Electronic Payment Systems
E-payment systems enable electronic money transfer for online and offline transactions.
Types
Credit/debit cards (Visa, Mastercard), digital wallets (PayPal, Apple Pay), bank transfers, mobile payments (eSewa, Khalti in Nepal).
Payment Gateways
Authorise card payments. Encrypt data, communicate with acquiring bank. Stripe, PayPal, Razorpay.
Digital Wallets
Pass-through (tokenise cards, Apple Pay) and staged (hold funds, PayPal). NFC contactless, QR code payments.
Cryptocurrency
Blockchain-based decentralised currency. Bitcoin, Ethereum. No intermediaries but volatile and regulatory uncertainty.
Security
SSL/TLS encryption, tokenisation, 3D Secure (OTP), PCI DSS compliance, AI fraud detection.
Summary
Electronic payment systems are the backbone of E-Commerce requiring security and convenience.