Slide 1
By RUMAISA WASEEMMFC IST SEM15-MFC-17
MODES OF
MODES OF E-PAYMENTAne-commerce payment systemfacilitates the acceptance ofelectronic paymentforonline transactions,where electronic payment refers to paperless monetary transactions.
Some of the modes of electronic payments are :-
Credit CardDebit CardSmart CardE-MoneyE-Wallet
CREDIT CARDA card issued by a financial company giving the holder an option to borrow funds, usually atpoint of sale.
PARTIES INVOLVED IN CREDIT CARD SYSTEMThe card holder - CustomerThe merchant - seller of product who can accept credit card payments.The card issuer bank - card holder's bankThe acquirer bank - the merchant's bankThe card brand - for example , visa or mastercard.
STEPS INVOLVED IN CREDIT CARD PROCESS
DEBIT CARDDebit card, like credit card is a small plastic card with a unique number mapped with the bank account number.Debit cards free customer to carry cash, cheques and even merchants accepts debit card more readily.
SMART CARDA smart card is a plastic cardwith an embedded microchip loaded with data, used for telephone calling, electronic cash payments, and other applications, and then periodically refreshed for additional use.
E.g. of SMART CARD
ADVANTAGES:-
DISADVANTAGES:-
fraud protectionWorld wide acceptanceTime savingLess costly
RestrictionsRisk of hackingLack of anonymityNecessity of internet
ADVANTAGES AND DISADVANTAGES OF E-PAYMEnt
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