Payment methods sat
The sale of goods and services through telematic networks is becoming more and more frequent. For this purpose, the merchant inserts a web page where he advertises and launches his offer to the consumer. The offer is received by the consumer, who accepts it, and the moment of payment arrives.
Despite the importance of electronic payment, there is currently no specific legislation strictly regulating electronic payment. However, initiatives are beginning to emerge at the Community level to define electronic payment and electronic money.
One of these initiatives is Commission Recommendation 97/489/EC of 30 July 1997 on transactions by electronic payment instruments, which, although not binding, is interesting for its inclusion:
However, in spite of everything, the consumer is not completely unprotected. Although there is no specific regulation governing this matter, there are rules in the legal system that are applicable to some problems arising from electronic payment:
It consists of instruments, procedures and rules for the transfer of funds between system participants. In a broad sense, the payment system is the infrastructure through which money is mobilized in an economy.
The LIP is composed of modules that allow the administration of system parameters, instruct funds transfers, grant and manage liquidity credits, make queries and access system reports.
All electronic operations in the LIP include the use of digital signatures as an authentication, integrity and non-repudiation mechanism. Digital signatures are data strings generated through mathematical methods that are attached to transactions to ensure their authenticity, as well as to protect the receiver from any rejection by the sender.
Ways to pay for a product
An electronic payment system or also called an online payment system (for your electronic device), also known as EPS, is a payment system that facilitates the acceptance of payments for online transactions over the Internet.
EPS, or electronic payment systems, transfer money between buyers and sellers in an electronic buying and selling action through a financial institution authorized by both. It is, therefore, a fundamental piece in the process of buying and selling in electronic commerce.
Examples of electronic payment systems include payment gateways or virtual POS for card payments, electronic purse systems and systems that connect directly with the user’s electronic banking system.
There are two types of institutions for the implementation of this system: banks and websites specialized in electronic payments that operate as a virtual financial entity. In card payment, the payment mechanism validates the card and organizes the transfer of money from the buyer’s account to the seller’s account.
Main payment methods
Did you know that every day you are in contact with payment systems? Yes, they are those banking instruments and procedures used to transfer financial resources. Banco de México is the institution in charge of their proper functioning.
The characteristics of such instruments and procedures will depend on factors such as the amount and volume with which they operate, in addition to the operations they process and are divided into two groups.
One of the risks of these payment systems has to do with liquidity. That is, the person using them does not have sufficient funds to cover his transaction, so it is necessary to be sure that he has the capital to carry out any operation.
It is important to emphasize that the Central Bank will have the obligation to offer security in the operations, either eliminating or mitigating the risks that may arise, so that the users of these services have peace of mind when using them.