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This glossary of economics is a list of definitions of terms and concepts used in economics, its sub-disciplines, and related fields.
People also ask
What are online payments?
Where do online payments come from?
What is a digital payment?
How do online purchases work?
- What Are Online Payments?
- Types of Online Payments
- Benefits of Using Online Payments
- Software Used to Facilitate Online Payments
Online payments refer to the electronic exchange of currency through the internet. These payments usually consist of the transfer of monetary funds from a customer's bank or debit or credit card account, into the seller's bank account, in exchange for products or services. These funds can come directly from a customer's credit card or checking acco...
Credit cards: This is a payment issued from a financial institution that lends money to the cardholder, which allows them to purchase products and services online. Using credit cards for purchases...Debit cards: Using debit cards (sometimes referred to as check cards or bank cards) for online purchases deducts the price directly from the user’s bank account. Similar to credit cards, the purcha...Third-party payment services: These online and mobile services help facilitate the sending and receiving of payments online between buyer and seller. Once a bank account is attached to a third-part...Electronic checks: This form of online payment (sometimes referred to as eChecks or ACH) deducts cash from a checking account, which eliminates the need for the buyer to write a paper check or the...Online payments provide both the buyer and seller with many benefits, such as security, efficiency, convenience, and contactless options. 1. Security: Online payment options use encryption to protect consumer information and ensure data and funds are transferred securely from buyers to sellers. These safety protocols also decrease the chance of per...
Depending on what type of online payment method is being used, there are several software categories that both buyers and sellers can benefit from that help facilitate the sending and receiving of funds for online purchases. 1. Payment gateways:Payment gateways automate the payment transaction between shopper and merchant, securely transmitting tra...
An authoritative and comprehensive dictionary containing 2,500 key economic terms with clear, concise definitions. It covers all aspects of economics including economic theory, applied microeconomics and macroeconomics, labour economics, public economics and public finance, monetary economics, environmental economics, and many others.
Capitalism: An economic system in which privately-owned companies and businesses undertake most economic activity (with the goal of generating private profit), and most work is performed by employed workers who are paid wages or salaries.
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A digital payment, sometimes called an electronic payment, is the transfer of value from one payment account to another using a digital device or channel. This definition may include payments made with bank transfers, mobile money, QR codes, and payment instruments such as credit, debit, and prepaid cards.
Find accurate, easy-to-understand definitions for dozens of economics and personal finance terms.
In economics, a transfer is a payment of money without any goods or services being exchanged in return.
