What is the main difference between electronic payment and traditional payment?

Electronic payment uses advanced technology to complete information transmission through digital circulation, and its various payment methods all adopt digital means to pay; The traditional payment method is to complete the payment through physical entities such as cash circulation, bill transfer and bank remittance.

2. Different payment media

Electronic payment uses the most advanced communication means, such as Internet and extranet, while traditional payment uses traditional communication media. Electronic payment requires higher hardware and software facilities, and generally requires networked microcomputers, related software and other supporting facilities, while traditional payment does not have such high requirements.

3. Time and cost are different

Traditional payment costs are high and electronic payment costs are low. Electronic payment has the advantages of convenience, quickness, high efficiency and economy. As long as users have a PC with Internet access, they can complete the whole payment process in a short time without leaving home.

In e-commerce, the payment process is a very important link in the whole business activity, and it is also a business process with the highest requirements for accuracy and security in e-commerce. The capital flow of electronic payment is a business process, not a technology. However, many technical problems will be involved in the process of electronic payment activities.

Invoices, promissory notes, money orders, credit cards and cash are widely used in traditional payment methods. Although cash flow has been replaced by bill exchange, which has brought great changes to the actual payment business, there are still many disadvantages in this mode of business processing. Nowadays, electronic payment based on online transactions can not only improve the settlement efficiency, but also speed up the capital turnover and reduce the capital turnover cost.