![]() You can hire a software development team or you can assign your payment app development task to remote developers.īut before you start developing an e-payment system for your business, you first need to know how it works. And if you are looking to set up an online business, then you need electronic payment software for accepting payments. ![]() Today, all businesses have realized the importance of electronic payment system and are using some payment solutions for accepting payments. Whether you want to pay for your favorite food or make a payment to your nearby retailer, you can do it easily via electronic payment solutions. What are electronic payment systems?Įlectronic payment is the process where customers make payments by using electronic methods. In this blog, we will discuss and learn what electronic payment systems are, how they work, their major types, benefits, and how to enhance their security. And now it is on astounding growth with the penetration of smartphones and internet availability worldwide. This figure is expected to rise to US Dollars 111.11 billion in 2023 at a CAGR of 15.5 percent.įrom the above stat, it can be interpreted that electronic payments have only grown every year. Then with the advent of the first eCommerce website, Amazon, for online purchases in 1994, our online buying and payment journey took an interesting turn.Īccording to a study by The Business Research Company, the global electronic payment market was around US Dollars 96.19 billion in 2022. ![]() And the bigger change began when in the 1990s internet banking commenced. In 1972, ACH was introduced for large-volume payments. ![]()
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