Question

What are the essential qualities of electronic payment system.?

Answer 1

The important properties of the electronic payment system are as follows :

(i) Acceptability: For electronic payment system to be work, this should be widely accepted by the customers as well as by the merchants.

(ii) Ease of Integration: The software that accommodates the user and website, must be effective and well integrated.

(iii) Customer Base: There must be enough users and enough traffic to justify investing in the electronic payment mechanism.

(iv) Ease of Use and Ease of Access: Users like a payment system which is easily accessible and not complex to use.