mobile banking application

Businesses can gain a significant advantage over their competitors by providing an instant electronic payment service as it lets customers pay by their preferred way of credit or debit card. E payment is a subset of an e-commerce transaction to include electronic payment for buying and selling goods or services offered through the Internet. Generally we think of electronic payments as referring to online transactions on the internet, there are actually many forms of electronic payments. As technology developing, the range of devices and processes to transact electronically continues to increase while the percentage of cash and check transactions continues to decrease. In the US, for example, checks have declined from 85% of non-cash payments in 1979 to 59% in 2002, and electronic payments have grown to 41%. The data on the cards was transferred directly to the bank card firm for verification.

Digital payment solutions can provide greater value for money than traditional payment. Some schools offer cash-back and discounts when parents pay the tuition fees digitally. Some also provide attractive discounts in the case of advance or on-time payment of fees.

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  • ICICI Mobile Banking—How to Register, Log In, and Transfer Funds?
  • Advanced digital payment system and school management software is extremely user friendly.
  • There are several precautions that users should take when using online banking to ensure the security of their accounts and personal information.
  • While they have innumerable benefits, there may also be a few disadvantages of credit card.

The customer can secure his account with a unique ID/ Password. Besides, a high penetration of the digital payment system is contingent on the fact that the same amount of cash does not come back into circulation. If it does, people are more likely to switch back to the former ease of using cash as it is a habit that they may find difficult to break. While there is no denying the convenience of card or mobile wallet transactions, it could open a spending trap for an unsuspecting population.

Saves Processing Costs

The name itself is self-explanatory, Commerce is the transfer of goods and services via Electronic means such as the Internet, telephone, television, and computers. As the number of Internet users grows, e-Commerce will become the primary way to do business. Here we will discuss the types of e-commerce, its benefits and drawbacks added with fun facts will be presented by us. Save taxes with Clear by investing in tax saving mutual funds online.

When parents can pay fees with just a click of a button, they will prefer to visit the institute and standing in long queues to make the payment. Parents also can pay using a variety of payment facilities, including net banking, mobile apps, or UPI transfer. It guarantees quick operations as the entire transaction will take a few seconds, and parents will be able to download fee receipts as physical evidence. The digital payment system in educational institutions will also save administrators’ time as they don’t have to handle all that wads of cash, count it, and store it inside the safe. It presents a number of benefits, including price and time savings, increased gross sales and decreased transaction prices. But it is susceptible to internet fraud and will probably enhance enterprise bills.

What is Net Banking?

In India, you can access various types of electronic payment methods based on your requirements. Cash on delivery as a method of payment has much to offer to both buyers and sellers. It allows shoppers to stay careful while enjoying the perks of India’s eCommerce industry.

What are some of the advantages and disadvantages of mobile payment systems in?

Mobile payments can be convenient, fast and secure. They can, however, be expensive and still vulnerable to issues with technology. In particular, if there are any issues with the host phone, mobile payments will be unable to work at all.

It is a simple way of paying for online purchases directly from the customer’s bank. It uses a similar method to the debit card of paying money that is already there in the customer’s bank. Net banking does not require the user to have a card for payment purposes but the user needs to register with his/her bank for the net banking facility.

Build Customer Trust

E-Commerce is now the new business hub conducted electronically. The buying and selling of products or services, transaction of funds, meeting buyers, and sellers is done over the internet. Just like a coin has two sides, everything has its own advantages and disadvantages, and Credit cards are no different. When you think about whether or not you should buy a credit card, you must know that a credit card would never hurt your financial health, if you use it properly. When the income tax amount is deducted from the online bank account, a receipt for tax payment is produced immediately.

As per Statista, there are over 20 million active eCommerce sites globally, and it is estimated that 95% of all purchases will be through eCommerce platforms by 2040. Due to interaction in the online medium, miscommunication between customer and company occurs. To authenticate the process, enter the OTP that was sent to your registered mobile number. UPI – Frequently Asked QuestionsWhen you transact with UPI payments, you may come across several questions and concerns.

Perhaps the greatest advantage of e-payments is the convenience. Individuals can pay their bills and make purchases at unconventional locations 24 hours a day, 7 days a week, 365 days a year. Vacationers and others away from home need not worry that they forgot to drop off the payment for the utilities or mail the check for their credit card bill. Theycan simply pull up their account online and pay their bills on the road. E-wallets typically charge a flat fee for some transactions or functions. For e.g. reloading a prepaid card from different sources like a credit card may incur a small charge.

Even now, a huge portion of India’s population enjoys going to an offline store and talking to staff while shopping. They used to consider shopping as an experience and make a whole day of it. While eCommerce allows for a simple and easy browsing experience, it also does not allow customers to have complete assurance on the brand/product. They do not get a chance to speak with a brand representative while shopping. With an online store, you reduce risks and save money on maintenance.


By adopting a digital payment system, parents and students don’t have to carry cash to pay the fees. This reduces their risks of losing their hard-earned money or getting robbed. Secure electronic transaction was an early communications protocol used by e-commerce websites to secure electronic debit and credit card payments. Secure electronic transaction was used to facilitate the secure transmission of consumer card information via electronic portals on the Internet.

Transferring Funds

The above comparison of the advantages and disadvantages of internet banking makes it clear that the benefits outweigh the consequences. Remember to follow the necessary security guidelines to ensure your account is always safe. Doing so will allow you to enjoy a seamless internet banking experience. If customers start opting for online payment, half of the problems will get solved there and there. Therefore, eCommerce businesses should incorporate various schemes and tactics to promote digital payments.

  •  Wireless LAN technology is designed to connect devices without wiring.
  • If you have a smartphone, there is possibly a digital wallet app waiting for you to download or access or explore.
  • The main advantages are that the funds are made on the comfort of the account holder and are secured by consumer name and password.
  • Our user-friendly web-based school management system software helps to manage the day to day activities effectively.

This option enables you to lower the applicable interest charges. Additionally, in certain cases, you may also avail the benefit of zero-percent introductory interest charges on balance transfer. However, in a few cases, you may also have to pay a fee for transferring the balance. Any individual with an active bank account can use net banking, provided they have registered for the service.

What are the advantages of electronic payment system?

  • Reduced Transaction Costs.
  • Secure ePayment Transactions.
  • Saved Time and Resources.
  • Speed of ePayments.
  • Complete Visibility into Electronic Payment Process.
  • Improved Supplier Relationships with ePayments.
  • Electronic Payments Support Remote and Hybrid Work Environments.

Better transaction security means that businesses get their money without any disputes . Besides, contactless payments are protected against fraud by most issuing banks. Credit cards are issued via commercial banks and/or different issuers. A credit card holder may not be an account holder in the bank which points the credit card.

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There are also incidents when the shipments are misplaced, or the wrong order is delivered. The price involves the hardware and software setup, training cost of the employees. E-Commerce has specific models based on the type of various parties involved at both ends in any business. UPI – Services Available for ConsumersFor those who are new to UPI, you must know that several services are available under the umbrella.

While completing the purchase the customer just needs to put in their net banking id and pin. When parents digitally pay the academic fees, the amount goes straight to the institute’s bank account. The storage and security systems in a bank are far safer compared to that of any educational institution.

Electronic payment allows your prospects to make cashless funds for items and services by way of cards, cellphones or the internet. Virtual Private Networks make your internet connection actually secure. To sum up, an SSL certificate is greater than defend your transactions and your prospects’ private data. It may also assist to construct belief between you and your customer base all the while making your business more respected.

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The amounts charged to the client are paid by card issuer to the service provider and subsequently billed to the client. Card holders are billed on a monthly foundation and bear monetary charges on excellent amounts if payments aren’t made by the due date. Without getting overly technical, including an SSL certificate creates a safe connection for those sorts of activities. The most essential thing to grasp about SSL is that anything that must be safe online should beneath the protecting umbrella of an SSL certificates. E-cash is an digital part of fiat foreign money systems, and still trades in acquainted models similar to dollars, euros, pesos, or yen.

The internet has widened the competition for all kinds of companies. Although it allows consumers to find your services and products, it can also make it easier for customers to gain access to your competition’s services and products. The internet has given you many ways to simplify your life as a business owner. You can handle your bookkeeping, customer service and bookkeeping support online and get custom solutions that will automate the way customers buy your goods and services. In other words, it will simplify processes and save valuable time from doing repetitive tasks.

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Once done, you can further place necessary interventions at the time of checkout to reduce the risk of cash on delivery failures. For instance, a leading audio and wearable brand saw that a major chunk of its orders were cash on deliveries. The resulting percentage of RTOs from these COD orders was also very high. One of the best ways to mitigate the risk of cash on delivery-related issues is to ensure that your shoppers fill in clear and accurate delivery addresses. This is because clear and accurate addresses play a crucial role in timely delivery. This is why, in today’s day and age, not many eCommerce companies, including industry giants, are not ready to offer cash on delivery as a payment option across their entire target group area.

There are some advantages and disadvantages of electronic payment system like checking account balance, fund transfer details, etc, which the user can avail of at any time. After “Notebandi” in 2016, every bank has launched its Online Banking Services. It is also recognized as e-banking or internet banking services. Nowadays, it has become a common mode to provide convenient and secure bank services. Paperless e-commerce payments have revolutionised the payment processing by reducing paper work, transaction costs, and personnel cost.

What are the disadvantages of electronic payment methods?

  • Technical difficulties.
  • Threats to passwords.
  • Cost of fraud.
  • Security concerns.
  • Lack of technology literacy.
  • Time and amount restrictions.
  • Service charges and other expenses.
  • Uncertain transactions.

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