Electronic bill payment Electronic bill payment Electronic bill payment is a feature of online, mobile and telephone banking, similar in its effect to a giro, allowing a customer of a financial institution to transfer money from their transaction or credit card account to a creditor or vendor such as a public utility, department store or an individual to be credited against a specific account. These payments are typically executed electronically as a direct deposit through a national payment system, operated by the banks or in conjunction with the government. Payment is typically initiated by the payer but can also be set up as
Electronic cash direct debit (EDD) system offers no such guarantee and thus exposes the retailer to a default risk. Electronic cash Electronic cash was until 2007 the debit card system of the German Banking Industry Committee, the association which represents the top German financial interest groups. Usually paired with a Transaction account or Current Account, cards with an Electronic Cash logo were only handed out by proper credit institutions. An electronic card payment was generally made by the card owner entering their PIN (Personal Identification Number) at a so-called EFT-POS-terminal (Electronic-Funds-Transfer-Terminal). The name “EC” originally comes from the unified European checking system