E-commerce credit card payment system

The use of commerce is conducted in this way, spurring and drawing on innovations in electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems.

Modern electronic commerce typically uses the World Wide Web at least at some point in the transaction's lifecycle, although it can encompass a wider range of technologies such as e-mail as well.

The sale and purchase transaction is completed electronically and interactively in real-time, such as when buying a new book on Amazon.com.

If an intermediary is present, then the sale and purchase transaction is called consumer-to-consumer, such as an online auction conducted on eBay.com.

[1] Some of the most important advantages over the traditional modes of payment are: privacy, integrity, compatibility, good transaction efficiency, acceptability, convenience, mobility, low financial risk and anonymity.