Research Paper on Online Payment Systems

Online Payment Systems (OPS) are the companies that issue virtual currency, designing and implementing technology of their circulation and ensuring all transactions with their e-currency. Often online payment systems are part of the largest Internet companies, one of the directions of their activities (for example, PayPal, as a part of EBay.)

Use free sample research papers to learn that each of the OPS will issue its own electronic money, which may correspond to different real-world currencies. Various OPS have different levels of development, different functionality, different network coverage, different purpose. Usually, the currency of one payment system can be exchanged for the currency of another OPS, but not always, moreover, such an operation would require some commission.

As a rule, online payment systems emit only as much money as they need, that is, to the extent that the users of the OPS convert their real money for buying e-currency. The issue electronic money generally is governed by legislation, so the online payment systems that are registered and operate in the territory of a particular country must adhere to these standards. However, it is often not the case, as electronic money is very difficult to trace, and legislation in this area remains imperfect.

With the rapid development of the Internet, there is a need for transactions on the network. This led to the emergence of online payment systems.

This gives buyers and sellers online the instrument to instantly receive and transfer electronic money. Every day, the market of online payment systems grows and develops. There are all new payment systems, offering their services to online users.

Online payment systems are divided into two types depending on the methods of calculation. This credit and debit payment system. Credit payment systems use credit cards of different banks to carry out transactions. Debit payment systems use electronic checks and electronic money. E-money is the equivalent of cash, respectively, and electronic checks are similar to conventional paper checks.

You can make your online payments using you account. It’s easy and free with any electronic payment system. Your account will keep the history of all transactions and money amounts.

For account management, online payment systems offer its users a Web interface or proprietary software. If you use the software, you must first download and install its distribution on your computer. Using these tools for account management, you can easily make necessary monetary transactions online with electronic money. Electronic money is also easy to display as a normal bank card and cash. The deal with digital money not only easier and more convenient, but less expensive than regular banking transactions due to lower commission.

For comfortable operation online, you must have an account in several of the most common online payment systems. Various sites and projects in network only work with certain payment systems and to work with all of them, you will need the appropriate accounts.

The most popular international online payment systems include PerfectMoney, PayPal, as well as multicurrency payment system Payeer. Its distinctive features is that it works with more than 150 currencies.

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