Evolution of payment system...

 Online Payment

Online payment refers to money that is exchanged electronically. Typically, this involves use of computer networks, the internet and digital stored value systems. Online payments usually is the transaction that results in transfer of monetary funds from the customer bank or credit card account to your bank account.

Advantages

1. Time savings
2. Expenses control
3. Reduced risk of loss and theft
4. Low commissions
5. Instant payment.

Disadvantages

1. Restrictions
2. The risk of being hacked.
3. The necessity of Internet access.