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    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 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                                                   CVV number
                     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.
                       E-Wallet: E-wallet or Electronic wallet refers to a digital wallet that is used to make payments online.
                     Before using the e-wallet, we need to add money from the bank account. Most of the e-commerce
                     websites provide their e-wallet. Some banks also provide e-wallets to their customers. Some third-
                     party organisations also provide payment support to their customers.
                     Bhim UPI, GooglePay, PhonePe, etc., are the most commonly used
                     Payment Service Providers (PSP).

                      Cash on Delivery (COD): Most of the e-commerce websites allow us to make the payment by cash
                     while receiving the product at your residence.

                            Experiential Learning                                                         Lab Activity

                      Create an account on Microsoft Teams. Make a video call to your friend and greet him/her.

                     64     Premium Edition-VI

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