The growth of electronic payments has been a steady trend over the last few decades. Using only the phone, it is possible to perform 10s of financial transactions that previously took a lot of time. Most of the time was spent waiting in lines, trying to get the attention of a bank teller, or other unproductive work.

Electronic Payment Systems (EPS) completely eliminated routine operations. By spending a couple of minutes you will be able to pay

• utility bills;
• Communications and Internet;
• Buy goods in an online store;
• exchange currency;
• replenish your bank account;
  
  transfer money within the country or abroad.

Few users of payment systems, even the most active ones, think about how the service works, whether you can expect from it surprises in the form of lost payments, fraud, or trivial forgery.

How does the system work?

It is difficult to name a country which does not have its own electronic payment system. Some of the countries use only international payment systems such as VISA and MASTERCARD, others introduce personal structures. Payment systems unite banking institutions, financial organizations, private funds and other companies which participate in the financial system of the country.

Even the most hardened conservatives were not opposed to the introduction of electronic systems: the speed of operation, the ability to control operations at all stages, and the large quantity of services offered significantly broaden the opportunities of the banking sector. It brings proceeds which is one of the main arguments for a financier.

Payment systems are created in such a way that they solve a whole complex of tasks:

• provide round-the-clock, uninterrupted operation;
• protect against failures and errors;
• guarantee confidentiality;
• ensure equal status of all clients;
• comply with legal regulations of the country of service provision.
• Among the types of payment systems, the most widespread are:
• working by means of smart cards;
• virtual ones, such as sportbank, whose investor is Nikita Izmailov;
• operating accounts in banks of various countries.

Besides, payment systems can be divided into banking systems, participants of which are only banking institutions and their customers, intercompany, made for exchange of cash and non-cash funds between entities of real sector of economy.

There is also a division of payment systems into international, national, private.

As a rule, virtual and physical cards issued by online banks and physical financial institutions allow to work with international payment systems and no difficulties appear for the user. As a last resort, you can contact the support service of the bank that issued the card and resolve the issue online.