E-payment systems comprise payment services over the network for goods and services procured.

Electronic payment system consists of :1. Buyer2. Seller3. Payment gateway4. Buyer’s bank (issuer of the payment

instrument)5. Seller’s bank ( acquirer)

These include:1. Prepaid cards2. Internet Accounts/Wallet/Purse3. Mobile Accounts/Wallet/Purse4. Remittance Cards ( Domestic or

International)

Prepaid cards function under two programs:

1. Under open-loop, cards are accepted and processed across the globe at any Master card/Visa or similar merchants across the globe besides these cards can also be used to withdraw the money from the card using ATMs

Eg: Debit Card In a closed loop program,

acceptance is limited to specific geographic locations, generally domestic.

Eg: Gift card

Currency of IssueIndian Rupee onlyLoad/Re-loadState Bank Gift Card is not re-loadableMinimum Amount of IssueRs.500 and thereafter in multiples of Rs.1Maximum Amount of IssueRs.50,000Balance enquiryCardholder can view the balance in the Gift Card and also obtain a transaction receipt indicating the balance from any State Bank Group ATM in India free of cost and also online at www.prepaid.onlinesbi.comValidity of CardThe validity of the card is for 3 years from the date of issue and the expiry date is printed on the face of the card.Daily Transaction LimitUp to the Balance in the Card.

A debit card (also known as a bank card or check card) is a plastic card that provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic cheque, as the funds are withdrawn directly from either the bank account, or from the remaining balance on the card. In some cases, the cards are designed exclusively for use on the Internet, and so there is no physical card.

Debit cards can also allow for instant withdrawal of cash, acting as the ATM card for withdrawing cash and as a cheque guarantee card. Merchants can also offer "cashback"/"cashout" facilities to customers, where a customer can withdraw cash along with their purchase.

A credit card is part of a system of payments named after the small plastic card issued to users of the system.

It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services.

The issuer of the card grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.

Micropayments are financial transactions involving very small sums of money. M-PESA offered by different telecom companies to its customers are the examples of micro payment systems.

 Instead of using methods like cash, cheque, and credit card, a customer can use a mobile phone to transfer money or to pay for goods and services.

customer can transfer money or pay for goods and services by sending an SMS, using a Java application over GPRS, a WAP service, over IVR or other mobile communication technologies. In India, this service is bank-led.

Customers wishing to avail themselves of this service will have to register with banks which provide this service. Currently, this service is being offered by several major banks and is expected to grow further

These are classified into:1. Internet bank accounts2. Internet virtual accounts with cash

withdrawal across the globe3. Wallets/ purse for specific usages with no

cash withdrawal.

E- Cash Electronic Cash (also known as electronic money,

electronic currency, digital money, digital cash or digital currency) refers to money or scrip which is exchanged only electronically.

Typically, this involves use of computer networks, the internet and digital store value systems. Electronic Funds Transfer (EFT) and direct deposit are examples of electronic money. Also, it is a collective term for financial cryptography and technologies enabling it.

ECash is a legal form of computer-based currency that can be securely purchased and withdrawn by credit card, Cheque, certified cheques, wire transfer, money order and Electronic Cheque Processing (ECP). Users can also deposit to and withdraw from their ECash Direct account using several third-party merchants' payment solutions.