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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
Prime (Ver. 2.2)-VII • Debit or Credit Card: E-commerce websites allow us to make payment by using our credit
service that you want to buy. Some of them are as follows:
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 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
110 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
Debit/Credit Card
• 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. GooglePay, Paytm,
PayPal, BhimAPP, PhonePe and Airtel Money are the most commonly used Payment
Service Provides (PSP).
• Cash on Delivery (COD): Most of the e-commerce websites allows us to make the
payment by cash while receiving the product at your residence.

