Advantages And Disadvantages Of E Banking

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2.4 Advantage and Disadvantage of E-Banking:-
The electronic banking has various advantages than the traditional banking system which is simple and convenient for the users. The advantages are- (i) Electronic banking is easy to open and operate by general people. (ii) One can easily pay their bills and transfer their money without any problem. Because of this people don’t have to stand in long queue and keep their receipt safely as transactions are viewed by the person at anytime. (iii) The electronic banking is available at anytime because it is open 24 hrs. People can access their account from anywhere and the night time and holidays also. (iv) The e-banking is fast and efficient and people
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In this system security parameters were embedded to ensure that credit card numbers are replaced with other numbers termed First Virtual Personal Identification Number. A person’s account was not charged till e-mail verification was obtained from the person confirming the purchase.
Cyber Cash:- Cyber cash is a payment method that makes use of encryption technology in transferring credit card information. It uses unique programmes called as a “cyber cash wallet software programme.” A customer would register with cyber cash and be allotted a wallet ID and a password connected with one credit card. E-merchant sets up an account with the bank that accept a payment transaction using cyber cash and the bank approves or denies a transaction in an encrypted from the merchant.
Digi Cash:- The Digi Cash system is generally used for micro payments. Digi cash provides for safe account system to avoid misuse of sensitive data of customer when they make payments online. This system is no more being used.
Mondex:- Mondex initially applied to the offline world and slowly shifted its base to online transactions. It is a chip card based system that applies to card transfers of money and invalidates spoofing request to transfer money. This system is similar to the e-cash system wherein funds are stored in the
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