In this technology world, there has been an increasing rate of crime, including thefts, murders, etc. This has given rise for the individuals to keep up the virtual wallets and introduction of the e-payment system. An e-payment system is the system promoting cashless monetary transactions. This system is being used by every company or entrepreneur running an e-commerce business. This has been trusted by millions of businesses across the world that is selling their products online.
An e-payment system is gaining popularity because of the given reasons:
The huge spread of internet based banking as well as shopping has given rise to the demand for an e-payment system. This has given rise to the payment processing devices as well as e-payment systems. An increase, improvement and ever secure online payment transactions will lead to a decrease in the cash payment transactions.
There are different methods of making electronic payments, including the classic as well as the modern methods. The most important and popularly used payment mode is the use of debit card or credit card. There are also alternative methods besides this. Like one can make IMPS, bank transfers, smart cards, Bitcoin, electronic wallets, etc. These payment methods are generally classified into two areas, i.e. cash payment systems and credit payment systems.
Some of the credit payment systems include:
Some of the cash payment systems include:
An e-payment system has proven very beneficial for the individuals, as it provides them with an awesome shopping experience without even losing the comfort of their home. This system can be used and accessed for 24×7. This has helped in boosting the sales and increasing the number of users all over the world.