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.