Electronic payment systems operating in the financial services market have the following classification:
Processing payment systems. They cooperate with various banks and processing centers. They service plastic cards Visa, MasterCard, Mir, American Express, etc.
When making a payment transaction, the bank card details are verified to assess the possibility of performing the transaction. The chain involves both the payer's and the recipient's bank.
Types of electronic payment systems
Once the data verification is fusion database complete, the system debits the money from the debtor's account and credits it to the seller's bank account.
Electronic wallets . Payments to the operator are made using funds stored in an internal account. These include, in particular, electronic payment systems Qiwi, ЮMoney.
To perform the necessary actions, the operator provides a tool connected to the site and allowing transfers to the recipient's electronic wallet or a bank account opened in his name.
Payment intermediaries and aggregators are universal electronic payment systems. They can service both transactions using a bank card and payments in electronic currency, cryptocurrency, etc. Aggregators carry out transfers through their own account, and do not credit money directly to the seller.
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Advantages and disadvantages of EPS
Electronic payment systems are more profitable than cooperation with a bank. The operator receives profit in the form of a commission from each transaction, and the payer does not bear the costs of collection and account maintenance. The client of the payment system receives a number of advantages:
convenience – there is no need to visit a bank or ATM, the payment can be made in a few clicks without leaving home;
reliability – if you do not neglect the basic rules for storing confidential data, then transfers in EPS are safe;
unlimited use – electronic money can be stored in the account for any period;
free maintenance – additional funds are withheld only during transfers, the maintenance of such an account itself is free;
speed of transfers – if third parties are not involved in the payments, they are carried out in just a few seconds;
transparency – in your personal account you can always check the purpose and recipient of the payment, as well as study the statement of transactions performed earlier.