Introduction: It’s is the oldest system where

Introduction:

 

Electronic Payment
is a financial transaction which takes place between buyers and sellers
electronically online without the use of actual cash or paper currency.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!


order now

Electronic payments are far cheaper than the traditional which makes it more
easy and more reliable and more adoptable by the people.

 

Objectives of study:

 

·      To understand the working of
e-payment based application.

·      To understand the security
aspects of the e-payment services.

·      To know the overall impact of
e-payments on the economy.

·      To understand the adaptiveness of
people from traditional paper currency.

                                                                                               

History of money:

 

·      Barter System: It’s is the oldest system where
actual goods are exchanged for goods.

·      Commodity Money: In this system, goods which has
monetary value.  E.g.: Salt. Mostly it’s
gold & silver coins.

·      Commodity Standard: It uses special note with a
deposits of gold and silver held by the note issuer.

·      Electronic Money: In this system, traditional
currency give a way to electronic money

 

Advantages of E-Payments:

 

·      E-payments reduces the overall cost
for businesses.

·      Transacting via e-payments is very
easy and convenient.

·      Reduction of overall use of precious
paper.

·      There’s an instant transfer of
money, enables faster work completion.

·      E-transactions can be done at any
point of time.

·      E-payments are accepted globally.

 

Disadvantages of E-Payments:

 

·      Transaction fee per transaction
and monthly fees are more.

·      They are prone to hacking and
other another online threat.

·      Not all websites support a particular
payment method.

 

E-payment system:

 

·      EFT is defined as “any transfer
of funds initiated through an electronic terminal, telephonic instrument, or
computer so as to order, instruct, or authorize a financial institution to
debit or credit the account”.

·      EFT utilizes computer and
telecommunication components both to supply and to transfer money.

 

 

Classification of EFT:

 

EFT can be segmented into three broad categories

 

·      Banking and financial payments

o   Large scale payments

o   Small scale payments

o   Home payments

·      Retailing payments

o   Credit card

o   Charge card

·      On-line electronic commerce
payments.

o   Token-based payment systems.

o   Credit card-based payments
systems.

x

Hi!
I'm Isaac!

Would you like to get a custom essay? How about receiving a customized one?

Check it out