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Types of Electronic Payment Systems

This document outlines and describes 7 types of electronic payment systems: 1) Card services including credit, debit, and smart cards, 2) Mobile payments through mobile service providers, 3) E-wallets stored in bank accounts, 4) Netbanking similar to debit cards, 5) Automated Clearing House for business and government transactions, 6) Remote deposit capture allowing check deposits through scans, and 7) E-checks as digital versions of paper checks transferring funds electronically. Sources included articles and guides on online banking, electronic payment systems, and payment system overviews.

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Roaa Khalil
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Download as DOCX, PDF, TXT or read online on Scribd
573 views

Types of Electronic Payment Systems

This document outlines and describes 7 types of electronic payment systems: 1) Card services including credit, debit, and smart cards, 2) Mobile payments through mobile service providers, 3) E-wallets stored in bank accounts, 4) Netbanking similar to debit cards, 5) Automated Clearing House for business and government transactions, 6) Remote deposit capture allowing check deposits through scans, and 7) E-checks as digital versions of paper checks transferring funds electronically. Sources included articles and guides on online banking, electronic payment systems, and payment system overviews.

Uploaded by

Roaa Khalil
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Types of Electronic Payment Systems?

1.Card Services

a. Credit : The bank can pay for the user if there is no money in his account
and it will be paid when the person deposits money in his account.

b. debit : It is one of the payment methods in which the money in the bank
account must be available so that he can pay at the end of the bill against the
credit card.

c. Smart Card: It is a card that has user information and can be loaded with
money to make online purchases and pay immediately.

2. Mobile Payment: mobile service providers allow their customers to have a


bank account on their cell phone numbers and can use the funds in their
accounts to carry out transactions.

3. e- wallet: The electronic wallet is stored in all bank accounts so that the
user can access his accounts without the need to enter information every time
and payments can be made faster.

4. Netbanking: It uses a similar method to the debit card of paying money


that is already there in the user bank.

5. Automated Clearing House: payments system was designed to allow


corporations and consumers to reduce or eliminate the use of paper checks to
make routine payment and It is commonly used in America and including B2B
transactions, government transactions, and consumer transactions.

6. remote deposit capture: is a system that allows a user to scan checks


remotely and transmit the check images to a bank for deposit When the bank
receives a check image from the customer, it posts the deposit to the
customer's account and makes the funds available based upon the
customer's particular availability schedule.

7. E-Check :This type of transaction involves a digital version of a paper


check. The transaction functions much like an electronic funds transfer from
an account holder’s checking or savings account without the need for a
physical paper check.
Sources:
1. https://money.howstuffworks.com/personal-finance/online-banking/electronic-
payment1.htm
2. https://publishedguides.ncua.gov/examiner/Pages/Content/ExaminersGuide/Electro
nicPaymentSystems/EPS_Types.htm
3. https://www.slideshare.net/KavithaMandhal/overview-of-electronic-payment-
system

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