Electronic Payment System definition

Electronic Payment System means a payment system that generates any transfer of funds, other than a transaction originated by cash, check, or similar paper instrument, which is initiated through an electronic terminal, telephone, mobile phone, computer, or magnetic tape, for the purpose of ordering, instructing or authorizing a financial institution to debit or credit an account. The term includes debit cards, wire transfers, transfers made at automatic teller machines, and point-of-sale terminals.
Electronic Payment System means a payment system operating with electronic money (payment service provider).
Electronic Payment System means a combination of procedures and connected with them computer networks and software, used to perform financial transactions and mutual settlements between the participants of the system. In the system transactions are conducted using bank cards, e-money and cash.

Examples of Electronic Payment System in a sentence

  • I do authorise the Accounts Officer (Cash) BSNL to arrange to credit the payment of my bills through Electronic Payment System to my account given above.Note: Copy of 1st page of bank passbook or cancelled cheque leaf is enclosed.

  • Electronic Payment Systems, Need of Electronic Payment System: Study and examine the use of Electronic Payment system and the protocols used, Study Electronic Fund Transfer and secure electronic transaction protocol for credit card payment.

  • The Company is a development stage company engaged in the business of commercializing the smart card technology based Universal Electronic Payment System (“UEPS”) and Funds Transfer System (“FTS”) through the development of strategic alliances with national and international bank and card service organizations.

  • Bidder should be willing to accept payment through Electronic Payment System (RTGS or NEFT).

  • He also serves as Shariah Committee of Malaysian Airport Consultancy Berhad and Malaysian Electronic Payment System (MEPS).


More Definitions of Electronic Payment System

Electronic Payment System means a payment system operating with electronic money. 1 For example, if the Client opens two buy lots, and three sell lots for the same instrument, then two buy lots and two sell lots are identified as locked positions, and one buy lot is identified as a non-locked position.
Electronic Payment System means a payment system that generates any transfer of funds, other than a transaction originated by cash, check, or similar paper instrument, which is initiated through an electronic terminal, telephone, mobile phone, computer, or magnetic tape, for the purpose of ordering, instructing or authorizing a financial
Electronic Payment System means a payment system that generates any transfer of funds, other than a transaction originated by cash, check, or similar paper instrument, which is initiated through an electronic terminal, telephone, mobile phone, computer, or magnetic tape, for the purpose of ordering, instructing or authorizing a financial institution to debit or credit an account. The term includes debit cards, wire transfers, transfers made at automatic teller machines, and point- of-sale terminals.
Electronic Payment System means an electronic system, using a telephone connection or electronic application (including PayPoint) set up and maintained by the service provider, which can transmit data to and receive data from a hand-held device, and whereby:
Electronic Payment System means an entity that directly or through licensed members, processors, or agents provides the proprietary services, infrastructure, and software that route information and data to facilitate transaction authorization, clearance, and settlement, and that merchants are required to access in order to accept a specific brand of general-purpose credit cards, charge cards, debit cards, or stored-value cards as payment for goods and services.
Electronic Payment System means a payment system that generates any transfer of funds, other than a transaction originated by cash, check, or similar paper instrument,
Electronic Payment System means a system to facilitate and monitor the payment of parking charges using telephone or internet enabled devices via communication with the service provider, in accordance with the instructions indicated on signs located at or in the vicinity of each parking place;