What is e-payment?
e-payment, also known as electronic payment, refers to electronic means to make or receive payment for goods or services. This can include using a credit card to make an online purchase, using a mobile payment app to transfer money, or using a digital wallet to store and spend funds. e-payment systems are often seen as more convenient and efficient than traditional payment methods, such as using cash or checks, because they allow for faster, more secure transactions.
e-payment systems typically involve using electronic devices, such as computers, smartphones, or tablets, to facilitate the transfer of funds between individuals or businesses. For example, when you use a credit card to make an online purchase, the merchant’s website will typically ask for your card details, which are then sent to the credit card company for verification. If the transaction is approved, the funds are transferred from your account to the merchant’s account, and you receive confirmation of the purchase.
e-payment systems can also include digital wallets, which are digital versions of physical wallets that allow users to store, manage, and spend their money electronically. Digital wallets can be linked to various payment methods, such as credit cards, bank accounts, or mobile payments, and can be used to make online purchases, pay bills, or transfer funds to other individuals.