Tell about modern time electronic payment systems ?

such as the use of a card verification number (CVN), have been introduced to on-line credit card payments. The CVN system helps detect fraud by comparing the CVN number with the cardholder's information.

An e-payment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash

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It’s also called an electronic payment system or online payment system. Read on to learn more.

The electronic payment system has grown increasingly over the last decades due to the growing spread of internet-based banking and shopping

Debit Card

The electronic payment system has grown increasingly over the last decades due to the growing spread of internet-based banking and shopping

As the world advances more with technology development, we can see the rise of electronic payment systems and payment processing devices

Debit cards are the second largest e-commerce payment medium in India.

As the world advances more with technology development, we can see the rise of electronic payment systems and payment processing devices

As these increase, improve, and provide ever more secure online payment transactions the percentage of check and cash transactions will decrease.

Customers who want to spend online within their financial limits prefer to pay with their Debit cards.

. As these increase, improve, and provide ever more secure online payment transactions the percentage of check and cash transactions will decrease.

One of the most popular payment forms online are credit and debit cards.

With the debit card, the customer can only pay for purchased goods with the money that is already there in his/her bank account as opposed to the credit card where the amounts that the buyer spends are billed to him/her and payments are made at the end of the billing period.

Besides them, there are also alternative payment methods, such as bank transfers, electronic wallets, smart cards or bitcoin wallet (bitcoin is the most popular cryptocurrency).

E-payment methods could be classified into two areas, credit payment systems and cash payment systems.

Electronic payment methods
One of the most popular payment forms online are credit and debit cards. Besides them, there are also alternative payment methods, such as bank transfers, electronic wallets, smart cards or bitcoin wallet (bitcoin is the most popular cryptocurrency).

Smart Card
It is a plastic card embedded with a microprocessor that has the customer’s personal information stored in it and can be loaded with funds to make online transactions and instant payment of bills. The money that is loaded in the smart card reduces as per the usage by the customer and has to be reloaded from his/her bank account.

Credit Card — A form of the e-payment system which requires the use of the card issued by a financial institute to the cardholder for making payments online or through an electronic device, without the use of cash.

A form of prepaid account that stores user’s financial data, like debit and credit card information to make an online transaction easier.

E-payment methods could be classified into two areas, credit payment systems and cash payment systems.

E-Wallet
E-Wallet is a prepaid account that allows the customer to store multiple credit cards, debit card and bank account numbers in a secure environment. This eliminates the need to key in account information every time while making payments. Once the customer has registered and created E-Wallet profile, he/she can make payments faster.

Smart card — A plastic card with a microprocessor that can be loaded with funds to make transactions; also known as a chip card.

Netbanking
This is another popular way of making e-commerce payments. It is a simple way of paying for online purchases directly from the customer’s bank. It uses a similar method to the debit card of paying money that is already there in the customer’s bank.