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    E-BANKING

                      The technology has paced  many  steps.  We  can now transfer money  online from one bank
                      account to another. In earlier days, cheques were used to transfer money and it took 2–3 days for

                      the clearance. If cheques spoiled, mutilated and lost, then the transfer took more time as a fresh
                      cheque was required again. With e-banking, you can transfer funds easily from one account to
                      another through a computer, laptop and even your smartphone.

                      ATM is also a part of e-banking where you can withdraw cash from any of the ATM machines and
                      the amount will be debited from your bank account automatically.

                      E-banking is useful for bankers as well as customers. The bankers are benefited in several ways:

                          Less transaction cost                              Less chances of human error

                          Reduction in fixed infrastructure costs            Customer loyalty and satisfaction

                          Reduced paper work

                      The customers are benefited in several ways:

                          Convenience of banking                             No geographical restrictions

                          Lower costs                                        Reduced chances of fraud

                      MODES OF PAYMENT

                      All the e-commerce websites provide various modes to make payment for the product or service
                      that you want to buy. Some of them are as follows:

                          Debit or Credit Card: E-commerce websites                                       CVV number

                        allow us to make payment by using our credit
                        or debit card, which will be debited from the
                        bank account.

                        We must have a sufficient balance in the bank
                        account  to  complete  the transaction.  In  the

                        case of a credit card, we are provided with a credit limit by the bank, which we can use to
                        purchase products. To avoid online fraud, each credit or debit card has a three-digit unique
                        secret Card Verification Value (CVV) number on the back side of it. The bank also sends a

                        One Time Password (OTP) on your registered mobile number to verify the authenticity.

                          Net Banking: We can directly use the bank account to make payments online. Every bank
                        provides each customer with a unique Customer ID or Net Banking ID and a PIN. With the help
                        of the customer ID and PIN, customers can make payments while purchasing the products from
                        e-commerce websites. Similar to a credit or debit card, an OTP is received on the registered

                        mobile number in the case of net banking.

                       42   Computer Science (V5.0)-VI

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