What Is an E-Payment System

E-payment system may be a means of constructing transactions or paying for merchandise associated services through an electronic medium while not the utilization of check or money. It’s conjointly known as associate electronic payment system or on-line payment system.
The electronic payment system has grownup progressively over the last decades because of the wide unfold of internet-based banking and searching. because the world advance a lot of on technology development, loads of electronic payment systems and payment process devices are developed to extend, improve and supply secure e-payment group actions whereas decreasing the proportion of check and money transaction.E-payment methods could be classified into two areas, which are:
1. Cash Payment System
Electronic Funds Transfer (EFT): that is an digital device used to switch cash from one financial institution account to every other with none coins trade through hand.
EFT incorporates many different standards of charge device include:
Direct debit, that may be a economic transaction wherein the account holder instructs the financial institution to accumulate a selected amount of cash from his account electronically for charge of products or services.
E-Check, a virtual model of an antique paper check. It’s an digital switch of cash from a financial institution account, commonly bank account with out using the paper check.
Electronic billing: that is every other shape of digital price range switch utilized by businesses or agencies to accumulate bills from clients over digital method.
Electronic coins (e-Cash): it’s far a shape of an digital charge device of which positive amount of cash is saved on a customer tool and made available for net transaction. Electronic coins is likewise known as virtual coins and it employ e-coins software program mounted at the person PC or digital devices.
Stored cost card: that is every other shape of EFT utilized by stores. Stored cost card is a card range that has a positive amount of cash cost saved and may be used to carry out the transaction withinside the company store. A standard instance of saved cost playing cards are present playing cards.
2. Credit Payment System
Credit Card: that is every other shape of the e-charge device which required using the cardboard issued through a economic institute to the cardholder for making bills on line or thru an digital tool with out using coins.
E-Wallet: it’s far a shape of pay as you go account that saved person’s economic information like debit and credit score card facts to make a web transaction easier.
Smart card: this use a plastic card embedded with the microprocessor that may be loaded with price range to make transactions and immediate charge of bills. It is likewise referred to as a chip card.

Wiki Payments

Wiki Payments

Wiki Payments

Wiki Payments