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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.

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