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    Types of Electronic Payment Systems

    Uploaded by

    Roaa Khalil
    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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    Types of Electronic Payment Systems

    Uploaded by

    Roaa Khalil
    507 views2 pages
    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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    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.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    507 views2 pages

    Types of Electronic Payment Systems

    Uploaded by

    Roaa Khalil
    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.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from 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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