An Online Payment system facilitates the acceptance of electronic payment for online transactions. These systems have become increasingly popular due to the widespread use of the internet-based shopping and banking. They use cash-substitutes that go well beyond the traditional negotiating instruments such as drafts and letters of credit. These include debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking and cryptocurrencies like BitCoins. Some payment systems include credit mechanisms, but that is essentially a different aspect of payment.
At iDatalabs, we use sophisticated, patent-pending algorithms to track the use of various Online Payment products and technologies. We track 25 products in the Online Payment category, and have found 4,096 companies using these products.
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