Digital payments

A digital payment (or electronic payment) is a payment made using electronic telecommunications and electronic payment instruments. Digital telecommunications include information networks, primarily the Internet and cellular networks, ATM networks, and electronic payment terminals, POS terminals.

Electronic payment instruments include a bank transfer of money from one account to another. Providing using automated means, bank plastic cards, smart cards, electronic money in the form of online checks, and the type of virtual monetary units. There are cash and non-cash digital payments. Non-cash payments are used for remote money transfers for settlements with digital money, bank, and non-bank plastic cards. Non-cash payments include Internet payments made on the Internet.

What is an electronic payment system

An electronic payment system with the ability to accept payments for services and goods is an online service that allows a consumer, using regular Internet access and a credit card number, to purchase products, services, or lots offered to him.

The seller, in turn, has the ability to verify and accept payment from consumers safely. An integral part of the online payment system is acquiring. A component of acquiring is checking the credit card number and payer’s credit history, as well as confirmed by the bank servicing this credit card the ability to make a payment for the requested amount in the indicated direction.