What are the requirements of payment systems in e-commerce?
|NU Year||Set: 3.(a) Marks: 5 Year: 2012|
E-commerce sites use electronic payment, where electronic payment refers to paperless monetary transactions. Electronic payment has revolutionized business processing by reducing the paperwork, transaction costs, and labor cost. Being user-friendly and less time-consuming than manual processing, it helps the business organization to expand its market reach/expansion. Listed below are some of the modes of electronic payments −
- Credit Card
- Debit Card
- Smart Card
- Electronic Fund Transfer (EFT)