Posted onNov 8, 2021
Today’s e-payment systems (EPS - Electronic Payment Systems) have been constantly improving individuals’ quality of life by providing ease of payment for several online transactions in all walks of life. Electronic payments can be understood as a payment mechanism using electronic media that does not involve any physical cash.
Originally, the e-payment system was not introduced to replace cash transactions but as a better alternative to cash and trade barter for everyone.
Business transactions have continued to shift entirely from cash-based transactions to electronic-based transactions, a movement that marks digital transition for business and digital growth.
The development of the internet and the arrival of e-commerce fostered digitalization in the payment processes by providing a variety of electronic payment options for end users including payment cards (credit card and debit card), digital wallets, mobile wallets, electronic cash, etc.
Every single day, the world advances more with technology development, we can see the rise of electronic payment systems and payment processing devices.
All the types of e-payments systems we have with us today, they can be broadly be classified as under two categories, namely:
Have a look at what comes within each category.
As the growing popularity of shopping online is catching pace in all business fields, e-payment systems have become a must for online consumers.
Let’s do the maths
According to research, the country’s e-commerce market is expected to jump 84% to reach $111 billion by the year 2024. This by itself is a huge achievement to the digital growth of the e-payment system in e-commerce for the country.
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Hope you enjoyed the article, stay tuned for the next one where we highlight how fast tag payments have turned digital and how Payrup can be your choice of e-wallet payment system platform for fast-tag payments.
For understanding more about this you can visit "HOW ONLINE PAYMENT MAKES YOUR LIFE EASIER AND SECURE".
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Popular bill payment facilities available on Payrup!
Payrup has a host of facilities that can all be paid online using our platform.
Choose to make payments for mobile prepaid, mobile postpaid, dth, electricity, landline bills, piped gas, broadband bills, water bills, e-gift cards purchases, cable tv bills, credit card bills, health insurance purchase, housing society payments, life insurance premium purchases, loan repayments, hospital payments, subscriptions, education fees, fastag payments, LPG gas bills, municipal services and municipal taxes’ payments Payrup has it all covered for our users under one roof.
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