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The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine. Payments can be effected in a number of ways, for example: the use of money, whether through cash, cheque, mobile payment or bank ...
The term electronic payment refers to a payment made from one bank account to another using electronic methods and forgoing the direct intervention of bank employees. Narrowly defined electronic payment refers to e-commerce —a payment for buying and selling goods or services offered through the Internet, or broadly to any type of electronic ...
Money transfer generally refers to one of the following cashless modes of payment or payment systems: Electronic funds transfer, an umbrella term mostly used for bank card-based payments; Giro (banking), also known as direct deposit; Money order, transfer by postal cheque, money gram or others
E-commerce payment system often use B2B mode. The security of customer information, business information, and payment information base is a concern during the payment process of transactions under the conventional B2B e-commerce model. [3]
In financial transactions, a warrant is a written order by one person that instructs or authorises another person to pay a specified recipient a specific amount of money or supply goods at a specific date. [1]
Payment cards are usually plastic cards, 85.60 mm × 53.98 mm (3.370 in × 2.125 in) and rounded corners with a radius of 2.88–3.48 mm, in accordance with ISO/IEC 7810#ID-1 standard. They usually also have a unique card number conforming with the ISO/IEC 7812 numbering standard, the cardholder’s name and the card expiry date, in addition to ...
QR code payment is a payment initiated using a QR Code scanned from POS terminal or Digital wallet Transfers initiated by telephone ( Mail Order/Telephone Order ) Electronic funds transfer at point of sale (EFTPOS) are transfers resulting from credit or debit card transactions initiated through a payment terminal
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.