Analysis of Electronic Payment Systems 4 Essay

1. There are various types of electronic categories for the e-commerce system. The most popular type of electronic payment is the digital wallet. By using the digital wallet for paying purchases over the web more efficiently and by eliminating the need repeated information for each purchase. The digital wallet is more secure the owners information automatically when the information is completed for a purchase. For example; the consumer would not have repeat credit-card information each time they purchase something. 2.

Another type of electronic payment is micropayment this was developed for smaller purchase amounts, such as; music downloads, individual articles, which would be too small for conventional credit cards. This type is less secure and would have to repeat information for each purchase by the consumer. For example; if the consumer was to purchase music to download they would have to enter the information for each song they purchase. 3. Unlike the micropayment accumulated balance digital payment system enables users to make payments on the web, thus accumulating a balance that the user could pay periodically on their credit or telephone bills.

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This type is for the consumer in payment on bills such as credit-card, telephone, car-payment, or car insurance. Although this type is also is less secure and the consumer has repeatedly entered the information for each transaction they do. 4. A different type of electronic payment is stored value payment system which allows consumers to make instant online payments to business or individuals which is based on value of the store online digital account. Though the credit-line of the store for the consumer maybe low or high and payment may direct to the store this to is unsecure type of system. 5.

The last type of digital payment is digital checking systems that the consumer PayByCheck extends the functionality of existing checking accounts so they can be used for online shopping payments. This type of digital checks is much faster than traditional paper checks. In comparison of electronic payment systems, the digital wallet is used most often for business and consumers. The reason is they can do more purchasing online and more efficiently by eliminating the need to enter the address and card credit-card information repeatedly. This type is also more secure for the business and the consumer.

Versus the other type of electronic payment systems which is less secure such as; the micropayment is limited on purchase within small amounts such as downloading music or individual articles, accumulated balance digital payment systems this allows the consumer in accumulating debit balance that is taken from their account that they must pay periodically on telephone or credit-cards which is used widely by online newspapers or publishing industry, in limiting consumers to peer-to-peer payment is store value systems, which is limiting in purchase such as; eBay that owns PayPal.

The function of the digital checking systems is extending the functionality of existing checking accounts; this type of system would work for the consumer if they had a checking-account in the bank. The most widely used in business is the digital wallets, due to the security for the consumer and business, with the consumers purchasing more online without retyping the information repeatedly.

This type of digital payment can replace any of the other type digital payment systems, because of the functions that is enabled for any small amounts for purchases, payment for bills on consumer account, for peer-to-peer accounts that would be located to the consumers account for PayPal, and also with taking out for from the checking account as well. The internet technology is supported by business-to-business through the e-commerce which is developed solely for purchases over the internet for business to receive payment directly for goods purchase.

For the business this is paperless transaction with security in place for consumer and business. This type of transaction insures the business they will receive payment on the purchase the consumer made. The consumer is happy due to no traveling-time, waiting in-line at the store for purchase of merchandize, or looking for sale people to answer question the consumer has.

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