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Payment Systems A payment system is a system or an organization which conducts the funds transfer. Some payment systems are managed by private companies and called a ?private payment system,? and others are managed by central banks and referred to as a ?central bank payment system.?

The most common electronic payment methods include ACH, debit and credit cards, wire and bank transfers, digital wallets, and mobile pay.

A payment can be made in the form of cash, check, wire transfer, credit card, or debit card. More modern methods of payment types leverage the Internet and digital platforms.

A List of E-commerce Payment Systems Debit Card. A debit card is a card with unique credentials and is linked to the customer's bank account. ... Credit Cards. Credit cards are the most popular form of payment for e-commerce transactions. ... E-Wallet. ... Smart Card. ... Online banking. ... Mobile Payment.

Payments Cash (bills and change): Cash is one of the most common ways to pay for purchases. ... Personal Cheque (US check): These are ordered through the buyer's account. ... Debit Card: Paying with a debit card takes the money directly out of the buyer's account. ... Credit Card: Credit cards look like debit cards.

What Is an Electronic Payment System? Simply put, electronic payments allow customers to pay for goods and services electronically. This is without the use of checks or cash. Normally e-payment is done via debit cards, credit cards or direct bank deposits.

An electronic payment is a digital transaction between two parties, with e-payment types including ACH, cards, bank transfers, digital wallets, mobile pay, and more.

If unsure, select 'Other' and provide a detailed payment purpose for sending the funds, e.g. sending money for nephew's school fees, birthday gift for sister etc. Providing a detailed purpose of payment will avoid any unnecessary delay in the transferring of funds.