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Electronic payments in e-commerce involve three stages: authorization, clearing, and settlement. Authorization begins after the cardholder authenticates their transaction. EMV 3D Secure adds additional criteria. A digital message is transmitted from the merchant to the acquirer, card scheme, and issuing bank to check funds. Once funds are available, a message is sent back to the merchant approving the payment. Clearing involves activities behind the scenes from when the acquirer sends a message to the card scheme. Settlement completes the process.