RTUComputer ScienceYr 2024 · Sem 62024

Q4E-Commerce and ERP

Question

2 marks

List the various types of electronic payment systems.

Answer

The primary electronic payment architectures include Credit/Debit Cards, Electronic Funds Transfer (EFT), Digital Wallets, E-Cash, and massive cryptographic Blockchains.

Electronic Payment Systems aggressively replace physical fiat currency. They include traditional Credit Card gateways (Visa/Mastercard using SET protocol), Digital Wallets (PayPal, Apple Pay), rigid Bank EFTs, and highly advanced cryptographic architectures like Bitcoin which utilize decentralized mathematical ledgers.

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