E-Payment System VS Traditional Payment System

29/06/2022 0 By indiafreenotes

E-payment introduces digital circulation to realize information transmission, so all means of e-payment are digitalized. But, traditional payment is realized through physical circulation such as cash circulation, bill transfer and bank exchange.

The working environment of e-payment is based on an open system platform i.e. internet, while the traditional payment is operated in a relatively closed system.

E-payment has a very high requirement for both hardware and software facilities, generally including online terminals, relevant software and some other supporting facilities, while traditional payment does not have such a high requirement.

E-payment enjoys advantages for it is convenient, fast, efficient and economic. As long as the user has a computer connecting to the internet, he will be able to stay indoors and complete the whole payment within a very short time. The cost is even less than one per cent of that of the traditional way.