Types Of Payment System
Electronic payment systems are mainly used in banking, retail, health –care, online markets, etc., Electronic payment system also called as Electronic Funds Transfer (EFT) It is defined as “ any transfer of funds initiate through an electronic terminal telephonic instrument or computer or authorize a financial institution to debit or credit an account”
EFT (Electronic Funds Transfer) can be categorized in to three types.
1) Banking & Financial payment.
2) Retailing payments.( Credit Cards & Debit Cards)
3) Online electronic payments.
E-cash, Electronic cheques, Smart Cards, Credit cards.