Advantages of E-Payments:
· It’s the most convenient mode of
payment for customer.
· E-payments lowers the cost for
· Transacting is as simple as
clicking your mouse & confirm your payment.
· Reduces the use of paper.
· There’s an instant transfer of
money, enables faster work completion.
· Business transactions can be done
· It has worldwide acceptance.
Disadvantages of E-Payments:
· Transaction fee per transaction
and monthly fees are more.
· They are prone to hacking and
other another online threat.
· Not all websites support a particular
· EFT is defined as “any transfer
of funds initiated through an electronic terminal, telephonic instrument, or
computer so as to order, instruct, or authorize a financial institution to
debit or credit the account”.
· EFT utilizes computer and
telecommunication components both to supply and to transfer money.
Classification of EFT:
EFT can be segmented into three broad categories
· Banking and financial payments
o Large scale payments
o Small scale payments
o Home payments
· Retailing payments
o Credit card
o Charge card
· On-line electronic commerce
o Token-based payment systems.
o Credit card-based payments