ELECTRONIC PAYMENT SYSTEM. MEANING. EPS (Electronic payment system) is an online business process used for fund transfer using electronic means, i.e Personal computers services Mobile phones and hand held devices(PDA)
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EPS (Electronic payment system) is an online business process used for fund transfer using electronic means, i.e
They are widely used in bank whenever transactions are made in terms of payment and other means.
“Any transfer of funds initiated through an electronic terminal , telephonic instrument or computer or magnetic tape so as to order, instruct or authorize a financial institution to debit or credit an account.”
An EPS is a convenient way of making a purchase or paying for a service without holding cash or having to got through in process of completing a cheque producing some form of acceptable identification.
E- payment represents an efficient means changing funds and cash flows, offering improved security.
In order for the supplier, to provide goods and services to there modern EPS systems have be designed.
The consumer & the associated browser to interact with the consumer.
An online shopping mall that may help direct consumers to the merchant servers.
The merchant system residing on an online web-server with a connection of web-browsers on the internet.
The background backing network to support online payments from consumers the merchant.
5.) obtain payment authorization
3.) present home page
4.) select foods make payment
2.) LINK TO MERCHANT
1.) SELECT A STORE
E-tokens are equivalent to cash that is backed by a bank.
E-token are of three types-
The potential for fraud is reduced because in proper verification is done in case of e-business.
Merchant would prefer an e-cash scheme , since it prevents denial by the customer or lack of funds in a customer’s account.
It can protect the customer’s anonymity so that merchant is assured of the payment.
7.) CREDIT MERCHANT BANK
1.) REQUEST TO OBTAIN CASH
5.) DELIVERS GOODS
E-chequing pertains to the use of networking services to issue and process payments that emulate real world chequing.
BENEFITS OF E-CHEQUES
For the online transactions, the credit cards are the easiest method of others because people are already accustomed by using them remotely. The credit card transaction simply requires that the consumer have a valid credit card number & expiration date when placing an order. This information has been provided through standard internet options, like-email/sms.
6.) FORWARD CHEQUE
7.) FORWARD CHEQUE
5.) FORWARD TO BANK
8.) ACCOUNT UPDATE
1.) ACCESS & BROWSER
2.)SELECT GOODS PAY E-CHEQUE
4.) CLOSE TRANSACTION
Smart cards looks very much like a traditional credit card with one major transaction. Smart card combines with the characteristics of the credit or debit cards.
They are being offered to consumer for small purchases less than $10 or more/less for. smart cards are also called stored value cards uses magnetic strip technology or intrgrated circuits(ICs) chip to store the consumer specific information including e-money.
Smart cards offer clear benefits to both merchant & consumer. They reduce cash hand expenses and losses caused by frauds.
E-purse or d- purse is wallet size smart card embraced with programmable micro chip that store monitory value in form of money to be used with point of sale(POS) terminal.
E- bill is similar with general bill used to pay offline exchange with merchant. It consists of digital document(document file), which is signed by the consumer by using private key.
the merchant use the paper public key to decode the digital document if the result return the receiver identification that match with the sender’s identity, it means the digital documents are valid