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The video tutorial explains the process of electronic payments in e-commerce, detailing the three key stages: authorization, clearing, and settlement. Authorization begins when a cardholder initiates a transaction and validates their identity using two-factor authentication. If the business utilizes EMV 3D Secure, additional verification steps are included. A digital message is exchanged among the merchant, acquirer, card scheme, and issuing bank, which checks the cardholder's available funds. Once the funds are confirmed, a message returns to the merchant indicating payment approval. The clearing stage involves various behind-the-scenes activities following the acquirer's message to the card scheme, continuing until the transaction is fully processed.
