What Is the Importance of E-payment Systems?
With the advancement in telecommunication, electronic payment systems are rapidly replacing the traditional modes of payment that involved personal contact between buyers and sellers. Electronic payment systems entail online financial transactions that utilize some form of a digital financial device, such as e-tokens, e-cash, and checks. E-payment systems present a number of benefits to both individuals and businesses. https://www.atomtech.in/blog/wp-content/uploads/2019/05/e-payment-system.jpg Variety of Choice Electronic payment systems allow financial institutions, businesses, and the government to offer a variety of payment options to their customers. These systems include automated teller machines, debit cards, credit cards, mobile banking and payment of bills through the phone. Traditional business payments systems depend mainly on a limited number of business outlets situated in different locations. This limits the client coverage, however – through Internet services – syst