Question

Discuss the benefits of the multiple types of e-payment system to the customers?

Answer 1

Makes shopping simpler for consumers-You want to make the procedures as easy as possible when it comes to checkout. Support several gateways for payment. When consumers can not locate their preferred payment form, it will also generate convenience for customers by promoting mobile payments and leaving their shopping carts. Millennials and Generation Z both have an affinity for mobile payments, particularly mobile wallet payments (e.g., Venmo) and mobile payment apps (e.g., Starbucks) which provide loyalty rewards.

Due to the growing proliferation of internet-based banking and shopping, the electronic payment system has expanded more and more over the past decades. We can see the rise of electronic payment systems and payment processing tools as the world evolves more with technology development. As these transactions increase, enhance, and make online payment transactions more safe, the percentage of check and cash transactions will decrease.

E-payment systems were made to make it simpler for online transactions to accept electronic payments. With digital shopping's growing popularity, e-payment systems have become a must for online shoppers — making shopping and banking more convenient Reaching more customers from around the world, resulting in more sales.
More effective and secure payments — since transactions are made in seconds (with one-click), without wasting the time of the customer. It comes with simplicity and pace.
Convenience. At any time and anywhere, consumers can pay for products on an e-commerce website. We only need a computer connected to the internet. Just like that

Lower cost of payment and lower cost of innovation.
Customer spending monitoring, as they can still search their online account where they can find the history of the payment.
Today it is easy to add payments to a website so it can be introduced in minutes even by a non-technical person and start processing online payments.
Payment gateways and payment providers make payments secure by providing highly effective safety and anti-fraud tools.