Electronic Payment (Modes) Methods

byE-Commerce and Digital Marketing •2:44 PM

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What are Electronic Payment Methods ?

In short, an electronic payment (e-payment) can be described simply as on-line payment for goods or services.
This covers all financial activities using electronic devices such as laptops, smartphones, tablets and others.

E-Payment System

E-payments can be performed with various methods, such as payments by credit or debit card, or bank transfers. Note that credit cards are nowadays among the most popular and common online payment methods.

Banking cards
USSD
Aadhaar Enabled Payment System (AEPS)
UPI
Mobile Wallets
Bank pre-paid cards
Point of Sale (PoS)
Internet Banking
Mobile Banking
Bharat Interface for Money (BHIM) app
Amazon Wallet
Google pay
Phone pay

Let's discus in details

Credit Card

Credit Card

For e-commerce purchases the most prevalent form of payment is through credit cards. It is easy to use because the customer just has to enter his credit card number and expiry date on the seller's web page in the appropriate area.

To order to improve the security system, on-line credit card purchases have been implemented with increased security steps, such as the use of a card verification number (CVN).

Through matching the CVN number with the details of the cardholder, the CVN system helps detect fraud.

Debit Card

Debit Card

Debit cards are the second largest e-commerce payment medium in India.

Customers who wish to spend their money online prefer to pay using their debit cards.

With the debit card, the user can only pay for the purchased goods with the money already in his / her bank account as opposed to the credit card where he / she is paid the sum that the consumer spends and payments are made at the end of the billing period.

Smart Card

Smart Card

It is a plastic card equipped with a microprocessor that has the personal information of the customer stored in it and can be filled with funds for online transactions and immediate bill payment.

The money loaded into the smart card limits the customer's use and needs to be reloaded from his / her bank account.

E-Wallet

E-Wallet

E-Wallet is a prepaid account that allows the client to store various credit card numbers, debit card numbers and bank account numbers in a safe environment.

This eliminates the need to key in account information every time while making payments.

Once the customer has registered and created E-Wallet profile, he/she can make payments faster.

Netbanking

Netbanking

This is another popular way of making e-commerce payments.

It is a simple way of paying for online purchases directly from the customer’s bank.

This uses a similar approach to the paying money debit card, which is already in the bank of the customer.

Net banking does not allow a user to have a card for payment purposes but the user must register for the net banking facility with his / her bank. The customer just needs to put in their net banking I d and pin when completing the purchase.

Mobile Payment

Mobile Payment

One of the latest ways of making online payments are through mobile phones.
Instead of using a credit card or cash, all the customer has to do it by sending a request for payment via text message to his / her service provider then order will be credited to the customer's mobile account or credit card.
To set up the mobile payment system, the customer just has to download a software from his/her service provider’s website and then link the credit card or mobile billing information to the software.

Amazon Pay

Amazon Pay

Another easy, safe and fast way to pay for purchases online is through Amazon Pay. Use your details already saved in your Amazon account credentials to sign in and pay at leading websites and apps for merchants.

The payment information is stored safely with Amazon and is available via thousands of websites and applications where you enjoy shopping.

If you intend on selling your products online, Amazon would be happy to assist you in setting up payment gateways for your products and services.

Selling can also be considered on Amazon, one of the world's most popular e-commerce sites.

To offer, please register for free on Amazon.