E-commerce Payment system, E-Commerce Video Lecture | E-Commerce - B Com

an e-commerce payment system facilitates
the acceptance of electronic payment for
online transactions also known as a
sample of electronic data interchange
ecommerce payment systems have become
increasingly popular due to the
widespread use of the internet-based
shopping and banking over the years
credit cards have become one of the most
common forms of payment for e-commerce
transactions in North America almost 90
percent of online b2c transactions were
made with this payment type turbine AOL
goes on to explain that it would be
difficult for an online retailer to
operate without supporting credit and
debit cards due to their widespread use
increased security measures include use
of the card verification number which
detects fraud by comparing the
verification number printed on the
signature strip on the back of the card
with the information on filed with the
card holders issuing bank also online
merchants have to comply with stringent
rules stipulated by the credit and debit
card issuer as this means that merchants
must have security protocol and
procedures in place to ensure
transactions are more secure this can
also include having a certificate from
an authorized certification authority
who provides PKI public key
infrastructure for securing credit and
debit card transactions despite
widespread use in North America there is
still a large number of countries such
as China India and Pakistan that have
some problems to overcome in regard to
credit card security in the mean time
the use of smart cards has become
extremely popular a smart card is
similar to a credit card however it
contains an embedded 8-bit
microprocessor and uses electronic cache
which transfers from the consumer say
euro on registered trademark card to the
Selassie euro on registered trademark
device a popular smart card initiative
is the visa smart card using the visa
smart card you can transfer electronic
cash to your card from your bank account
and you can then use your card at
various retailers and on the internet
there are companies that enable
financial transactions to transpire over
the internet such as PayPal many of the
media is permit consumers to establish
found quickly and to transfer funds into
their online accounts from a traditional
bank account and vice versa after
verification of the consumers identity
and authority to access such bank
accounts also the larger media is
further allow transactions to and from
credit card accounts although such
credit card transactions are usually
assessed a fee to recruit the
transaction fees charged to the media
REE the speed and simplicity with which
cyber mediary accounts can be
established and used have contributed to
their widespread use although the risk
of abuse theft and other problems a euro
with disgruntled users frequently
accusing the media is themselves of
wrongful behavior a euro is associated
with them methods of online payment
credit cards constitute a popular method
of online payment but can be expensive
for the merchants to accept because of
transaction fees primarily debit cards
constitute an excellent alternative with
similar security but usually much
cheaper charges besides card based
payments other forms of payment have
emerged and sometimes even claimed
market leadership wallets like PayPal
and Ally payer playing major roles in
the ecosystem Bitcoin payment processes
are a cheaper alternative for accepting
payments online which also offer better
protection from fraud equals net banking
equals this is a system well known in
India that does not involve any sort of
physical card it is used by customers
who have account enabled with internet
banking instead of entering card details
on the purchases site in this system the
payment gateway allows one to specify
which bank they wish to pay from then
the user is redirected to the bank's web
site where one can authenticate oneself
and then approve the payment typically
there will also be some form of
two-factor authentication
it is typically seen as being safer than
using credit cards with the result that
nearly all merchant accounts in India
offer it as an option a very similar
system known as ideal is popular in the
Netherlands equals PayPal equals PayPal
is a global e-commerce business allowing
payments and money transfers
to be made through the internet online
money transfers service electronic
alternatives to paying with traditional
paper methods such as checks and money
orders it is subject to the US economic
sanction list and other rules and
interventions required by US laws or
government PayPal is an acquirer a
performing payment processing for online
vendors auction sites and other
commercial users for which it charges a
fee it may also charge a fee for
receiving money proportional to the
amount received the fees depend on the
currency used the payment option used
the country of the sender the country of
the recipient the amount sent and the
recipients account type in addition eBay
purchases made by credit card through
PayPal may incur extra fees if the buyer
and seller use different currencies on
October 3rd 2002 PayPal became a wholly
owned subsidiary of eBay its corporate
headquarters are in San Jose California
United States at eBay's North first
Street satellite office campus the
company also has significant operations
in Omaha
Scottsdale Charlotte and Austin in the
United States sheen eye in India Dublin
in Ireland Berlin in Germany and Tel
Aviv in Israel from July 2007 PayPal has
operated across the European Union as a
luxembourg-based Bank equals Google
Wallet equals Google Wallet was launched
in 2011 serving a similar function as
PayPal to facilitate payments and
transfer money online it also features a
security that has not been cracked to
date and the ability to send payments as
attachments via email equals mobile
money wallets equals in undeveloped
countries the banked population is very
less especially in tier 2 and tier 3
cities taking the example of India there
are more mobile phone users than there
are people with active bank accounts
telecom operators in such geographies
have started offering Mobile Money
wallets which allows adding funds easily
through their existing mobile
subscription
number by visiting physical recharge
points close to their homes and offices
and converting their cash into mobile
wallet currency this can be used for
online transaction and e-commerce
purchases many payment options such as
air tour money and MPs are being
accepted as alternate payment options on
various e-commerce websites equals
Bitcoin equals bitcoin is a
decentralized virtual currency see also
electronic data interchange electronic
funds transfer payments as a platform
payment service provider payment system
ecash bitcoin references