Electronic payment system(EPS)
- 1. Prepared by:- Rahul kundu 6th sem, IT Electornic paymet system(EPS)
- 2. contents Introduction of electronic payment system Modes of electronic payment • Credit card • Debit card • ATM • E-banking • Digital cash • Electronic check Benefits of electronic payment system
- 3. Introduction of EPS An electronic payment system(EPS) is a way of paying for goods or services electronically, instead of using cash or a check. Electronic payments as referring to online transaction on the internet, there are actually many forms of electronic payments.
- 4. Methods of electronic payments electronic cash, e-wallets, smart cards, credit cards & debit cards.
- 5. 1. Credit card A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods & services based on the holder’s promise to pay for them.
- 6. The issuer of the card creates a revolving account & grants a line of credit to the consumer from which the user can borrow money for payment to a merchant or as a cash advance to the user.
- 7. 2. Debit card A debit card is a plastic card when provides an alternative payments method to cash when making purchases. It can be called an electronic check as the funds are withdrawn directly from either the bank account or from the remaining balance
- 8. Debit card can also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash & as a check guarantee card. Merchants can also offer ‘cash back/cash out’ facilities to customers, where a customer can withdraw cash along with their purchase.
- 9. 3. ATM An automated teller machine or automatic teller machine(ATM) is a computerized telecommunications device that provides the clients of a financial institution with access to financial transactions in a public space without the need for a cashier,
- 10. ATMs are known by various other names including ATM machine, automated banking machine etc.
- 11. 4. E-banking Electronic banking, also known as e- banking & online banking is a service that allows customers to access their bank information conduct financial transactions make deposits, withdrawals & pay bills through the internet without having to physically visit their bank. It provides the convenience of accessing banking facilities from the comfort of their home or office.
- 12. 5. Digital cash/electronic currency Digital currency is a form of virtual currency or medium of exchange that is electronically created & stored. Some digital currencies such as bitcon are crypto currencies.
- 13. 6. Electronic check • An electronic version or re-presentation of a paper check. • The account holder writes an e-check using a computer or other type of electronic device & transmits the e-check to the payee electronically.
- 14. Security features provided by electronic checks include authentication, public key cryptography digital signatures & encryption among others. E-check are a more convenient, safer alternative to paper checks when paying for goods & services & paying bills.
- 15. Benefits of EPS Privacy Integrity Compatibility Good transaction efficiency Acceptability Convenience Mobility Low financial risk anonymity
- 16. Thank you