The Emergence of Electronic Payment Systems for the Growth of E-Business
International Symposium Economics and Management of Transformation, 2004
9 Pages Posted: 22 May 2006
The transfer of founds electronically is a major component of any e-business venture, whether B2B, B2C or B2G. In the past five years the emergence of Electronic payment systems (EPS) revolutionized the way we buy and sell goods and services. In this paper we try to explore the various types of electronic payment systems currently in use and some that are now being mooted, and explain how they operate in a B2B and B2C context.
Electronic Payment Systems can vary from simple transactions using magnetic-stripe cards, in which customers details are exchanged for goods or services and an account is sent, to more complex systems where an online purchasing system can debit existing bank accounts of the purchaser and credit bank accounts of the seller. This new form of purchasing has reduced the importance of cash or money as the only form of transaction or exchange of value.
Keywords: Electronic payment systems, e-business, e-cash, Internet
JEL Classification: E41, G20, L21, O00, O30, O33
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