Web payment service

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Web payment service

An online service that manages the transfer of funds from a customer to the merchant of an e-commerce website. The money may come from a prepaid account or credit card stored in a digital wallet in the user's device or stored in the service's datacenter.

Credit Cards and PayPal
In the late 1990s, many people were reluctant to pay for merchandise online via their credit cards. In addition, it was believed that information would be widely sold for a few cents (micropayments) per article. As a result, several payment systems emerged to make online payments more reassuring than credit cards. Most of them have faded or evolved into parts of other financial systems. Today, credit cards are widely used online, and PayPal has also endured with its various money transfer methods. See mobile payment service, PayPal, Bitcoin, Brodia, CyberCash, e-cash, eCharge, InternetCash, iPIN, Qpass, Windows Live ID and 1ClickCharge.
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References in periodicals archive ?
UK-based automated clearing house BACS Ltd has launched its BACSTEL-IP Internet-based payment service for use in the UK.
"G7 - In 2013 the G7's Financial Action Task Force issued the following statement in guidelines which may be applicable to companies involved in transmitting bitcoin and other currencies, 'Internet-based payment services that allow third party funding from anonymous sources may face an increased risk of [money laundering/terrorist financing].' They concluded that this may 'pose challenges to countries in [anti-money laundering/counter terrorist financing] regulation and supervision';

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