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    Tech Fact

                           The first VoIP service was developed in 1973 by Danny Cohen. He named this service as
                                                       Network Voice Protocol (NVP).

                            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. It took 2–3 days for the clearance
                     of cheques. If cheques were 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 computer, laptop and even your smartphone.

                     ATM facility 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 by way of:
                     •  Less transaction cost                              •  Less chances of human error

                     •  Reduction in fixed infrastructure cost             •  Customer loyalty and satisfaction
                     •  Reduced paper work
                     The customers are benefited by way of:
                     •  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 of 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. We make payment by using the 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 case of credit
                       card, we are provided with a credit limit by the bank which we can use to purchase products. To
                       avoid the online fraud, each credit or debit card has a three digits unique secret Card Verification
                       Value (CVV) number on the back side of it. Now, bank also sends a One Time Password (OTP) on
                       your registered mobile number to verify the authenticity.

                                                                                                            CVV number

                                                               Debit/Credit Card

                                                                                                     Internet Services  57

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