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The ordered product is then delivered to the customer’s doorstep. For e-shopping, we just need a
device (computer, mobile phone 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, ATM
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 the 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 mobile phones and tablets. It is a subset of e-commerce. Examples
of m-commerce are in-app purchases, mobile banking, marketplace apps like 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 lets the funds transfer online from the
bank account of one organisation to another.
This service is primarily used for e-banking.
Electronic Data Interchange (EDI) is a system
of accepting payments for online transactions.
Various payment systems are accepted for making online payments such as debit cards, or
credit cards. Credit cards are the most popular way of payment for transactions in e-commerce,
but 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, etc. to make online payments 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.
Latest IT Trends 79

