An e-payment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. It’s also called an electronic payment system or online payment system. The most popular methods of electronic payments include credit cards, debit cards, virtual cards, and ACH (direct deposit, direct debit, and electronic checks). E-payments are orchestrated by an electronic funds transfer (EFT), which is the process of transferring money from one bank account to another without any exchange by hand. Online payment methods that use EFT include: Credit and debit cards. Businesses must have e-commerce software to accept payments online. A common type of payment system is called an operational network that links bank accounts and provides for monetary exchange using bank deposits. Electronic payment systems are not immune to the risk of fraud. The system uses a particularly vulnerable protocol to establish the identity of the person authorizing a payment. Passwords and security questions aren’t fool proof in determining the identity of a person.

Jincy Anna Joy

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