Various modes of payment under EPS meet such requirements as traditional systems cannot. This
payment system, which has newly emerged, identifi es the opportunities that make the system more pop-
ular. A number of alternative payment mechanisms have been developed under EPS that supplement and
sometimes surpass traditional payment mechanisms. Some of these alternative payment mechanisms
are variations on traditional payment systems, while others are substantially different. In the following
section, eight types of e-payment mechanisms along with their functions and benefi ts are discussed.
16.6.1 Electronic Token
Electronic token (e-token or digital token) is a digital object whose ...
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