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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 allows 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 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
Net Banking: We can directly use the bank account to make payment online. Every bank provides
a unique Customer ID or Net Banking ID and a PIN to each customer of the bank. With the help
of the Customer ID and PIN, customer can make payment while purchasing the products from
e-commerce websites. Similar to credit or debit card, an OTP is received on the registered mobile
number in case of net banking.
E-Wallet: E-wallet or Electronic wallet refers to a digital wallet that is used to make payment online.
We need to add money from the bank account to the e-wallet before using it. Most of the e-commerce
websites provide their own e-wallet. Some banks also provide e-wallet to their customers. Some
third party organisations also provide payment support to their
customers. Paytm, GooglePay, PhonePe, etc. are the most commonly
used Payment Service Provides (PSP).
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