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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.

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