ELECTRONIC PAYMENT

SYSTEMS
• Electronic payment system is a system which helps the
customer or user to make online payment for their purchase.
 • CREDIT CARD
The Different Types Of • DEBIT CARD.
Electronic Payment System • SMART CARD.
Are : • E-WALLET
• E-CHECKS
• MOBILE PAYMENT.
• ELECTRONIC FUND
TRANSFER (EFT)
 CREDIT CARD

The most popular form of payment for e-commerce

transactions is through credit cards. It is simple to use; the
customer has to just enter their credit card number and date
of expiry in the appropriate area on the seller’s web page. To
improve the security system, increased security measures,
such as the use of a card verification number (CVN), have
been introduced to on-line credit card payments.
 DEBIT CARD

Debit cards are the second largest e-commerce payment medium in India. Customers who
want to spend online within their financial limits prefer to pay with their Debit cards.
With the debit card, the customer can only pay for purchased goods with the money that is
already there in his/her bank account as opposed to the credit card where the amounts
that the buyer spends are billed to him/her and payments are made at the end of the
billing period.
 SMART CARD

Smart Card is a plastic card embedded with a microprocessor that has the customer’s
personal information stored in it and can be loaded with funds to make online
transactions and instant payment of bills. The money that is loaded in the smart card
reduces as per the usage by the customer and has to be reloaded from his/her bank
account.
 E-WALLET

E-Wallet is a prepaid account that allows the customer to store multiple credit cards, debit card and
bank account numbers in a secure environment. This eliminates the need to key in account
information every time while making payments. Once the customer has registered and created E-
Wallet profile, he/she can make payments faster.
 E-CHECKS
Electronic Cheques/E-Checks is a form of electronic tokens. E-checks are like paper checks,
modelled on paper cards, containing all the information as in case of ordinary check except that
they are initiated electronically. Buyers must register with third-party account server before they are
able to write electronic checks. The account server acts as a billing service. They use digital
signatures for signing and endorsing and require the use of digital certificates to authenticate the
payer, the payer's bank and bank account.
MOBILE PAYMENT

A mobile payment is a money payment made for a product or service through a portable
electronic device such as a tablet or cell phone. Mobile payment technology can also be used
to send money to friends or family members, such as with the applications PayPal , Google
pay ,etc.
 ELECTRONIC PAYMENT TRANSFER

An electronic funds transfer (EFT) is a digital movement of money from one bank account to
another. These transfers take place independently from bank employees. As a digital transaction,
there is no need for paper documents. EFT has become a predominant method of money transfer
since it is a simple, accessible, and direct method of payment or transfer of funds. As businesses
increase their usage of EFT, paper checks become obsolete due to expense, slower expedition, and
overall effort.