GENERAL KNOWLEDGE

Detailed explanation-1: -An electronic payment system is a means of making payments online without the use of cash. It can be done using credit cards, debit cards, e-wallets, bank transfers and so on.

Detailed explanation-2: -The three most common types of payment in today’s market are credit cards, debit cards, and cash. Credit and debit card transactions involve fees paid by merchants to the card companies, but they tend to involve larger purchase amounts than cash transactions.

Detailed explanation-3: -They can use different types of online payment methods, including debit/credit cards, wire transfers, net banking, and digital wallets. Online payments can be done at the discretion of consumers. They can pay online to e-commerce stores to buy clothing or other items, subscriptions, mobile, DTH recharges, etc.

Detailed explanation-4: -Cash (bills and change): Cash is one of the most common ways to pay for purchases. Personal Cheque (US check): These are ordered through the buyer’s account. Debit Card: Paying with a debit card takes the money directly out of the buyer’s account. Credit Card: Credit cards look like debit cards.