Types Of Payment System

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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.

 

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