explain the protocols that used in e payments
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Types of Electronic Payment Systems
Electronic payment systems are proliferating in banking, retail, health care, on-line markets, and even government-in fact, anywhere money needs to change hands. Organizations are motivated by the need to deliver products and services more cost effectively and to provide a higher quality of service to customers.
Research into electronic payment systems for consumers can be traced back to the 1940s, and the first applications-credit cards appeared soon after. In the early 1970s, the emerging electronic payment technology was labelled electronic funds transfer (EFT).
EFT is defined as “any transfer of funds initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account.” EFT utilizes computer and telecommunication components both to supply and to transfer money or financial assets. Transfer is information based and intangible. Thus EFT stands in marked contrast to conventional money and payment modes that rely on physical delivery of cash or checks (or other paper orders to pay) by truck, train, or airplane. Work on EFT can be segmented into three broad categories:
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