UNDERSTAND WHAT IS AN E-PAYMENT SYSTEM IN DIGITAL TECHNOLOGY

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Today’s e-payment systems (EPS - Electronic Payment Systems) have been constantly improving individuals’ quality of life through providing ease of payment for several online transactions in all walks of life. Electronic payments can be understood as a payment mechanism using electronic media that does not involve any physical cash.

E-payment systems fact file!

Originally, the e-payment system was not introduced to replace cash transactions but as a better alternative to cash and trade barter for everyone.

Business transactions have continued to shift entirely from cash-based transactions to electronic-based transactions, a movement that marks digital transition for business and digital growth.

Food for thoughts!

The development of the internet and the arrival of e-commerce fostered digitalization in the payment processes by providing a variety of electronic payment options for end users including payment cards (credit card and debit card), digital wallets, mobile wallets, electronic cash, etc.

Every single day, the world advances more with technology development, we can see the rise of electronic payment systems and payment processing devices.

All the types of e-payments systems we have with us today, they can be broadly be classified as under two categories, namely:

Credit Payment System

Cash Payment System

Have a look at what comes within each category.

Credit Payment System

Credit Card - A form of the e-payment system which requires the use of the card linked to your bank accounts.

E-wallet – An account that stores user’s financial bank details, like debit and credit card information to make an online transaction.

Smart card - A card with a microprocessor inbuilt that can be loaded with funds to make transactions.

Cash Payment System

Direct debit — A financial transaction in which the user instructs his bank to transfer a specific amount of money from his account electronically.

E-check — the digital version of paper cheque. It is an electronic mode of money transfer from a bank account.

E-cash - an electronic payment system where an amount is stored on a client’s device and made accessible for online transactions at his will.

Stored-value card - A card acceptable at certain stores with a pre-filled amount. Eg. gift cards.

Being a digital transaction fan, what are the advantages of the e-payment system one enjoys?

As the growing popularity of shopping online is catching pace in all business fields, e-payment systems have become a must for online consumers.

Reach more clients from all across thus increasing SALES.

Transactions are made in seconds without wasting customer’s time – this increases speed, business efficiency and simplicity.

Convenience. Customers make payments at any time and anywhere. They just need an internet connected device.

Time efficiency of customers is valued. No more waiting for regular routine payments.

Complete monitoring with their click of button on payment apps which save all transaction history.

Keep everything pre-planned and ready with money in wallets.

This is not rocket science, even a non-technical person can implement it in minutes

Good security to your transactions via Payment gateways and payment providers

Let’s do the maths

According to research, the country’s e-commerce market is expected to jump 84% to reach $111 billion by the year 2024. This by itself is a huge achievement to the digital growth of the e-payment system in e-commerce for the country.

Allow us to help you get online for all your daily bills and bill payments with Payrup – India’s leading platform model of e-payment system for all your bill payments.

Hope you enjoyed the article, stay tuned for the next one where we highlight how fast tag payments have turned digital and how Payrup can be your choice of e-wallet payment system platform for fast-tag payments.

“Payrup is an e-payment system for those on the move. Anywhere. Everywhere. 24*7”

For understanding more about this you can visit "HOW ONLINE PAYMENT MAKES YOUR LIFE EASIER AND SECURE".