Essay on Electronic Payment Systems

5233 Words Mar 9th, 2013 21 Pages
Contents
Introduction 2
History of the On-line Payment System 2
Payment Service Providers 3
Credit cards 3
E-wallet 3
Online Bill Payments 4
Online Bank Transfers 4
PayPal 4
Benefits of using E-Payment: 6
Customer confidence in Payment systems 6
Reliable protection when using Payment Systems 7
How do customers benefit? 8
Drawbacks of On-line Payment Systems 10
Card Holder Based On Biometrics: 11
ONLINE BANKING SERVICES 12
Disadvantages of Banking Services 12
Small and Big companies in On-line Payment System 13
RISK 14
Theft: 15
How can the On-line Payment Systems improve? 17
Conclusion 18
Bibliography: 19

Introduction
On-line Payment System can be defined as the method used to pay for the purchases of goods and
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This is a quick and easy method of keeping on top of their bills and ensuring that they are paid in a timely manner. This is a very effective method of online payment as it accommodates the payment of bills at any time of the day or week and so people do not have to rely on the opening hours of banks and post offices to pay their bills. All of their personal bills can be paid by the click of a button.

Online Bank Transfers
Online bank transfers provide an efficient system of transferring money between bank accounts, domestically and internationally. These bank accounts can be accessed online globally.
Western Union banks allow you to transfer money online into a named account. The account holder can then collect the money from any Western Union agent located around the world. This is a secure transaction method as all transferred money can be tracked using the tracking number on the receipt given.
PayPal
PayPal is an e-commerce business that allows online bank transfers and payments worldwide. PayPal is used by online businesses such as auction websites, namely eBay, to accommodate secure payments for products bought online. Auction websites can be used by members of the public to auction off their personal belongings; this can be seen as a security threat for people who wish to buy these products as the seller’s intentions may not be to actually fulfil the

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