Some E-Payment options

With thousands of online transactions happening every day, there are many payment options one can choose to purchase online. Here are some that can be useful.

Credit cards
Credit card is the most trusted source for a transaction. A credit card has a spending limit per month. After that you cannot spend until you pay the bill. If something goes wrong with the security measures, card holder will only loose the limit of purchase and he or she can cancel the credit card.

A consumer can buy e-cash and store it in a digital wallet in a hard drive. This is electronically linked to the consumer’s bank account and can be re-stored with e-cash at any time. E-cash is pre authorised and anonymous. This method is often used to pay for electronic goods received over the Internet. Forms of E-cash can be purchased online and can be emailed to the recipient. The recipient can use it to purchase products that accept e-cash payments.

Smart Cards
Smart cards are used to conduct everyday transactions. Low cost integrated microprocessor chip provides ability to do every day transactions mostly via ATM machines and cash counters. Use of smart cards or debit cards is not very popular in transactions carried through cyberspace.

Electronic Wallets
Electronic wallets are also referred as digital wallets. An e-wallet is a software program that contains a user’s payment information in encrypted form to ensure its security. For example, an individual’s-wallet could contain credit card numbers, bank account numbers, contact information, and shipping location. When a consumer is ready to make a purchase, they click the buy now button and the wallet server populates the required purchase information to the selected merchant’s online order form Users can get instant access to one-click purchase from their PC.

Process of the Electronic Wallet

Virtual Credit cards
This method is closely related to e-wallet. A virtual credit card is an image of a credit card placed on the computer desktop. Users must first register and they can choose versions of the service. With one click of the credit card image, the cardholder accesses account information and pays for online purchases. The credit card number and contact information is automatically entered into the checkout form, and the customer just need to enter an identification to authorize the transaction.

copyright© All rights Reserved by the Auther. Mahesha Iddagoda

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