E – PAYMENTS MECHANISMS
Unit 2. E – PAYMENTS MECHANISMS Meaning Of E-Payment An electronic payment (e-payment), can be defined as paying for goods or services on the internet or through gateway to pay amount without using cash or cheques . It includes all financial operations using electronic devices, such as computers, smartphones or tablets. E-payments can be made in many ways, like credit or debit card payments or bank transfers. The term electronic payment refers to a payment made from one bank account to another using electronic methods An electronic payment is any kind of non-cash payment that doesn't involve a paper check. Methods of electronic payments include credit cards, debit cards and the ACH (Automated Clearing House) network. The ACH system comprises direct deposit, direct debit and electronic checks (e-checks). Importance of E-Payment 1 .Variety of Choice Electronic payment systems allow financial institutions, businesses and the government to offer a variety of p...