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HomeHomework HelpfinanceDigital Payment Systems

Digital Payment Systems

Digital payment systems refer to electronic methods of making financial transactions that allow consumers and businesses to exchange money over the internet, facilitating e-commerce and reducing reliance on cash and physical payment methods.

beginner
2 hours
Finance
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Overview

Digital payment systems have revolutionized the way we conduct transactions, making it easier and faster to pay for goods and services online. These systems include various methods such as e-wallets, mobile payments, and cryptocurrencies, each offering unique features and benefits. Understanding how...

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Key Terms

E-wallet
A digital wallet that stores payment information and passwords for numerous payment methods.

Example: PayPal is a popular e-wallet used for online transactions.

Cryptocurrency
A digital or virtual currency that uses cryptography for security.

Example: Bitcoin is the first and most well-known cryptocurrency.

Mobile Payment
Payments made through a mobile device, often using apps.

Example: Apple Pay allows users to pay using their iPhones.

Encryption
The process of converting information into a code to prevent unauthorized access.

Example: Online banking uses encryption to secure transactions.

Transaction
An exchange or transfer of goods, services, or funds.

Example: A transaction occurs when you buy a book online.

Fraud
Wrongful or criminal deception intended to result in financial or personal gain.

Example: Phishing scams are a common type of online fraud.

Related Topics

Blockchain Technology
A decentralized digital ledger technology that underpins cryptocurrencies.
intermediate
Online Banking
Banking services that are conducted over the internet.
beginner
Fintech Innovations
Technological innovations in financial services, including digital payments.
intermediate

Key Concepts

E-walletsCryptocurrencyMobile paymentsOnline banking