E-payment stands for Electronic Payment. It
refers to paperless monetary transaction which
is initiated, processed and received
electronically. It is commonly used payment
mechanism in e-commerce that enables
individuals, businesses, governments and non-
profit organizations to make cashless payments.
Advantages and Disadvantages
Disadvantages of E-Payment
• Security Concerns.
• Disputed Transactions.
• The Lack of Anonymity.
• The Necessity of Internet Access.
Advantages of E-Payment
• Increased Speed and Convenience.
• Eliminates the Security Risks.
• Competitive advantage to business.
• Time Saving.
• Environment Friendly.
Modes of E-Payment
It includes the following :-
1. Credit Cards
2. Debit Cards
3. Smart Cards
4. Digital Cash
Credit card is the small plastic card with a unique
number linked with an account. It has a magnetic
strip embedded in it which is used to read Credit
card via card readers. In this the payment is made
by bank on behalf of the customer and customer
has a certain time period after which he can pay
the bill of Credit card. It is the most common
mode of electronic payment.
It includes parties :-
1. The card holder.
2. The merchant.
3. The card issuer bank.
4. The acquirer bank.
5. The card brand
Debit Card is a small plastic card with a unique
number linked with the bank account number. It
is required to have a bank account before getting
a debit card from bank, it enables the cardholder
to pay his purchases directly through bank
account, like Credit card. The major difference
between debit card and credit card is that in case
of payment through debit card, amount gets
deducted from card’s bank account immediately
and there should be sufficient balance for the
transaction to get completed; whereas in case of
credit case there is no such compulsion.
Smart card is a prepaid card similar to credit card
and debit card in appearance but it has a small
microprocessor chip embedded in it. It has the
capacity to store customer’s personal information
such as financial facts, private encryption keys,
credit card numbers, account information, health
insurance information and so on.. It combine the
advantages of both credit and debit card. These
cards are not linked with bank account that’s why
smart card holder is not mandated to have a bank
account. Smart card is also used to store money
which is reduced as per usage.
Digital cash is a system that allows a person to pay
for goods and services by transmitting a number
from one computer to another. The digital cash
numbers are unique and issued by bank and
represents a specified sum of real money. It can
be used in place of real cash for online
transactions. Like real cash, digital cash has
characteristics like anonymity and reusability, so
it’s difficult to track the information related to the
payment. To obtain digital cash, the customer
must have a bank account as digital cash
certificates can be purchased only by transferring
amount from bank account.
E-Wallet is an online prepaid account where one
can stock money, to be used when required. E-
Wallet is an electronic device that contains stored
amount that is password protected. This stored
amount can be used to make e-commerce and
other online transactions comfortably and
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