Electronic Payment Systems

Electronic Payment Systems LEARNING OBJECTIVES z To understand what is Electronic payment systems z To know the various types of E-payment methods z To learn the basics of z Card Based Payment Systems z Electronic Account Transfer z Electronic Cash Payment Systems z Mobile Payment and Internet Payment Systems Chapter Electronic Payment Systems version CHAPTER version CHAPTER - - - - Chapter Electronic Payment Systems Modern payment systems may be physical or electronic and each has its own procedures and protocols that guide the financial institution with payment mechanisms and legal systems. Standardization has allowed some of these systems to grow globally. The term electronic payment refers to a payment made from one bank account to another bank account using electronic methods forgoing the direct intervention of bank employees. Payment system is an essential part of a company’s financial operations. But it becomes complex, when many different payment systems are used. Further challenges come from the continuous introduction of newer payment systems such as paytm, UPI, bitcoin and various mobile payment options. As a result there are more than payment systems throughout the world. Payment method Figure . Electronic Payment Systems