E-commerce and mobile commerce - class-XI

The very first step in online transaction is registration. A person is required to register himself and his basic information with the vendor so that authentication of a person can be done and transactions can be carried out without any hassle in future.

While surfing the website or application, customer selects the goods which he wants to purchase, and these selected items go to cart from where an order can be placed with the supplier. This process is known as placing an order while purchasing with the help of Internet.

M-commerce means mobile commerce i.e. commercial activities that takes place electronically by mobile phones. M-commerce enables users to access internet without finding a place to plug in. These transactions include purchasing stocks, remitting money, this service is often referred as mobile banking.

The very first step in online transaction is registration. A person is required to register himself and his basic information with the vendor so that authentication of a person can be done and transactions can be carried out without any hassle in future.

M-commerce means commerce activities that takes place through wireless handheld devices such as mobile phone. M-commerce enables users to access internet without finding a place to plug in. These transactions includes purchasing stocks, remitting money, this service is often referred as mobile banking.

A one time password ( OTP ) is an automatically generated numeric or alphanumeric string of characters that authenticates a user for single transaction or session. OTP is necessary in credit card transactions so that it cannot be used by any unauthorised person.

E-marketing refers to the buying and/or selling of goods and services through internet or online for the satisfaction of the consumer needs. It reduces the operational cost of the business. The consumers are benefited as they can order anything anytime from anywhere. They also might get goods at a cheaper rate and can compare the prices offered by different sellers at the same time.  

E-commerce results in lower transaction cost and higher margin as expenses related to land, labour etc. are very less in online transactions as compared to offline transactions that results in high profit margin.

M-commerce means mobile commerce i.e. commercial activities that takes place electronically by mobile phones. M-commerce enables users to access internet without finding a place to plug in. These transactions includes purchasing stocks, remitting money, this service is often referred as mobile banking.

M-commerce means commerce activities that takes place through wireless handheld devices such as mobile phone. M-commerce enables users to access internet without finding a place to plug in. These transactions includes purchasing stocks, remitting money, this service is often referred as mobile banking.

M-commerce means mobile commerce i.e. commercial activities that takes place electronically by PDAs i.e. mobile phones. M-commerce enables users to access internet without finding a place to plug in. These transactions include purchasing stocks, remitting money etc. this service is often referred as mobile banking.

M-commerce is a latest concept in e commerce. It means commerce activities that takes place through wireless handheld devices such as mobile phone. M-commerce enables users to access internet without finding a place to plug in. These transactions includes purchasing stocks, remitting money, this service is often referred as mobile banking.

Online purchase of books using smartphone is a kind of M-commerce. M-commerce means commerce activities that takes place through wireless handheld devices such as mobile phone. These transactions also includes purchasing stocks, remitting money, this service is often referred as mobile banking.

Mobile apps used by the customers makes them seem more loyal towards the application. Customers invest in savings and downloading app, it increase the wealth of app makers. Probability of purchase from the users of app is high, it also shows the interest of consumers in purchasing.

There are many obstacles in the functioning of m commerce i.e. our security is always on threat i.e. our personal information can be misused, slow connectivity i.e. networks are not available or poor in a particular area acts as a hindrance in the working of m commerce, standardization is also an issue in m commerce.

It is true that Lufthansa air passengers can check in and board flights with an electronic ticket on their mobile phones. Currently, there are many airline companies whose tickets ca be easily booked online, even people can book the seat they want using mobile phones.

The main drawback of m commerce is that our personal information are always on the threat.Very few, security measures are there to protect the data that can be misused by others. Foe example: our bank account numbers can be used by some digital hackers for theft.

M-commerce is considered to be significant as mobile phones are used by almost every people and advertising in social media reaches very fast to people. It is realized as a powerful medium of E-commerce as there is an increase in the popularity of people using applications for their daily use and also there is a positive trend of customer experience in M-commerce.

M-commerce means mobile commerce i.e. commercial activities that takes place electronically by mobile phones. All mobile devices i.e. an ipod touch, blackberry phones, Motorola phones, Samsung mobile phones etc. can perform m-commerce functions.

M-commerce is considered to be a powerful concept of future as mobile phones are used by almost every people. It is realized as a powerful medium of e commerce as there is an increase in the popularity of people using applications for their daily use and also there is a positive trend of customer experience in M-commerce.

M-commerce ensures that there is an interpersonal communication with people using different applications. M-commerce provides flexibility of time i.e. transactions can be carried out without any time restrictions. It ensures ease in distribution of products purchased or sold.

It is true that mobile phones having bigger screens enhance shopping experience as product's visibility increases, their design can be seen thoroughly. Big screens ensures clear visibility that increases the trust of consumer on the product.

Social
media adds business value by building networks that enhance competitive
edge, enable the exchange of information, and foster strong
relationships- this is a true statement. Social media can be defined as a platform where any information or idea can be transmitted via virtual network.

Buying and selling products and services over the internet is e-commerce.

E-commerce refers to the process of buying or selling products or services over the Internet. ... E-commerce activities such as selling online can be directed at consumers or other businesses. Business to Consumer ( B2C ) involves the online sales of goods, services and provision of information directly to consumers.

Online shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser. ... When an online store is set up to enable businesses to buy from another businesses, the process is called business-to-business (B2B) online shopping.

Business to consumer (B2C) – Transactions happen between businesses and consumers. ... Online retail typically works on a B2C model. Retailers with online stores such as Walmart, Macy's, and IKEA are all examples of businesses that engage in B2C ecommerce.

E-commerce -- electronic commerce or EC -- is the buying and selling of goods and services over an electronic network, primarily the internet.

For electronic banking, we should ensure the existence and procedures with regard to identification of banking.

Electronic banking means 24-hour access to cash through an automated teller machine (ATM) or Direct Deposit of paychecks into checking or savings accounts. But electronic banking involves many different types of transactions, rights, responsibilities. 

Online banking, also known as internet banking, it is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution's website.

A bank identification number (BIN) is the initial four to six numbers that appear on a credit card. The bank identification number uniquely identifies the institution issuing the card. The BIN is key in the process of matching transactions to the issuer of the charge card.

Used for online transactions:-

1) Physical terminal transaction systems

2) Software terminal transaction systems:-

Transaction processing is a way of computing that divides work into individual, indivisible operations, called transactions. A transaction processing system (TPS) is a software system, or software/hardware combination, that supports transaction processing.

A payment terminal, also known as a point of sale terminal, credit card terminal, EFTPOS terminal is a device which interfaces with payment cards to make electronic funds transfers.

3) Virtual terminals or gateways:-

A virtual payment terminal is a Web-based version of a credit card swipe device that allows merchants to process orders made by mail, over the phone or online.

Virtual terminals facilitate payment for small businesses that might otherwise have difficulty accepting credit card payments.

Smart card is a plastic card that is similar to a credit card. It has a silicon chip embedded in it. It can store 64 kilobytes of data and instructions.

A smart card is a security token that has an embedded chip. Smart cards are typically the same size as a driver's license and can be made out of metal or plastic. They connect to a reader either by direct physical contact or through a short-range wireless connectivity standard such as Near Field Communication. It is an  integrated circuit card (ICC), is any pocket-sized card that has embedded integrated circuits.

To ensure that the data is not corrupted during the processing of e-commerce transactions, we should take care that invalid credit card numbers are not entered.

The number is not matching up with any valid accounts when we send it for processing. Make sure that: You have entered the number from the front of the card with no dashes or spaces. 

A payment gateway is a processing unit that approves online payments (debit cards, credit cards, e-wallets, net banking) for online purchases. The gateways protect highly sensitive details like account holder details, card details, and so on. The data is transferred securely between the two groups: merchant site and customer.

One of the approach used to tax online transactions.

1) Permanent establishment:-

A permanent establishment (PE) is a fixed place of business which generally gives rise to income or value-added tax liability in a particular jurisdiction.

2) Residence-based:-

Income or profits which result from international activities such as cross-border investment may be taxed where the income is earned (the source country), or where the person who receives it is normally based (the country of residence).

3) Income-based classification.

Digital token, credit card, small card are a way of electronic payment 

An e-payment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. It's also called an electronic payment system or online payment system.

The digital token based payment system is a new form of electronic payment system which is based on electronic tokens rather than e-cheque or e-cash. Electronic payment system is a way of paying for a goods or services electronically, instead of using cash or a check, in person or by mail.

A credit card is different from a debit card in that it does not remove money from the user's account after every transaction.