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To pay by using Debit card, the account holder must have equal or more amount than the amount being paid
in his bank account while in credit card, the bank allows the customer to pay even if he doesn’t have required
balance in account but need to pay within allotted time period.
Digital Cash: Digital Cash is a form of electronic currency that exists only in cyberspace and has no physical
properties. ere the money in buyer s bank account is converted into a code that is saved on a microchip a
smart card or on the hard drive of his computer. To make payment, the buyer, mentions that particular code
and thereafter the transaction is duly processed.
Gift Cards: As the name suggests, it contains certain value of currency amount and is generally used for
gifting. So instead of cash, one can gift a card which has a pre-loaded amount which can be redeemed
through the code given in the gift card while making the payment.
nified Pa ment Interface PI : It is a unique payment gateway through which a person can transfer
money to any other person account instantly through his mobile. For example, if a payment has to be
made for the booking of a bus ticket, the conductor can send a request for payment to the mobile number
of the passenger. After he provides so, the passenger will get a message on the mobile phone asking for
authentication. Once authenticated by entering the password, payment can be made. This facility doesn’t
re uire to share bank details of the customer. Since I runs on IM S Immediate ayment Service the
service is available in real time and 24x7.
s a result of surge in technology the financial system has also benefitted to a large extent. Now we
can transfer money through N F National lectronic Fund ransfer S eal ime ross Settlement
facilities provided by all banks. We can pay our bills at nearly all shops by UPI applications which have also
relieved us from the effort and risk of carrying physical money. he e-commerce industry like ma on
Flipkart, etc. is entirely dependent on online transactions and payments system.
Example of Online Shopping
ll of us have to make purchases for different re uirements in our lives. ntil recently we had to physically
visit the stores in order to do our shopping, but today the facility of online shopping has made it convenient
for us to buy many things from the comfort of our homes.
Some of the famous e-shopping web sites are flipkart.com ama on.com futureba aar.com homeshop .
com, myntra.com, snapdeal.com, etc. Many of these are generic websites that deal in a wide variety of products
Flipkart ma on while others specialise in particular types of products Myntra specialises in fashion and
lifestyle products .
Flipkart is one such online shopping website which sells a variety of products such as CDs, DVDs, mobile
phones and accessories, cameras, computers, computer accessories and peripherals, stationery, other
electronic products such as home appliances, kitchen appliances, personal care gadgets, health care products,
etc. Flipkart offers multiple modes of payment for the orders placed like credit card debit card net banking
e-gift voucher and Cash on Delivery. For the purpose of illustrating, how online shopping works, we will use
an example from Flipkart.
In this example, we will purchase 'N95 mask' from Flipkart and arrange to get it delivered to desired shipping
address. As, we are doing this illustration just to see how online shopping works, we do not have to complete
the transaction or actually order any product.
Step 1: Start the web browser and place cursor in the ddress or ocation bar.
Step 2: Type tt : i art com Press the ‘Enter’ key on your keyboard. ‘Flipkart’ homepage appears
as follows:
Web Application 371

