E-PAYMENT CURRENCY SYSTEM
Alifa Zulaykha/2301944891
For a long time, the term “cashless society” has been a talking point. Many people can live without cash. Today, almost 100% of B2C payments are made online. Across the developed world, payments on electronic spending are paid using credit cards, although there are other types of payments that apply. The impact of this trend is felt. Electronic merchants should be able to support a variety of payment methods, such as debit cards, credit cards, CODs, electronic checks, and non-card payment methods such as PayPal. If not, they will be difficult to compete with. Electronic merchants that support a variety of payment methods will have higher conversion rates and greater revenues.
E-payment refers to a way of payment that does not involve cash or physical money, but through other methods, such as using ATMs, credit cards, internet payments, and so on.
Historically, electronic payments have also been influenced by companies trying to introduce non-traditional payment systems, one of which is Bitcoin. Bitcoin is a peer-to-peer encrypted digital currency backed by a company-specific soft snap. This currency is easy to use and used only by the owner only. In the future, Bitcoin could be used for micropayments. Obviously, it can take years for a payment system to be widely accepted.
Success factors in electronic payments can be measured by independence, interoperability and portability, security, reliability, division, ease of use, transaction costs, international support, and regulation.
One example of an electronic payment method is a digital currency. Digital currencies (virtual currencies), also referred to as currencies that use fintech, a cryptocurrency issued by private bodies, central bank digital currencies, and other forms of digital money. Digital currency can also be said to be a currency created, stored, and used in e-commerce. This digital currency can be used to pay for physical goods as well as virtual goods.
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