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E-COMMERCE
The process of buying and selling goods or services online is called e-commerce. E-commerce
is also known as electronic commerce. It allows people to sell or buy goods and services from
their homes. Not only sale or purchase of goods or services, but the transaction of money,
funds, and data is also considered as e-commerce. To use all these services you must have an
Internet connection. Nowadays, we can also use all these services from our smartphones. The
most commonly used websites to sell or purchase goods are www.amazon.com, www.flipkart.
com, www.paytm.com and www.olx.in.
Advantages of E-commerce
E-commerce has several advantages. Some of them are:
It allows us to sell or buy our products or services over the country and around the world.
It allows us to choose a product from a broad range of products.
It saves our money and time.
It allows us to sell or buy products and services at any time.
Disadvantages of E-commerce
E-commerce provides several advantages, but it also has some disadvantages which are as follows:
There is no assurance of the quality.
There are high possibilities of online 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. We make payment by using the 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 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. Now, the bank also sends
a One-Time Password (OTP) to your registered mobile number to verify your identity.
Net Banking: We can directly use the bank account to make payments 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, customers can make the payment while purchasing
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. We need to add money from the bank account to the e-wallet before using it. Most
e-commerce websites provide their own e-wallet. Some banks also provide e-wallets to their
customers.
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