E-payment system is a kind of advanced payment mode that allows the consumers to make transactions for the services as well as goods through an electronic medium. There is no need to use cash or checks. E-payment system is also considered as the online payment system. Standing in the 21st century, it is very important to understand each and every aspect of the E-payment system.
Well, the popularity of the e-payment system otherwise known as the electronic payment system is growing rapidly day by day. People in this technologically advanced era has already embraced technology and therefore, nowadays, it is very difficult to see cash transaction. People rely on the e-payment system even for purchasing a small item. Due to the reliability and advanced security, the number of online credit card payments is increasing and on the other side, the number of cash transactions is being decreased.
E-payment system allows the customers to make bill payments with credit cards and debit cards. But, along with these, there are many other options that are inextricably associated with the e-payment system. Well, if we specifically talk about the e-payment methods, it can be classified into two parts- Credit Payment System and Cash Payment System
Credit Payment System
When it comes to the credit payment system, you will have different options. These options are as follows:
Credit Card: Well, the credit card is a kind of e-payment system.