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What is Electronic payment

Chapter 50
Encyclopedia of E-Business Development and Management in the Global Economy
refers to any payment transaction conducted electronically.
Published in Chapter:
Understanding E-Payment Services in Traditionally Cash-Based Economies: The Case of China
Xiaolin Li (Towson University, USA), Dong-Qing Yao (Towson University, USA), and Yanhua Liu (Wuhan College of Economics and Management, China)
Copyright: © 2010 |Pages: 7
DOI: 10.4018/978-1-61520-611-7.ch050
Abstract
Electronic payment or e-payment refers to any payment transactions conducted electronically. In narrow terms, it usually refers only to online payment. E-payment is a crucial part of e-commerce. It increases transaction speed, improves merchants’ liquidity, and enhances buyers’ online shopping satisfaction. E-payment also reduces transport costs, robbery, and counterfeiting of fiat cash (Panurach, 1996). However, e-payment development in emerging economies—most of which rely heavily on cash for e-commerce transactions—has not kept up with advances in e-commerce. As a result, inefficient payment methods have become a bottleneck of further e-commerce growth.
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