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This chapter discussed different electronic payment systems, which can be classified into conventional payment process and electronic payment process. In conventional payment process, buyer uses either cash, or cheques to make payment. But electronic payment systems include credit cards, cybercash, digicash, Mondex, etc. Electronic payment systems can be divided into payment clearing services, NFT and digital currency payment systems. In the payment clearing services, an intermediary settles payments, verifies the authenticity of seller and buyer identities, and confirms ordering and payment requests but the sensitive information such as credit card numbers, account numbers, etc. is not transferred online. NFT payment transaction system works by transferring the sensitive payment information with orders. In the case of DCPS, only the monetary value is transferred. There are two types of money systems - inside money and outside money. Outside money can be defined as the hard currency that is in circulation in a monetary system. There are different forms of inside monies like transit coupons, casino chips, stadium cards, paper money for amusement parks, etc.
Some examples of digital currencies and payment systems are e-cash, millicent, mondex, etc. The extent of usage of an electronic payment system depends on the transaction cost incurred. The usage of the digital currency may complicate foreign exchange rates and trading further by increasing the number of existing units of money.
EDI is a quick, inexpensive and relatively safe method to transmit invoices, purchase orders, customs documents, shipping notices, other business documents between different firms. The different applications of EDI are logistics of transport, finance, manufacturing, etc. E-Business helped evolve different models of businesses specifically suited to the Internet. They are brokerage model, infomediary model, merchant model, manufacturer model, affiliates model, utility model, subscription model, and community model.
Conventional Payment Process
Electronic Payment System
Electronic Data Interchange
E-Business Applications in Various Businesses