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1. ELECTRONIC PAYMENT
SYSTEMS
BY : KARTIK BABBAR , 3052
HARSH MALHOTRA , 3050
KARAN BATRA , 3112

2. INTRODUCTION
Electronic payment is a subset of e-
commerce and is one of its most critical
aspects. It is an online financial transaction
between buyers and sellers. It refers to
paperless monetary transactions. The success
of e-commerce depends upon effective
electronic payment systems.

3. E-PAYMENT PROCESS
Anelectronic payment process typically involves the following steps:
1.Electronicpaymentinvolve abuyerand seller. A buyer is who makes a
payment. A seller receives a payment. E-payment process is to transfer
monetary value from the buyer to the seller
2.E-payment process involves financial institution that interact with both
buyer and seller.
3.Buyersprovidepaymentinformation from where payments should be
withdrawn, and seller give information about where payments should be
deposited.
4. The buyer checks out the products from seller’s website and goes to the
payments section. Thebuyerselectsandcomplete their preferred
payment method.

4. 5. The buyer enters the payment information into a form. The
information entered into the secure server is encrypted using security
technologies.
6.Thepaymentinformation moves to the online transaction server
where the payment is authorized , depending on whether the card
number is valid.
7. Ifthecardinformation isvalidandfundsareavailable, the
information is transmitted to the financial institution that receives
payments owed to the buyer and a deposit is made to the seller’s
bank account.
8.The buyer is then informed that the transaction has been processed.

5. ADVANTAGES OF E-PAYMENT
1.Speed and convenience : E-payment offers convenience in transaction
as compared to traditional payment methods such as cash. With e-
payment, you do not need to wait for a check to clear the bank so you can
access the funds.
2. Increased sales: With widespread of internet banking and online
shopping, the cash payment has decreased. Electronic alternatives are
increasingly becoming the preferred payment option. It gives advantage
over those that only accept traditional methods.
3.Timesaving:E-paymentfacilitatesmajorsavings in time and effort. With
e-payment the amount of time required on bill management or payment
has been significantly reduced.

6. 4.Variety of payment options: Electronic payment systems allow merchants,
govt and financial institutions to offer a wide range of payment options to their
customers. These systems include debit cards, credit cards, mobile banking,
etc.
5.Improved customer support: EPS shorten the order processing and delivery
time, which results in improved customer support and higher efficiency in both
business to business, and business to consumer models.
6: User friendly: E-payment system is user-friendly at all and it does not require
any specialized knowledge of encryption or data transfer protocol. It provides
flexible payment integration methods It hides the complex payment process.

7. TYPES OF E-PAYMENT SYSTEMS
The different types of electronic payment schemes most common today are
discussed below:
1.Creditcards : Credit cards is a small plastic card having a magnetic strip
issued by a bank which allows holder to purchase goods or services on
credit. Payment using credit card is one of the most popular forms of e-
payment for consumer goods and services all over the world. A credit card
holder can purchase products or services without cash and to pay for them
at a later date.
2.Debitcards:Adebitcard is a plastic electronic card issued by a bank
which allows bank clients access to their account to withdraw cash or pay
for goods and services. Unlikecreditcards,thedebitcardimmediately
transfers money from the client’s account to the business account. This
removes the need for bank clients to go to the bank to remove cash from
their account as they can now just go to an ATM to get cash.

8. 3.E-cash: E-cash is a form of an electronic payment system of which
amount of money is stored on a client device and made accessible for
internet transaction. Electronic cash is also known as digital cash and it
make use of e-cash software installed on the user pc. Ine-cash,both
customers and merchant have to sign up with bank issuing e-cash. E-cash is
transferred directly from the customer’s desktop to the merchant’s site.
4.Smartcards: A smart card is similar to credit and debit card in
appearance but it has a small built-in microprocessor chip and memory,
which are used for identification or financial transactions. These cards have
self-contained operating systems and so are ideal for applications where
security is an issue. It is a portable data storage device with intelligence and
provision for identity and security.

9. 5.E-purse: It refers to an electronic device that allows users to make electronic
commerce transactions quickly and securely using a financial instrument. It is
an online-prepaid account used to store money. It holds owner information,
owner contact information, credit card, and e-cash.
6.E-cheque: E-cheque is also a form of payment made via the internet. It is an
electronic version of a papercheque and designed to perform the same
function as a traditional paper cheque. Since the cheque is in an electronic
format, it can be processed in fewer steps and has more security features than a
standard cheque.