NOTE 6 - Copy.docx - E-PAYMENT SYSTEM Electronic payment systems are central to on-line business process as companies look for ways to serve customers

NOTE 6 - Copy.docx - E-PAYMENT SYSTEM Electronic payment...

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E-PAYMENT SYSTEM Electronic payment systems are central to on-line business process as companies look for ways to serve customers faster and at lower cost. Emerging innovations in the payment for goods and services in electronic commerce promise to offer a wide range of new business opportunities. Electronic payment systems and e-commerce are highly linked given that on-line consumers must pay for products and services. Clearly, payment is an integral part of the mercantile process and prompt payment is crucial. If the claims and debits of the various participants (consumers, companies and banks) are not balanced because of payment delay, then the entire business chain is disrupted. Hence an important aspect of e-commerce is prompt and secure payment, clearing, and settlement of credit or debit claims. TYPES OF ELECTRONIC PAYMENT SYSTEMS: Electronic payment systems are proliferating in banking, retail, health care, on-line markets, and even government—in fact, anywhere money needs to change hands. ELECTRONIC FUNDS TRANSFER (EFT) EFT is defined as any transfer of funds initiated through an electronic terminal telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution.
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3 BROAD CATEGORIES OF EFT EFT can be segmented into three broad categories: Banking and financial payments This deals with large-scale or wholesale payments (e.g., bank-to-bank transfer).
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  • Spring '20
  • Dr. ASRAVOR
  • Credit card, Electronic money, Electronic Payment systems

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