Online Transaction & e-Payment

Concepts

Digital movement of money from one bank account to another. These transfers take place independently from bank employees. As a digital transaction, there is no need for paper documents.

Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.

EFT transactions are known by a number of names across countries and different payment systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks". In the United Kingdom, the term "bank transfer" and "bank payment" are used, while in several other European countries "giro transfer" is the common term.

EFT is a blanket term for all digital transactions

An e-payment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. It's also called an electronic payment system or online payment system.

Important characteristics:

Security, reliability, scalability, anonymity, acceptability, customer base, flexibility, convertibility, efficiency, ease of integration with applications, and ease of use.

Online Payment Process

Online payment gateways in Bangladesh

SSLCOMMERZ: Founded in 2010, the oldest and also the largest digital payment gateway of Bangladesh.

PortWallet: one of the fastest and smoothest payment gateways in Bangladesh. 

Aamarpay:

Shurjapay:

Paddle: 

Easy Pay Way:

2Checkout:

Fast Spring:

Global Online payment gateways

PayPal: An e-Commerce payments platform designed to help people and companies to send and receive payments without providing financial information.

 

Amazon pay:

Skrill: 

Stripe: 

2Checkout:

Authorize.Net: 

Payza: 

SecurionPay:

 Amazing benefits of using electronic payments

1. Instant Payment

2. Higher payment security

3. Better customer convenience

4. Saves processing costs

5. Low risk of theft

6. Transparent

7. Contactless

Types of  EFT Payments.

Electronic Checks: a digital check is generated upon the payer’s authorization. E-checks are commonly used for vendor payments.

Direct Deposit: funds are automatically deposited into an account with little to no paperwork.

Phone Payments: This is a casual transaction, and it occurs during a phone call. Usually the payee will supply their information, typically a card number, to the recipient over the phone.

Types of EFT Payments (2)

ATM Transactions: A global convenience, ATM transactions occur at electronic kiosks found throughout cities and banks all over the world. In this case, a person is withdrawing cash from their bank account by inserting their debit card into a machine, which will transmit information to the bank, and then process the request to dispense money. It is an instant transaction.

Card Transactions: During the point of sale phase of a transaction, a credit card or debit card is the most commonly used form of payment around the world, replacing cash. This can be in person or online, and entails the swipe, dip, or entry of a card, during which account information is electronically received and a payment withdrawal is approved, then the payment is scheduled and processed within a day or two.

Types of Online money transfer

NEFT (National Electronic Fund Transfer): The National Electronic Fund Transfer or NEFT is the simplest and most liked form of money transfer from one bank to bank. To make any NEFT transaction, you just need two important pieces of information -- firstly, account number and secondly, the Irouter Code of the destination account. In NEFT, there is no cap on the amount of money that can be transferred. However, individual banks may set a limit.

RTGS (Real Time Gross Settlement): An RTGS money transfer happens on a real-time basis. The bank of the person to whom the money is transferred gets 30 minutes to credit it to his/her account.

IMPS (Immediate Payment Service): Immediate Payment Service or IMPs an instant fund transfer service and it can be used anytime. IMPS can be simply defined as NEFT+RTGS. In order to avoid fraud complaints, the cap on transaction limit is set very low. For IMPS transfer, you just need to know the destination account holder's IMPS id (MMID) and his/her mobile number.

Types of Online money transfer(2)

Through IMPS, you can transfer money 24/7, But RTGS & NEFT can be done only in working hours on weekdays + a few hours on Saturdays only. Other than NEFT, RTGS and IMPS, you can also transfer your money through UPI and cheque.

UPI (Unified Payments Interface): A Unified Payments Interface is a real-time payment system that allows transactions to be done through any smartphone using VPA (Virtual Payment Address). No bank account detail is needed for the money transfer through UPI. Only mobile number or name is sufficient and the transactions can be done 24/7. UPI-enabled apps allow the transfers up to Rs 1 lakh.

Cheque: You can transfer money from your one account to another account by cheque. You have to simply draw a stating payee as your name along with the account number wherein you want to transfer the amount along with your signature.

It's done immediately at a branch if the transfer is within your bank.

There is no limit if you want to transfer money from your a/c to another bank a/c, but if you want to withdraw a certain amount, there are restrictions.