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the product. The ordered product is then delivered to the customer’s doorstep. For e-shopping,
we just need a device (computer, smartphones or tablet) with an Internet connection.
E-Banking
E-banking is a method of banking in which the customer conducts transactions electronically via
the Internet. E-banking is also known as virtual banking, online banking, or internet banking.
Services provided by e-banking are managing deposit accounts, online fund transfers, Debit
and Credit card services, electronic data exchange, etc.
This is the service provided by the banks in which we have an account. To access these services,
we need to contact the bank. The bank provides a username and password through which we can
log into the e-portal of the bank.
M-Commerce
Mobile Commerce, also known as m-commerce, refers to the online buying and selling of products
using handheld devices like smartphones and tablets. It is a subset of e-commerce. Examples of
m-commerce are in-app purchases, mobile banking, marketplace apps such as the Amazon
mobile app, digital wallets such as Google Pay, Apple Pay, mobile ticketing, etc.
ELECTRONIC FUND TRANSFER
Electronic Fund Transfer (EFT) is a technology
that allows the transfer of funds online
from one bank account to another. On the
other hand, Electronic Data Interchange (EDI)
is a system for accepting payments for online
transactions.
Various payment systems are accepted for making online payments such as debit cards and
credit cards. Credit cards are the most popular way of payment for transactions in e-commerce
transactions, and they ensure security by using the Card Verification Number (CVN) to detect
any fraudulent activities. Some of the newly introduced technologies like mobile banking, e-cash,
e-checks, digital wallets, are also gaining popularity these days.
Tick ( ) if you know this.
▶ The act of selling and buying a commodity over the Internet is known as e-commerce.
▶ E-banking is also known as virtual banking.
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