What is Electronic Payment System ?

Checks and cash are physical and traditional modes of payment, whereas electronic payment refers to paperless monetary transactions. Payment through electronic modes has benefited e-commerce businesses and the supporting financial institutions. Electronic payment, also termed e-[payment, has reduced a lot of paper work, transactions coasts, and labor cost and helped in market expansion.

Electronic payment is use friendly and takes comparatively less processing time than manual processing.

Some basic methods of electronic payment are following :—

  • Credit Cards 
  • Debit Cards 
  • Smart Cards 
  • Mobile Apps ( Paytem, PhonePay and Tez Etc. )

The Most common method is via credit cards. However a concern for customer security while sending over the internet, credit card information, including name, card number and expiration date. Buyers also are concerned with privacy. They do not want others to know who they are, or what they buy. They also want to be sure that no one will change their order and that they are connected to the real vendor and not to a hacker. Thus, it is essential for any e-commerce business to ensure the privacy of individuals and their identifications details.

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