what is e-payment system? types and Features.

E-Payment system :- Electronic Payment system is very power full tool to pay for goods and Services. customer 

purchase goods and services from seller and if customer don't want to pay physically or

 customer  is unable to pay physically customer pays easily through Electronic Payment

system. Money transfer from one bank to another. It has become major part of online business

 process. Because modern companies tend to provide their service and product on demand and 

on cheaper price. 

Types of E-Payment system:- 

1. Electronic cash - Electronic cash is a digital version of physical currency that can be used to make transactions online or through electronic devices. Ex. cryptocurrencies, digital versions of flat currencies. 

1. Digital Token Based EPS:- A digital token-based Electronic payment system is a type of Electronic payment system that uses digital tokens, such as cryptocurrency or blockchain based tokens, as the means of payment. There are three type of it.  a) Cash Or Real Type .b) Debit or Prepaid .c) Credit of Post-paid

1. Relationship based Smart Card:- Relationship based Smart card is chip based smart card which hold information of card holder such as data on name, date of birth, actual shopping and Personal preference of shopping. 
2. Smart Card  EPS:- Smart card is chip based Electronic payment system it promises to financial secure transaction. Smart cards are microprocessor based card that are capable of holding large information compared to customary magnetic strip. 
3. Smart Phone and Smart Card Reader:-Smart card reader communicates with the chip of a smart card and read what is written in a smart card. It makes payment easy, card reader can show two lines with the help of 16 characters that illustrates the answer entered by both prompt and the user. 
4. Debit card and Electronic Purse:- debit card and electronic purse is a very popular to pay through electronic payment system. After putting money in the purse it can be used to pay for purchasing provided there is a card reader in the vending machine the vending machine has to find out if sufficient balance is available to pay for the cost of purchasing, the cost of purchase is deducted from the balance within a second and added to the Electronic cash box of the vending. 
5. Credit Card Based EPS:- It is very useful payment system of electronic payment system customer can easily pay for there purchasing to the vender. If consumer intended to purchase service and product, and want to pay via credit card he makes available the details of his credit card to the concerned service provider and the credit card  organization deal with this payment. 
6. Third Party Processors and Credit Card :- 
7. E-Cheque

Features of e-payment system - there are some significant feature of e-payment system. 

1.  Ease of use or usability - it is an important characteristic of e-payment system, it is not a complex task to pay with an electronic payment system. 

2. Convenience: Electronic payment systems allow for transactions to be completed quickly and easily, without the need for cash or checks.

3. Speed: Electronic payments are processed much faster than traditional methods, such as checks or money orders.

4. Reliability: Electronic payment systems are typically highly reliable and transactions are recorded in real-time.

5. Flexibility: Electronic payment systems can be used for a wide variety of transactions, including online purchases, bill payments, and money transfers.

6. Cost-effective: Electronic payment systems are typically less expensive to use than traditional methods.

7. Mobility: With the rise of mobile payments, many electronic payment systems can be accessed and used from a mobile device, providing customers with flexibility and convenience. 

what are the application of E-Commerce?