Describe briefly the payment mechanism in e-commerce .

Explanation

The different types of e-commerce payments in use today are:


1.Credit Card :The most popular form of payment for e-commerce transactions is through credit cards. It is simple to use; the customer has to just enter their credit card number and date of expiry in the appropriate area on the seller’s web page.

2.Debit Card: Debit cards are the second largest e-commerce payment medium in India. Customers who want to spend online within their financial limits prefer to pay with their Debit cards.
3.Smart Card :It is a plastic card embedded with a microprocessor that has the customer’s personal information stored in it and can be loaded with funds to make online transactions and instant payment of bills.
4.E-Wallet: E-Wallet is a prepaid account that allows the customer to store multiple credit cards, debit card and bank account numbers in a secure environment.
5.Net banking: This is another popular way of making e-commerce payments. It is a simple way of paying for online purchases directly from the customer’s bank