumer transactions.

6. remote deposit capture: is a system that allows a user to scan checks

remotely and transmit the check images to a bank for deposit When the bank
receives a check image from the customer, it posts the deposit to the
customer's account and makes the funds available based upon the
customer's particular availability schedule.

7. E-Check :This type of transaction involves a digital version of a paper

check. The transaction functions much like an electronic funds transfer from
an account holder’s checking or savings account without the need for a
physical paper check.
Sources:
1. https://money.howstuffworks.com/personal-finance/online-banking/electronic-
payment1.htm
2. https://publishedguides.ncua.gov/examiner/Pages/Content/ExaminersGuide/Electro
nicPaymentSystems/EPS_Types.htm
3. https://www.slideshare.net/KavithaMandhal/overview-of-electronic-payment-
system

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