It acts as the intermediate between the banks. The Company responsible for communicating the transaction between the acquirer and the credit card issuer. These entities operate the networks that process credit card payments worldwide and levy interchange fees. Example: Visa, MasterCard, Rupay.

(i) Electronic wallets (e-wallets) or electronic purses allow users to make electronic transactions quickly and securely over the Internet through smartphones (or) computers.
(ii) The electronic wallet functions almost the same as a physical wallet in term that it holds our money
(iii) Electronic wallets were first recognized as a method for storing money in electronic form, and became popular because It provides a convenient way for online shopping.

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.

The term electronic payment refers to a payment made from one bank account to another bank account using electronic methods forgoing the direct intervention of bank employees.