Question

What do you understand by electronic payment system ? Explain digital cash.

Answer 1

The definition of an electronic payment system is a way of paying for a goods or services electronically, instead of using cash or a check, in person or by mail. An example of an electronic payment system is Pay Pal. An example of an electronic payment system is the use of a credit card.

Digital cash is a system of purchasing cash credits in relatively small amounts, storing the credits in your computer, and then spending them when making electronic purchases over the Internet.