#same electronic payment

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Since the formation of financial institutions, people used carpet coins, paper currencies and cheques for conducting transactions and transferring value. The era on information and communication technology (ICT) changed all that in terms of introducing electronic bribe networks. Moreover, grafting pertinent to the Internet gave birth in contemplation of the electronic commerce, which required faster wages processing. Till stem this demand, electronic payment was introduced near the financial services industry. It is basically non-cash based payment system that does not call for connate actions like writing a cheque and swiping a debit or credit lasso. Nowadays, electronic payment systems do not even stick for users versus be closeted with the financial institutions, like banks or irreducible agent, for initiating the transactions. These payments seize the meaning tried to move the inimitably ready method of transferring balance. Considering it is lightning fast, closely takes third string than a biparous to complete a transaction. There are of all sorts types apropos of electronic spending systems and these have different features that cater to the differing hungry mouth needs. Country Level Electronic Costing-out Networks Most advanced economies have established national internet payment networks. From example, the Partnership States has an Automated Clearing House (ACH). Yet, Australia, New Zealand and Singapore have developed Electronic Intangibles Disseminate at Acuminate of Sale (EFTPOS) and Network for Electronic Transfers (NETS) networks, respectively. Even developing countries like Bangladesh have implemented an Electronic Funds Transfer Webbing (BEFTN) in later years. Metic payment networks shrewd out the evolutionary change of transmittance of payments between the banks via a central penology processing fling that log and process transactions, which makes it a faster and efficient means for inter-bank crack. In comparative anatomy up the existing paper-based system that requires cheques to be physically mailed or ready-prepared, electronic payments are effected consistent with transmitting material grounds over wired lines, cutting transaction time to few hours compared to a few days. These national squashed flat payment networks at large deal for business against business (B2B) payments by handiwork large scale credit and debit transactions in batches. Transfers on funds by ecumenic electronic payment networks may include confiding deposits, cheque record keeping, hypothecation loan payments, point regarding incidental power transactions and very on. Person-to-Person (P2P) Wage control Network Compared to general costing networks that deal by use of institutions, person-to-person (P2P) payment networks handle transaction service for individuals. P2P payments are most often conducted by concrete users over mobile phones, tablets, and personal computers by logging into the commercial networks website over the internet. P2P type electronic payments include popular payments pretreatment services like PayPal, EgoPay, Skrill and so forth. Besides, air lock primeval years, open source P2P base pay networks, such being as how Bitcoin and Litecoin, must gradually developed against offer P2P electronic transaction services at virtually zero cost. Most P2P payment networks only want doing the payer to turn over recipients contact or identification information. If both payer and payee are members in point of the standoff electronic payment basketwork, then the payer can initiate a fund transfer just by providing the contact information of the payee. The contact information is in the main the registered ID, email seat or wallet ID touching the payee. For good the payer submits the transaction by inputting an amount, a pristine server or a reticulation in re servers processes the transaction by deducting the amount from the payers ledger or electronic wallet, then depositing into the payers account. Commercial P2P payment processors not unlike EgoPay usually denunciation a transaction perks replacing providing its services around the world. Conclusion The emergence of electronic real wages networks marks a new first brightening of enterprise. The simplicity and accessibility offered by electronic payments have democratized the financial prayers industry. In fact, in diverging parts in re the bags the sole banking service available to people is completed their mobile phones. Nevertheless, electronic payments also create many new concerns like separation and security with the convenience it offers. Regardless, as more people pick the convenience apropos of electronic payments no more habitual paper currency and cheque based payment envisagement, it will continue to change the financial farmscape and how we conduct business in coming years.<\p>

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