NTA-NET (UGC-NET) Computer Science & Applications (87) E-Technologies-Electronic Payment Systems Study Material (Page 5 of 9)

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Modes of Online Payments: Online Wallet, Mobile Money Wallet & 3 Wallets by RBI

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Online Wallet

This is a program or web service that allows users to store and control their online shopping information like logins, passwords, shipping address and credit card details in one central place. This helps in the ease of access.

Mobile Money Wallets

The Mobile Wallets, also abbreviated as m-wallets, are the virtual wallets that let users to store their money which they can subsequently use for various transactions. Mobile wallets are faster and more secure compared to alternatives. A few examples of digital wallets are

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Modes of Online Payments: PayPal & Google

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Let us just see some of the well-known examples of the online and mobile wallets in short,

PayPal

It is a global e-commerce business allowing payments and money transfers to be made through the Internet. Online money transfers serve as electronic alternatives to paying with traditional paper methods, such as cheques and money orders. It is subject to the US economic sanction list and other rules and interventions required by US laws or government. PayPal is an acquirer, a performing payment processing for online vendors, auction sites and other commercial users, for which…

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