What is it ? Electronic payment systems are tools for working with virtual money. They consist of a set of equipment, information systems, and programs. They are needed to withdraw money to an account, transfer, and exchange currencies.
What are they ? There are traditional Russian EPS and international ones, as well as debit and credit ones. When choosing an electronic payment system for business or personal use, you need to evaluate the available options according to certain criteria.
The article explains:
What is an electronic fusion database payment system
Algorithm of operation of the electronic payment system
A Brief History of EPS
Classification of electronic payment systems
Types of electronic payment systems
Advantages and disadvantages of EPS
Top 3 Electronic Payment Systems in Russia
The best electronic payment systems in the world
International electronic payment systems
Criteria for choosing an electronic payment system for business
5 Scenarios for Using Neural Networks to Increase Website Conversion by 40%
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What is an electronic payment system
Electronic payment systems (EPS) and systems include a number of hardware, software components, and information networks, thanks to which the user can make payments in the following ways:
bank cards;
electronic money;
direct transfers between users;
online payments.
There may also be an option to exchange currencies, personal transfers, and withdraw funds to a bank account.
Electronic payment systems are used for settlements by both individuals and organizations, financial institutions. The buyer can make an online payment on any electronic trading platform. All transactions are performed automatically, their correctness is ensured by special programs.
What is an electronic payment system
EPS perform both the transfers themselves and control over their timeliness and correctness. Only electronic money used within the payment system is accepted for payments. The balance is equal to the amount deposited into the electronic account in cash currencies. A bank account is not required for settlements in modern electronic payment systems.
The legal mechanism for the functioning of electronic payment systems is established by Federal Law No. 161-FZ of June 27, 2011 “On the National Payment System”.