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Electronic Payment Systems (EPS) are an essential component of E-Commerce because they enable buyers and sellers to transfer money electronically for goods and services purchased through digital platforms. In traditional commerce, payments are generally made through cash, cheques, or physical banking transactions. In contrast, E-Commerce depends heavily on electronic methods that allow customers to make payments remotely through computers, smartphones, cards, bank accounts, and digital wallets. EPS therefore provides the financial infrastructure required for online transactions and supports the growth of digital business. An Electronic Payment System can be defined as a mechanism through which payment information is transmitted and financial transactions are completed electronically between a customer, merchant, bank, payment service provider, and other participating institutions. When a customer purchases a product from an online store, the payment system verifies the customer's payment details, authenticates the transaction, obtains authorization from the relevant financial institution, and transfers or confirms the payment to the merchant. The entire process can take place within a few seconds. Electronic payment systems perform several important functions in E-Commerce. The first is payment initiation. Customers can select a suitable payment method during checkout and provide the necessary information or authorization. The second is authentication, which ensures that the person initiating the transaction is authorized to use the selected payment account. The third is authorization, where the bank or payment provider checks whether the transaction can be approved. The fourth is transaction processing and settlement, through which funds are transferred between the customer's and merchant's financial institutions. EPS also provides transaction records that help customers and businesses monitor payments and resolve disputes. Credit and debit cards are among the oldest and most ___ __________ ____ ___ _______ __________ _______ _________ ____ ________ _____ _______.
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