types of e-payment

e-payment

1. TYPES OF E-PAYMENT BY: K.RAGAPRIYA 17A91M0010 IMBA-1

2. What is Electronic Payment?

3. INTRODUCTION E payments are payments that are made electronically over the internet . Earlier almost all the business transactions were done through cash payments but now IT revolution has led to the development of new forms of payment.

4. Electronic Payment System Electronic payment system is a financial exchange that takes place through online between buyers and sellers. There are different methods to pay electronically like credit cards , electronic cash etc.

5. Traditional Payment Scheme In earlier days ,conventional cash were most popular because they were the only payment type available. However with time banks cane into existence and the society underwent a financial revolution. But all these modes of the conventional payment and settlement process act as a bottleneck in the fast moving electronic commerce environment.

6. TYPES OF ELECTRONIC PAYMENT (E-PAYMENT)

7. PAYMENT CARDS CREDIT CARDS DEBIT CARDS CHARGE CARDS SMART CARDS

8. CREDIT CARDS A  credit card  is a payment cards issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services. Two of credit cards on the market. 1. Credit cards issued by credit companies(e.g. Master card, visa) and major banks (SBI, HDFC etc.). 2. Credit cards issued by the departmental stores(e.g. Boygner ) , oil companies(e.g. Shell).

9. DEBIT CARDS A  debit card  (also known as a bank  card  or check  card ). It is a plastic payment card that can be used instead of cash when making purchases.  It is similar to a credit card, but unlike a credit cards, the money comes directly from the user's bank account when performing a transaction.

10. CHARGE CARD Are similar to credit cards except they have no revolving credit line so they have make payments every month. Most charge cards also have a feature called No Preset Spending Limit (NPSL).

11.  While consumers often take NPSL to mean that their cards are without limits, NPSL really means that a card’s limit changes, often from month-to-month, based on factors such as consumer charging and payment history as well overall economic trends. Governments  and large  businesses  often use charge cards to pay for and keep track of expenses related to official business; these are often referred to as  purchasing cards . 

12.  Some retailers issue charge cards to customers.  Some  American Express  and  Diners Club  cards are also charge cards.

13. SMART CARDS It similar to credit card and debit card in appearance but it has a small microprocessor chip embedded in it. Smart card is also called as “Chip card” or “Integrated Circuit card”.

14. Smart cards are made of plastic, generally polyvinyl chloride, but sometimes polyethylene-based polyesters, styrene, or polycarbonate. Smart cards can be contact, contactless, or both. They can provide personal identification, authentication, data storage, and application processing.   Smart cards may provide strong security authentication for single sign-on (SSO) within organizations.