The process of electronic payments generally involves the following steps:
1. Initiation: The customer selects an e-payment method during the checkout process on an [e-commerce platform](). 2. Authentication: The payment information is authenticated using secure protocols to verify the identity of the payer. 3. Authorization: The payment gateway sends the transaction details to the payment processor for authorization. 4. Clearing: The payment processor communicates with the customer's bank to clear the payment. 5. Settlement: The funds are transferred from the customer’s bank to the merchant’s account.