Over the last decades, the growing speed of the internet and a push towards cashless transactions has paved the way for electronic commerce payment or e-commerce payment system. The e-commerce payment system is basically paying for all the goods and services through an electronic medium without the use of cash or checks. Nowadays, people are preferring the e-payment system than cash transactions, and that is why you would hear words like Payment Gateway Integration, E-Commerce Payment System, or International Payment Gateway. Since online transactions help in keeping a check on all your transactions, the percentage of cash transactions are decreasing.

The e-commerce payment system has revolutionized the payment processing system by reducing the paper system, personnel cost and transaction costs. The reason why digital payments have taken over the market is that they consume less time than manual processing and are extremely user friendly. However, there exist different types of e-commerce payment systems; some of them are listed down below:

Credit card

This type of e-commerce payment system is one of the most common and widely used digital modes of transaction. One has to just put the credit card number, expiry date and CVN number (card verification number) on the seller's web page. To secure the online credit card payment system, security measures like OTP (One time password) are taken.

Debit card

After credit cards, debit cards are the second most used type of e-commerce payment system. This type is used by people who want to buy items within their financial limits. The main difference about going for credit and debit cards is that by using the latter, the user can only do transactions with the money that is present in their bank account at that time. However, in the case of credit card, the amount spent by the buyer are billed to them at the end of their billing period.

Mobile payment

This type of e-commerce payment is quite new to the block. Instead of using a credit or debit card, users make online payments through their mobile phones. All a user has to do is send a payment request to their service provider through a text message. The service provider will then charge the customer's mobile account for the purchase. To enable a mobile payment system, the user will only have to download software from their service provider's official website and link their mobile billing information with that software.

Net banking

Netbanking involves simply paying for online transactions directly through the bank. Just like debit cards, net banking also involved paying within the financial limits. For availing net banking facility, one doesn't need to have a debit card, but they do need to register with the bank to get the net banking username and password.

E-wallet

F-wallet works like a prepaid account in which users can store a lot of credit cards, debit cards or any other form of digital payment mode in a secure environment for speedy transactions. This type of e-commerce payment system doesn't require you to put all the information again and again. Once you have registered your details, you don't have to do it again.

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