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The Banco Pichincha is the largest private-sector bank in Ecuador, by capitalization and by number of depositors.It is the primary bank of the Pichincha Group (Grupo Pichincha), a business group that includes the companies associated with the bank and businesses related to Fidel Egas Grijalva and his family, which include Diners Club of Ecuador, Picaval and Teleamazonas.
There are varied types of electronic payment methods such as online credit card transactions, e-wallets, e-cash and wireless payment system. [5] Credit cards constitute a popular method of online payment but can be expensive for the merchant to accept because of transaction fees primarily. Debit cards constitute an excellent alternative with ...
A fourth category requires that a merchant have a single connection to an alternative payment provider. This alternative payment provider has connections to multiple online banks. This does not require the consumer to share their online banking credentials, but still offers the same advantages to the merchants as “overlay payment solutions ...
Some of the most important advantages over the traditional modes of payment are: privacy, integrity, compatibility, good transaction efficiency, acceptability, convenience, mobility, low financial risk and anonymity. [1] This flow of ecommerce payment system can be better understood from the flow of the system below.
Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account.
According to the Ecuadorian Superintendency of Banks, as of 2012, the ten most profitable banks in Ecuador were (ordered by profit): Banco Pichincha, Banco del Pacífico, Banco de Guayaquil, Produbanco, Banco Internacional and Banco Bolivariano, Banco del Austro, Banco Solidario, Citibank Ecuador and Unibanco (now merged with Banco Solidario). [2]
Electronic billing or electronic bill payment and presentment, is when a seller such as company, organization, or group sends its bills or invoices over the internet, and customers pay the bills electronically. [1] This replaces the traditional method where invoices are sent in paper form and payments are done by manual means such as sending ...
In each retail location, a terminal is installed and is usually connected to the POS system of the retailer. The terminal may also be independently connected to banks through the public phone system. Transactions approved before the cut-off time are batched into a payment made directly to the retailer's account by the end of the business day. [1]