Home Financial & Banking Terms What is an Online Transaction?

What is an Online Transaction?

45
2
SHARE
Online Transaction

In today’s commercial era, no one wants to waste time by standing in never ending queues at a bank branch. The facility of online transaction is a gift of technological advancement. The term online transaction refers to a payment or transfer of funds through a password protected online method.

There might be times when you want to transfer funds to your child studying abroad or make payment for something that you have bought from an e-commerce site. When we want to pay for services or goods we have an option of paying through an online transaction through the Electronic Fund Transfer system. This method requires the Personal Identification Number (PIN) of the user in order to complete the process.

How to make a safe Online Transaction?

Even though the advent of online transaction is a revolution in the world of banking, it has its drawbacks as well. A little bit of carelessness on part of the user can cause big problems. There are n number of fraudsters and scammers who are looking out for just a single loophole, so as to dupe the user. You should be extremely careful while giving out your debit or credit card OR account details to any website. While sometimes it becomes impossible to escape a trap, it is mostly in the hands of the user to be safe.

SHARE
Previous articleWhat is National Unified USSD Platform NUUP?
Next articleWhat is Numismatic Value?
Parul Mahajan is a Post Graduate in Gender Studies from Ambedkar University, Delhi and also holds a Bachelor of Arts degree in English Literature from Daulat Ram College, Delhi University. She is the author of ““Warring Over Religion and Feminism”, a Masters level Dissertation. Parul has also interned with Vimochana, a Bangalore based women’s organization working on various women’s issues.

2 COMMENTS

  1. Online transactions are a great advantage for lazy people and also for those who give importance to the time. Technology has improved a lot as I am speaking about online transaction which is possible within a few minutes, but the main factor is safety one must be very careful while doing online transactions.

  2. Online transaction a boon to the modern banking facility. It has made possible to transfer funds from one corner to the other corner of the world with ease. But with advantage comes the other side too. A little carelessness can make a massive damage. But using it with care and following the detailed instructions avoids these mishaps.

Comments are closed.