Electronic Payment Final
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Transcript of Electronic Payment Final
8/7/2019 Electronic Payment Final
http://slidepdf.com/reader/full/electronic-payment-final 1/6
ELECTRONIC PAYMENTSYSTEMS
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Conventional paymentmechanism
In the past , barter system was introducedin which people exchange their products orservices to fulfill the needs .
This system did not grow well because
traders could not carry over long distanceswhat the others needed, traders could notanticipate what the others needed.
It was essentially determined by demand
and supply
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Contd.
The came the concept of money theearlier forms of money were seashells,gold
The came the currency based moneywhich is widely used byorganizations ,trade systems in theirtransactions
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Contd…
As time went on the banking systemcame into existence and grew well in thetrading world
People keep their money for own
convenience and security and withdrawtheir money whenever needed.
Banks utilizes the money of customers to
promote social and business activities bylending the money to business operations
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Contd.
Most money transfers have startedtaking place on paper like bills of exchange,moneyorders,cheque,drafts,
letters of credit . The advent of electronic networking of
banks had improved the performanceof banks through fastercommunication and
Provide convenience to customers .