Electronic payment system is the buzz word for e-transaction. Modern shoppers prefer etransaction because they consider the system safer, handier, and faster than traditional cash transaction. Increased access of internet and smartphone, computer has added better access to this genre of payment system. The most popular categories in electronic payment systems are electronic funds transfers, mobile banking, internet banking, etc.
Electronic Funds Transfer:
This Electronic Funds Transfer system is enabled by the contributing banks under direction of the central bank. The money sent from the sender’s bank gets credited to the receiver’s bank either on the same day or on the next day. This payment system saves the process oftransferring a demand draft through post and the integral delay in receiving the money by the receiver.
Internet banking or E-banking empowers customers to conduct financial transactions on a secure website operated by bank. This is a very fast and safe way of doing banking transactions like transferring funds from a savings/current account or to a 3rdparty account. Internet Payment Systems Development are done in a way that transactions can be safe and private by using password and user name, and can be executed anytime from anywhere of the world with internet access and computer/mobile.
Mobile banking is an exclusive electronic payment service offered through the mutual effort of a bank and a mobile facility provider fordoing common banking transactions. An active bank account is required and a smartphone equipped with some specific features and supported by internet planis needed here. According to Edison Software Development Centre, the reward of this system is that it is safe and available 24×7; payment can be done anytime, anywhere under mobile network coverage.
In a monetized economical system there are provisions for plenty of electronic payment system like payment by debit card, credit card, etc. All these payments are safe provided the recommended safety protocol is used and maintained by the users.Electronic payment system is really an advantage but before using this facility users should get conversant with its safe methods and personal privacy so that no one can exploit their account’s confidentiality.