With the advent of online shopping, most modern businesses have invested a considerable amount to be able to ply their goods and services to consumers without the latter having to leave the comfort of their homes or go to a business establishment for a product or service that they need. Since E-Commerce has become prevalent, businesses have had to come up with ways to facilitate payment electronically. The types of electronic payment systems are discussed in this paper, as well as how each mode of payment plays a part in E-Commerce nowadays.
The advantages and disadvantages of these types of electronic payment systems to both the consumer and the businesses are also discussed.
Classifications of Electronic Payment Systems