Which of the following characteristics applies to electronic payments?

The choice indicating that electronic payments allow for quicker transaction processing is correct. One of the primary advantages of electronic payments is their efficiency; transactions can be completed much faster than traditional methods such as checks or cash. Electronic payment systems can facilitate instant or near-instant fund transfers, which is particularly beneficial for both consumers and merchants, enabling a swift exchange of goods and services.

This speed is made possible through various technologies, such as automatic clearing house (ACH) payments and digital wallets, which streamline transaction processes and eliminate the need for physical handling of money. Additionally, electronic payments operate online, which eliminates delays associated with physical transportation of funds or reliance on specific banking hours.

In contrast, other characteristics mentioned in the options do not accurately align with the nature of electronic payments. For instance, they do not exclusively involve cash transactions, can occur outside of typical banking hours, and do not require in-person interactions. Thus, the correct characteristic truly reflects the inherent advantages of electronic payment systems in modern financial transactions.