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E-COMMERCE > PART 3 > Flashcards

PART 3 Flashcards

1
Q

Meaning of Internet Banking (2)

A

Use of electronic means to transfer funds directly from one account to another, rather than by cheque or cash

Allows you to conduct bank transactions online, instead of finding a bank and interacting with a teller

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2
Q

Services of Internet Banking

A
  • Balance inquiry
  • Transfer of funds
  • Online payment of bills
  • Accrued interest, fees and taxes.
    -Transaction details of each account.
    -Shopping
    -Ticket Booking
    -Prepaid Mobile Recharge
    -Market Watch
  • Investment Services
  • Online Applications
  • Personal updates
  • Accounts, credit card & home loan balances.
  • Transfer funds to third party accounts you nominate.
  • Open a deposit right from the terminal you are sitting at
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3
Q

How to Access Internet Banking
(3)

A
  1. Register with your bank
  2. Create a password (IPIN)
  3. Access your account online
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4
Q

Merits of Internet Banking (5)

A

Convenience
Ubiquity
Transaction speed
Efficiency
Effectiveness

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5
Q

Demerits of Internet Banking

A

Time
Learning curve
Bank site changes
The trust thing

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6
Q

Online Shopping Meaning

A

A form of electronic commerce whereby consumers directly buy goods or services from a seller over the Internet without an intermediary service.

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7
Q

Online Shopping websites examples

A

flipkart.com
amazon.com
Myntra
Ebay
jabong.com
Paytm
Homeshop18
Alibaba group
Yepme.com
Foodpanda

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8
Q

Online Stores meaning

A

Typically enable shoppers to use “search” features to find specific models, brands or items.

Online customers must have access to the internet and valid method of payment in order to complete a transaction, such as Paypal

For physical products the e- tailer ships the products to the customer; for digital products, such as digital audio files of songs or software, the e- tailer typically sends the file to the customer over the Internet.

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9
Q

The largest of these online retailing corporations are:

A

Alibaba, Amazon.com, and eBay.

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10
Q

PROS OF ONLINE STORES

A

Shop 24/7
Comfort of own home
A lot of stores within a click away
Comparison Shopping easier
Discount coupons available online
No Line
Privacy
Lot of options
Save on Gas/diesel /petrol

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11
Q

CONS OF ONLINE STORES

A
  • Can only see items one page
    at a time
  • Takes forever if you have a
    slow connection
  • Cant buy with cash
  • Errors in Billing
  • Not able to touch or try on
  • Returns more difficult
  • Shipping and Handling Cost
  • Credit Card Insecurity
  • Lacks the personal touch
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12
Q

EXAMPLES/TYPE OF PAYMENT

A
  • Billing to mobile phones and landlines
  • Cash on delivery (C.O.D.)
  • Cheque/ Check
  • Debit card
  • Direct debit in some countries
  • Electronic money of various types
  • Gift cards
  • Postal money order
  • Wire transfer/delivery on payment
  • Invoice, especially popular in some
    markets/countries, such as Switzerland
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13
Q

TIPS FOR PROTECTING YOURSELF

A
  • Shop from a secure pc
  • Shop smart using only sites you know and trust
  • Shop with your credit card
  • Consider alternative payment methods
  • Avoid spam
  • Keep passwords private
  • Never give out Social Security Number
  • Read privacy and security policy
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14
Q

Electronic Payment System Meaning

A

is a way of making transactions or paying for goods and services through an electronic medium without the use of check or cash.

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15
Q

E-payment system is also called

A

electronic
payment system or online payment system

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16
Q

E-payment methods could be classified into areas, which are:

A
  1. Cash Payment System
  2. Credit Payment System
17
Q

Eleectronic Funds Transfer (EFT) Meaning

A

this is an electronic system used to transfer money
from one bank account to another without any cash exchange by hand.

18
Q

EFT comprises
many other concepts of payment system include:

A

a. Direct debit
b. E-Check
c. Electronic billing

19
Q

Direct debit meaning

A

is a financial transaction in which the account holder instructs the
bank to collect a specific amount of money from his account electronically for
payment of goods or services.

20
Q

E-Check Meaning

A

a digital version of an old paper check. It’s an electronic transfer of money
from a bank account, usually checking account without the use of the paper check.

21
Q

Electronic billing

A

is another form of electronic funds transfer used by
companies or businesses to collect payments from customers over electronic
method.

22
Q

Electronic cash

A

is a form of an electronic payment system of which certain
amount of money is stored on a client device and made accessible
for internet transaction

23
Q

Electronic cash is also referred to as
_____ and it make use of e-cash software installed on the
user PC or electronic devices

A

digital cash

24
Q

Example of E-cash

A
  1. PayPal.
  2. Stored value card: this is another form of EFT used by stores.
    Stored value card is a card variety that has a certain amount of
    money value stored and can be used to perform the
    transaction in the issuer store. A typical example of stored
    value cards are gift cards.
25
Q

Credit Payment System (3)

A

Credit Card
E-Wallet
Smart Card

26
Q

Credit card

A

another form of the e-payment system which
required the use of the card issued by a financial institute to the
cardholder for making payments online or through an electronic
device without the use of cash

27
Q

E-Wallet

A

it is a form of prepaid account that stored user’s financial
data like debit and credit card information to make an online
transaction easier

28
Q

Smart card

A

this use a plastic card embedded with the
microprocessor that can be loaded with funds to make transactions
and instant payment of bills. It is also known as a chip card

29
Q

Benefits of using an
E-payment System

A
  • More sales by reaching a new audience.
  • More effective and efficient transactions. It’s because these are made just in
    minutes (even with one-click), without wasting customer’s time.
  • Convenience. Customers can pay for items on e-commerce website at anytime and anywhere. They just need an internet connected device. As simple as that!
  • It also lowers the whole transaction cost.
  • Today it’s easy to add payments to the website, so even a non-technical person may implement it in minutes and start processing online payments.
  • Payment gateways and payment providers offer highly effective security and anti- fraud tools to make transactions reliable.

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