Page 373 - IT 402 v2.0 class 10
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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:




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