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Ways of Transacting Online

There is no doubt the Internet is a wondrous creation. The entire world is rapidly becoming obsessed with it. With the advancement of technology, there was a long felt need to give recognition to the electronic means as an alternative to paper based banking. The internet has made banking and other business transactions a lot easier because money is easily transferred from bank to bank, employer to employee, employee to bank, shopper to department store, and almost any scenario in which money has to be transacted, all because of the internet and other electronic technologies. The worldwide proliferation of the Internet has led to the recent birth of electronic payment system: a payment service solution-software that enables monetary value to be transferred digitally. Parties conducting electronic businesses and transactions have usually never seen each other face-to-face, nor exchanged currency or hard copies of documents hand-to-hand. The society prefers transactions that involve physical contact of people, cash and cheques to that, which is done via a telecommunication network such as the Internet. However, security, trust and convenience are among the major contending factors affecting the adoption of e-payment systems. In this paper, we considered some critical examinations on the existing payment system. Purpose: The objective of the paper is to understand the various mediums of paying online and variant issues affecting the same, along with few standards of security like-SET, SSL, HTTPS etc. Design/methodology/approach: To understand the existing medium of paying online and accessing the benefits and limitations for the same. Findings: The banking sector occupies a pivotal position in the global economy. E-banking is one of the most challenging tasks as it is changing the banking industry and is having the major effects on banking relationships. We are moving from brick & mortar model to click & mortar model. E-banking involves use of Internet for delivery of banking products & services. There are various medium involved to make a secure payment. Research limitations/implications: Research design is exploratory in nature hence; the results of the study are not very conclusive.