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What is E Payment and Types of E Payment Services

If you are new to the world of online payments, then you must know what is e payment, what e payment services are available today and the types of e payment system. This information will help you to do your online transactions smartly and safely.

What is E Payment?

E Payment or electronic payment is a payment system that you use when you pay someone for products or services by using an electronic medium. In this mode of payment, you don’t need any check or cash, and hence it is more convenient and time-saving.

Types of E Payment System Available Today

Though there are many types of e payment system available today, and more are developing as you read this, here is the list of most common types of e payment system that you can consider using if you are new to online transactions.

  • Credit Card Payments

Most customers like to use their credit cards to pay for the products or services they purchase regularly. This method is quite easy because you just need to provide the credit card number and its expiry date to do a transaction. Use of advanced methods like CVN or card verification number has helped make credit card transactions more secure today.

  • Debit Cards

Many people who don’t like to use credit cards for online transactions opt for using debit cards as a preferred e payment system. Debit cards help people to spend the money that they already have and avoid paying the money at the end of a specific billing period (as in the case of credit cards).

  • Smart Cards

When it comes to mentioning e payment services, no one can forget smart cards. These cards are embedded with a microprocessor that has all the information of a person stored in it. These cards can be loaded with funds before making any online payments and helps a person to pay all bills instantly. The biggest advantage of this method is that you load only that amount that needs to be spent and save the rest.

  • E-Wallets

Another popular option among e payment services are the e-wallets. These are prepaid accounts that allow you to store different bank accounts, credit card or debit card information in a secure environment and allows you to make all payments faster and in a safer manner.

  • Internet Banking

If you want to know which is the safest one among types of e payment system, then it is suggested that you consider internet banking as you can just pay for any product or service you like by using the money in your bank account. You don’t need a credit or debit card to make the payment through internet banking, and you just need to provide your bank id and password to complete the transactions.

  • Mobile Payments

Mobile payments are one of the quickest types of e payment system because you just need to download software, link it with your credit card or mobile billing information to start making the payments. You need to do this setup just once and then make payments via text message requests instantly. Though quick, this payment method is the most vulnerable to security threats.

In essence, it can be seen that understanding what is e payment, key e payment services and types of e payment system is simple if you just read about them. You should try all these options and pick the one that you trust the most!

Divya Patwal


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