E-Payment Systems

1.  E-Payment Systems 

 https://www.youtube.com/watch?v=eM0EVExGn0w

• Making payments through electronic media
• Widely used in ticketing, insurance, banking, retail and even in government institutions.

Types of cards:

VISA Card...... https://www.youtube.com/watch?v=NIG9YE-iW5Y

------------------------------------------------------------------------------------------------------------------------

2. What is E-Wallet? 

https://www.youtube.com/watch?v=KXjkmCYdRE4

• E-wallet is a type of pre-paid account in which a user can store his/her money for any future online transaction. 
• It is protected with a password. Using it, one can make payments for groceries, online purchases, and flight tickets, among others.
• E-wallet has mainly two components, namely software, and information. 
• The software component stores personal information and provides security and encryption of the data. 
• The information component is a database of the details provided by the user which includes their name, shipping address, payment method, amount to be paid, credit or debit card details, etc.
• For setting up an E-wallet account, the user needs to install the software on his/her device and enter the relevant information required. 
• After shopping online, the E-wallet automatically fills in the user’s information on the payment form. 
• To activate the E-wallet, the user needs to enter his password. 
• Once the online payment is made, it is updated automatically.

--------------------------------------------------------------------------------

3. Electronic Fund Transfer

       Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.

NEFT, RTGS, IMPS and UPI   https://www.youtube.com/watch?v=h28792kRALE

---------------------------------------------------------------------------------

4. Steps involved in E-Payment 

E-payment process https://www.youtube.com/watch?v=s5HrEyEStYE

Step1: The customer fills the shopping cart by selecting items from the merchant's website.

Step2: Based on the shopping cart, the merchant replies with an order summary containing the list of items, its prices, total amount and an order number

Step3: The customer places the order along with his credit card information to the merchant.

Step4: The merchant confirms the order and sends an invoice with the merchant's certificate and his bank's certificate to the customer.

Step5: The customer acknowledges and approves this information and return it to the merchant.

Step6: The merchant then generates an authorization request for the customer's credit card and sends it to the merchant's bank.

Step7: The merchant's bank sends the credit authorization request to the customer.

Step8: The customer sends an acknowledgment back to the merchant's bank after receiving an acknowledgment from the customer's bank

Step9: Once the customer's bank authorizes payment, the merchant's bank authorizes acknowledgment back to the merchant with the authorization number and e-payment is completed.

--------------------------------------------------------------------------------------------------------------------------

5. Benefits/Importance of Electronic Payment Systems

https://www.youtube.com/watch?v=h960L1_8xi0

---------------------------------------------------------------------------------