Electronic payment system

Electronic payment system - basic

1. ELECTRONIC PAYMENT SYSTEM

2. PRESENTED BY Nishad Mon MP SUNNIYYA ARABIC COLLEGE

3. E- payment is a subset of an e-commerce transaction to include electronic payment for buying and selling of goods or services offered through the internet.

4. It is a financial exchange that takes place online between buyer and sellers. The content of this exchange is usually some form of digital financial instruments such as(encrypted credit card numbers, electronic cheques or digital cash) that is backed by a bank or an intermediary, or by a legal tender

5. DEFINITION E payment is defined as any payment to a business by individual customers or business houses which is executed through a telecommunication or electronic network

6. Types of E-payment systems

7. EFT is used to transferring money from one bank account directly to another without any paper money changing hands like, direct debit payments or electronic bill payments in online banking

8. Payment through mobile phone : 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 and Venmo

9. Electronic token based payments: it is an modern form of E- payment which is based on electronic tokens, which are provided by banks or financial institutions.

10. E- PAYMENT MEDIA Credit Card Debit Card Smart Card Electronic Cheque Electronic Cash E- Wallet or Digital Wallet

11. CREDIT CARD A credit card is a payment card issued to users as a system of payment It allows the cardholder to pay for goods and services based on the holder’s promise to pay for them

12. DEBIT CARD A debit card is a plastic card when provides an alternative payment method to cash when making purchase It looks just like a ATM card, it eliminates the need to carry cash or physical cheque to make purchases

13. SMART CARD It is similar to credit card and debit card in appearance but it has a small microprocessor chip embedded in it. It has the capacity to store customer work related/personal information. Smart card can accessed only using a PIN ( Personal Identification Number) of customer.

14. ELECTRONIC CHEQUE It resembles the function of paper cheques but offer greater security and more features It offer protective measures such as digital signature and encryption to safe guard transactions

15. E- CASH A system that allows a person to pay for goods or services by transmitting a number from one computer to another Like the serial numbers on real currency notes, the E cash numbers are unique This is issued by bank and represents a specified sum of money and these are anonymous and reusable

16. E –WALLETS The E-wallet is another payment scheme that operates like a carrier of e-cash and other information It gives the customers a single, simple, and secure way of carrying currency electronically Trust is the basis of the e-wallet as a form of electronic payment.

17. ADVANTAGES AND DISADVANTAGES OF EPS ADVANTAGES Increased speed and convenience Increased sales Reduced transaction costs DISADVANTAGES Security concerns Disputed transactions Increased business costs