E-Payment or electronic payment system is booming. As we step into the more advanced and highly developed technological era, we are sure to get some great advantages out of it. E-payment is also fruit of the same advancement. It has made lives easier by “making transactions or paying for goods and services through an electronic medium, without the use of cheques or cash.”
It has spread and grown increasingly owing to its more secure feature, ease of use and convenience. As has it been increasing so has it lead to the decrease of cheque and cash-based transactions.
E-payment methods
- Credit payment system which comprises of credit card, E-wallet and smart card.
- Cash payment system comprises of direct debit, E-cheque and E-cash.
Benefits of E-payment
There are countless benefits that this rather new much hyped payment system offers;
- Increased sales; because of its reach from one corner of the world to another.
- Fast and Efficient; this mode of transaction can be made in seconds through a few clicks.
- Safe and Secure; payment providers offer secure transaction features and installs anti-fraud tools, thus making reliable transactions possible.
- Lower transaction and technology cost.
It is because of these features that online buying and selling of goods and services is thriving. Thanks to the genius minds behind this magical thing.