E-payment system is the means of making payment and/or transaction for goods and services on an e-commerce website or electronic environment without any need to use cash or check. E-payment system is also known as online payment system. It has many forms such as credit card, virtual card, mail order, e-wallet, mobile payment, cryptocurrency, etc.
Published in Chapter:
Electronic Payment Systems in Electronic Commerce
Rana Atabay Kuscu (Istanbul Medipol University, Turkey), Yasemin Cicekcisoy (Istanbul Halic University, Turkey), and Umit Bozoklu (Istanbul Gedik University, Turkey)
Copyright: © 2020|Pages: 26
DOI: 10.4018/978-1-7998-0035-4.ch006
Abstract
Technological advances and correspondingly the spreading usage of the Internet have significantly changed commerce, and also the concept of money has become more abstract. Customers with the help of the technological advances don't have the necessity of cash money, and consumers/firms tend towards alternative payment methods. At this point, electronic commerce (e-commerce) web sites have started to use block chaining payment methods. In this digital world, new payment technologies have started to spread far and wide thanks to fast improvements in payment technologies, and they offer different options in payment methods. Each electronic payment (e-payment) system has some advantages; however, each of them has some disadvantages as well. The aim of this study is to investigate the e-payment systems which are different from traditional payment methods.
FAQs
A global payments system allows companies and marketplaces around the world to make and receive cross-border payments in multiple certified international currencies. Although currencies may vary between payment services, these systems enable international payment solutions – even more critical in recent years.
What is the electronic payment system? ›
An electronic payment system is a digital infrastructure that enables the electronic transfer of funds between individuals or entities. It replaces traditional cash or check transactions with the digital equivalent, offering convenience, speed and security.
Is PayPal an electronic payment system? ›
Digital wallet payments
Financial apps that store the customer's account information electronically are called digital wallets. Digital wallets like PayPal, Apple Pay, Google Pay, and Samsung Pay allow customers to pay for goods and track their payment history using their phones and tablets.
What is the international payment system? ›
International payments consist of outgoing and incoming payments in that currency out of and into that country, as well as offshore payments in that currency, between two parties outside that country.
What is an example of a global payment? ›
Wire Transfers
They involve sending money directly from one bank account to another. A wire is the simplest global payment method because it requires no middleman to handle the transfer, and the fastest method, as funds are received by the payee on the same day, or within 1-2 business days.
Is Global Payments real? ›
Global Payments Inc. is an American multinational financial technology company that provides payment technology and services to merchants, issuers and consumers. In June 2021, the company was named to the Fortune 500.
What are the disadvantages of an electronic payment system? ›
10 Disadvantages and Concerns of Online Payments
- Risk of Fraud. This is the first concern that comes to mind when we think of risks related to digital payments. ...
- Technical Issues. ...
- Transaction Limits. ...
- Dependency on Internet. ...
- Identity Theft. ...
- Loss Of Cards. ...
- Unfamiliarity With Technology. ...
- Password Threats.
Disadvantages of Electronic Payment System
Fraud Risk: Despite security measures, Electronic Payment Systems are not immune to fraud. Unauthorized transactions, stolen credentials, or fraudulent activities can occur, leading to financial losses for individuals and businesses.
What are examples of electronic payments? ›
Types of Electronic Payments. Common types of electronic payments include credit and debit cards, mobile payment apps such as Apple Pay and Google Pay, online banking transfers, cryptocurrency (Bitcoin, Litecoin etc.), digital wallets (PayPal), direct debits, and gift cards.
What banking is an electronic payment system? ›
Electronic payment systems encompass a wide range of payment methods, including credit card payments, bank transfers, mobile wallets, peer-to-peer transfers, and online payment gateways, providing convenient, secure, and efficient alternatives to traditional payment methods.
What is an EFT Payment? EFT payment (electronic funds transfer) is a term that includes many types of electronic payments, including ACH transfers and wire transfers. EFT payments are also called e-Payments because each transaction is completed online and doesn't include paper checks in the payment process.
What is the disadvantage of using PayPal? ›
The main disadvantages of PayPal include high fees for international transactions and currency conversions. This applies only if you trade internationally. PayPal also has a reputation for freezing accounts with little warning, which can disrupt cash flow.
What is global payment system? ›
A global payments system is a means for companies and merchants across the world to send and receive payments in different currencies.
What is the most used payment system in the world? ›
Cards are still the most-used payment method, with American Express, Mastercard, Visa as large global card schemes. Even though they're recognized globally, other payment methods like online banking, direct debit, digital wallets, or Buy Now Pay Later (BNPL) are more common elsewhere.
What is the most common international payment method? ›
The most common methods of payment in international trade include:
- Cash In Advance.
- Open Account Terms.
- Consignment.
- Documentary Collection.
- Letters of Credit.
GPP is the first payment effort of its kind to use Medicaid DSH to encourage increased access to preventive care for the uninsured. GPP combines two federal funding streams, Medicaid DSH and the Safety Net Care Pool (SNCP), both of which are matched by county/local funds.
How does GlobalPay work? ›
M-PESA GlobalPay Virtual VISA Card is a partnership between M-PESA and VISA. The virtual card is linked to your M-PESA wallet and enables you to make payments to international online sites for goods and services.
Are Global Payments safe? ›
Global Payments Integrated's proprietary encryption is designed to render cardholder data unreadable, encrypted at the device. Merchants are unable to view card numbers after the swipe or hand-key.
Is Global Payments a good company? ›
Global Payments reviews FAQs
Global Payments has an overall rating of 3.5 out of 5, based on over 1,395 reviews left anonymously by employees. 60% of employees would recommend working at Global Payments to a friend and 54% have a positive outlook for the business. This rating has been stable over the past 12 months.
