Tell about modern time electronic payment systems ?

Direct debit — A financial transaction in which the account holder instructs the bank to collect a specific amount of money from his account electronically to pay for goods or services.

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.

E-check — A digital version of an old paper check. It’s an electronic transfer of money from a bank account, usually checking account, without the use of the paper check.

Net banking does not require the user to have a card for payment purposes but the user needs to register with his/her bank for the net banking facility. While completing the purchase the customer just needs to put in their net banking id and pin.

A financial transaction in which the account holder instructs the bank to collect a specific amount of money from his account electronically to pay for goods or services.

E-cash is a form of an electronic payment system, where a certain amount of money is stored on a client’s device and made accessible for online transactions.

Mobile Payment
One of the latest ways of making online payments are through mobile phones. Instead of using a credit card or cash, all the customer has to do is send a payment request to his/her service provider via text message; the customer’s mobile account or credit card is charged for the purchase.

Stored-value card — A card with a certain amount of money that can be used to perform the transaction in the issuer store. A typical example of stored-value cards are gift cards.

A digital version of an old paper check. It’s an electronic transfer of money from a bank account, usually checking account, without the use of the paper check.

To set up the mobile payment system, the customer just has to download a software from his/her service provider’s website and then link the credit card or mobile billing information to the software.

E-payment systems are made to facilitate the acceptance of electronic payments for online transactions. With the growing popularity of online shopping, e-payment systems

Amazon Pay
Another convenient, secure and quick way to pay for online purchases is through Amazon Pay.

is a form of an electronic payment system, where a certain amount of money is stored on a client’s device and made accessible for online transactions.

became a must for online consumers — to make shopping and banking more convenient. It comes with many benefits, such as

Use your information which is already stored in your Amazon account credentials to log in and pay at leading merchant websites and apps.

Reaching more clients from all over the world, which results in more sales.

A card with a certain amount of money that can be used to perform the transaction in the issuer store. A typical example of stored-value cards are gift cards.

Your payment information is safely stored with Amazon and accessible on thousands of websites and apps where you love to shop.

More effective and efficient transactions — It’s because transactions are made in seconds (with one-click), without wasting customer’s time. It comes with speed and simplicity.

cards.
Pros and cons of using an e-payment system
E-payment systems are made to facilitate the acceptance of electronic payments for online transactions.

ustomers can pay for items on an e-commerce website at anytime and anywhere. They just need an internet connected device.

If you are planning to sell your products online, Amazon would be happy to help you in setting up payment gateways for your products and services.

. With the growing popularity of online shopping, e-payment systems became a must for online consumers — to make shopping and banking more convenient. It comes with many benefits, such as:

As simple as that!

Reaching more clients from all over the world, which results in more sales.