What is Electronic Payment System ?
Checks and cash are physical and traditional modes of payment, whereas electronic payment refers to paperless monetary transactions. Payment through electronic modes has benefited e-commerce businesses and the supporting financial institutions. Electronic payment, also termed e-[payment, has reduced a lot of paper work, transactions coasts, and labor cost and helped in market expansion.
Electronic payment is use friendly and takes comparatively less processing time than manual processing.
Some basic methods of electronic payment are following :---
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Checks and cash are physical and traditional modes of payment, whereas electronic payment refers to paperless monetary transactions. Payment through electronic modes has benefited e-commerce businesses and the supporting financial institutions. Electronic payment, also termed e-[payment, has reduced a lot of paper work, transactions coasts, and labor cost and helped in market expansion.
Electronic payment is use friendly and takes comparatively less processing time than manual processing.
Some basic methods of electronic payment are following :---
- Credit Cards
- Debit Cards
- Smart Cards
- Mobile Apps ( Paytem, PhonePay and Tez Etc. )
Share your thoughts with us in comment Box.........
If you have any Question abut this topic then also write comment box.....
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