Electronic Payment Current Scenario and Scop

Abstract

In this sense, it could probably be said that payment systems are one of the most imperative and significant social infrastructures that we have E-payment is an increasingly important part of payment systems. They allow for quick international connectivity in the payment world if not all financial inclusivity for the unbanked, fast across-the-world transactions, safety and security of payments and cost savings over traditional payment systems. Electronic payment is a crucial component of electronic commerce and can be described as any kind of commercial transaction that comprises of exchange of information on the Internet. Organizations engaged in the commerce exchange. Information related to their business through different means of electronic mediums like the internet, telephones, and other information mediums. Therefore, it is possible to view electronic payments as a subset of electronic commerce, which provides goods and services including account information, payment methods, fund transfers, account opening and closing, and other banking operations. Online purchasing and selling of goods, data, and services is made possible by e-commerce. Payments in an e-commerce setting are referred to as electronic payments since they include the exchange of money electronically. The security of the e-payment system ensures that the user's credit card number, smart card, or other personal information is safe. Payments can be made at any time via the Internet, directly transferring funds to the settlement and creating an e-business environment. The business is more productive. effective and practical for the financial system as well as the clients. Electronic payment for the purchase and sale of goods and services via the Internet is a subset of e-commerce transactions. Although we typically associate electronic payments with online sh