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E-payment system

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E-payment system

  1. 1. E-payment system 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.
  2. 2. Advantages and Disadvantages 2 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.
  3. 3. Modes of E-Payment It includes the following :- 1. Credit Cards 2. Debit Cards 3. Smart Cards 4. Digital Cash 5. E-Wallet
  4. 4. Credit Cards 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 4
  5. 5. Debit Cards 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. 5
  6. 6. Smart Cards 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. 6
  7. 7. Digital Cash 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. 7
  8. 8. Electronic Wallet 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 instantly. 8

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