Merchant's-electronic device that enables the e - payments. It reads the card information from EMV or magnetic strip

Bitcoin is the most popular and the first decentralized cryptocurrency

Credit card is an electronic payment system normally used for retail transactions.

Micro electronic payment system and Macro electronic payment system

Based on the algorithm used, it is classified into the following categories.
(i) Hash chain based micro electronic payment systems.
(ii) Hash collisions and hash sequences based micro electronic payment systems.
(iii) Shared secrete keys based micro electronic payment systems.
(iv) Probability based micro electronic payment systems.

1. Unconditional - the beneficiary will receive funds regardless of whether he fulfills his obligations to the buyer or whether he would deliver the goods or perform a service of a quality consistent with the order.
2. Irrevocable - a correctly processed transaction cannot be reversed andits money cannot get refunded (theso-called settlement finality).

1. A plastic card with a built-in microprocessor, used typically to perform financial transactions.
2. The modern version of card based payment is smart cards.
3. Smart card along with the regular features of any card based payment system holds a EMV chip.

Payment systems are generally classified into two types. They are
1. Micro electronic Payment Systems
2. Macro electronic Payment Systems

1. The cryptocurrency units are created by the solution of cryptographic tasks called mining.
2. The miners not only generate new monetary units, but also initiate new transactions to the block chain.
3. As a reward, they will receive new Bitcoins. In terms of trade, the creation of cryptocurrencies may be related to the ICO (Initial Coin Offer) procedure, i.e. the ICO, aimed at gathering the initial capital necessary for the further development of the system.
4. The initial value of cryptographic currency is just the cost of consumed electricity. The secondary value is determined by the demand for the cryptocurrency.

(i) Immediate money transfers through mobile device round the clock 24 x 7.
(ii) Can use single mobile application for accessing multiple bank accounts
(iii) Single Click Authentication for transferring of fund.
(iv) It is not required to enter the details such as Card no, Account number, IFSC etc. for every transaction.
(v) Electronic payments will become much easier without requiring a digital wallet or credit or debit card

1. Credit card number: The modern credit card number has 16-digit unique identification number.
2. The first digit of the credit card number is Major Industry Identifier (MII).
i) It identifies the issuer category.
ii) e.g. 1 - Airlines,4 - Banks
3. The next 5 digits uniquely identify the issuing organization
4. The first 6 digits together called as Issuer Identifier number (IlN) or Bank Identification number (BIN).
5. The next 9 digits are the account number.
6. The last digit is a check digit (based to the Luhn algorithm).

Unified Payments Interface:
(i) Unified Payments Interface (UPI) is a real-time payment system developed by National Payments Corporation of India (NCPI) to facilitate inter-bank transactions. It is simple, secure and instant payment facility.
(ii) This interface is regulated by the Reserve Bank of India and used for transferring funds instantly between two bank accounts through mobile (platform) devices. http://www.npci.org.in/
(iii) It also provides the "peer to peer" collect request which can be scheduled and paid as per requirement and convenience.
(iv) UPI is developed on the basis of Immediate Payment Service (IMPS). To initiate a transaction, UPI applications use two types of address - global and local.

• Global address includes bank account numbers and IFSC.
•  Local address is a virtual payment address.

(v) Virtual payment address (VPA) also called as UPI-ID, is a unique ID similar to email id (e.g. name@ bankname) enable us to send and receive money from  banks.
(vi) The bank or the financial institution allows the customer to generate VPA using phone number associated with Aadhaar number and bank account number. VPA replaces bank account details thereby completely hides critical information.
(vii) The MPIN (Mobile, banking Personal Identification number) is required to confirm each paymernt.
Advantages :
(i) Immediate money transfers through mobile device round the clock 24 x 7.
(ii) Can use single mobile application for accessing multiple bank accounts
(iii) Single Click Authentication for transferring of fund.
(iv) It is not required to enter the details such as Card no, Account number, IFSC etc. for every transaction.
(v) Electronic payments will become much easier without requiring a digital wallet or credit or debit card.

Apart from card based payment systems there are many alternative electronic payment systems. With the advent of computers, network technologies and electronic communications a large number of alternative electronic payment systems have emerged. These include ECS (Electronic Clearing Services), EFT (Electronic funds transfers), Real Time Gross Settlement system (RTGS) etc. These Electronic Payment systems are used in tendering cash in domestic and international transactions.
Electronic Clearing Services (ECS):
Electronic Clearing Service can be defined as repeated transfer of funds from one bank account to multiple bank accounts or vice versa using computer and Internet technology. The payer instructs the bank to debit from his bank account and credit it to one or more payee bank account provided amounts and dates of the payments earlier. This system provides the convenience of paperless payments. ECS can be used for both credit and debit purposes i.e. for making bulk payments or bulk collection of amounts.
Electronic Funds Transfer:
Electronic Funds Transfer (EFT) is the "electronic transfer" of money over an online network. The amount sent from the sender's bank branch is credited to the receiver's bank branch on the same day in batches. Unlike traditional processes, EFT saves the effort of sending a demand draft through post and the inherent delay in reaching the money to the receiver. Banks may charge commission for using this service. EFT is a widely used method for moving funds from one account to another in B2B business models.
Real Time Gross Settlement:
Real Time Gross Settlement System (RTGS) is a payment system particularly used for the settlement of transactions between financial institutions, especially banks. As name indicates, RTGS transactions are processed at the realtime. RTGS payments are also called as push payments that are initiated ("triggered") by the payer. RTGS payments are generally large-value payments, i.e. high-volume transactions.
Real-time gross settlement transactions are:
Unconditional: the beneficiary will receive funds regardless of whether he fulfills his obligations to the buyer or whether he would deliver the goods or perform a service of a quality consistent with the order.
Irrevocable: a correctly processed transaction cannot be reversed and its money cannot get refunded (the so-called settlement finality).