The Impact Of Internet On Its Day Today Happenings

Electronic Commerce in short known as E-commerce. E-commerce is the business or commercial transaction which transforms information in internet. E-commerce which is buying or selling any products or services in Online using internet. It is Electronic mediator between the customer and the organization. The main aim of E-commerce is to provide secure transactions for the customer

The risks of handling cash are high compared to electronic money including toll fares. The introduction of electronic payment system has created an opportunity for the other payment system to be begun. It may be difficult for cash to be as payment method to complete with new emerging payment system (Taylor, 2006).

Electronic cash is a term becoming more acceptable as the world makes a shift towards a cashless society. Since the 1960’s governments and financial institutions have made steady but slow steps towards the goal of a society without cash. The cashless society is being sold as a more convenient method of payment, and a method of preventing crimes all the way from the robbery of cash from an individual to the extent of money laundering among crime syndicates.

Trade generally involves the exchange of goods and services for corresponding abstract value like money. [1] Money is been used as an abstract way to represent value and a system for making payments. Development brought about new abstract ways to represent value, [2] this progressive trend started from the barter through bank notes, payment order, cheques and later on credit cards which climaxed to the electronic payment system. A payment system is one used for the transfer of money. The emergence of computers and information systems brought about other alternate electronic payment systems such as debit cards, credit cards, Internet banking and e-commerce payments.

Electronic money, or e-money, is the money balance recorded electronically on a stored-value card. These cards have microprocessors embedded which can be loaded with a monetary value. Another form of electronic money is network money, software that allows the transfer of value on computer networks, particularly the internet. Electronic money is a floating claim on a private bank or other financial institution that is not linked to any particular account.[1] Examples of electronic money are bank deposits, electronic funds transfer, direct deposit, payment processors, and digital currencies.Electronic money can either be centralized, where there is a central point of control over the money supply, or decentralized, where the control over the

E-business is electronic business, which is handling business on the internet. The same aspects apply - buying and selling, servicing customers, payment processing, management, etc.

The idea for paying for goods and services electronically is not a new one. The search for more efficient ways of doing business is now driving another revolution in the conduct of business and in our concept of money. This revolution is known as electronic commerce, which is the symbiotic integration of communications, data management, and security capabilities to allow business applications within different organizations to automatically exchange information related to the sale of goods and services. With the advent of the electronic age the concept of value was transferred to plastic cards with a magnetic stripe which securely carried personal account information. These cards are

Payments system all over the world has experienced a period of dramatic change. Consumers, businesses, and government are moving away from paper checks and towards electronic forms of payment. Technological advances and competitive forces are fundamentally altering the payments landscape, with important implications for efficiency, safety, and access.

(Snellman, Vesala, & Humphrey, 2001) Defines e-payments as any payment service that makes use of information and communications technologies including Integrated Circuit (IC) cards, cryptography and telecommunications. However, in this study, e-payment refers to all electronic transactions as payment for goods and services. An electronic payment transaction is an execution of a protocol by which amount of money is taken from a payer and given to a payee (Akhilesh, Abhishek, Suresh,

Electronic cheques are electronic copies of a regular cheque. You are only able to pay with an electronic cheque by sending an e-mail of it to pay for the item you want. Electronic cheques are not the most common method of payment for customers as they are often sent to businesses and companies although they are able to be sent from person to person through a site such as eBay. Electronic cheques are also signed off digitally by the person/business receiving the cheque to confirm the receiving of the cheque.

Payments system all over the world has experienced a period of dramatic change. Consumers, businesses, and government are moving away from paper checks and towards electronic forms of payment. Technological advances and competitive forces are fundamentally altering the payments landscape, with important implications for efficiency, safety, and access.

1. A merchant can require consumers to use a secure method of purchase. Security is determined by the consumer. One secure method is digital wallet or e-wallet. This method stores e-cash and other sensitive information which is protected by a password or digital certificate. Also know as digital cash, it is an option to transfer money between accounts (savings and checking) into an online cash account used for purchases. Consumers remain anonymous and it is similar to using real cash. Protection is through public-key encryption. Companies such as Neteller provide the service for free instant transfers to merchants, cash withdrawals and secure online shopping, and money transfers.

Manzoor and Amir defined E-commerce as the buying and selling of goods and services via electronic means such as the internet. The e-commerce is generally efficient due to its availability throughout where the buyers meet the sellers online. Some services rendered to customers via e-commerce service include: automated data collection systems, mobile commerce, supply chain management, electronic data interchange, online transaction processing, electronic funds transfer, internet marketing. This service is more dependent on the Worldwide Web for its transactions apart from the technologies like the social media, mobile devices telephones and e-mails. E-commerce generally called electronic commerce is an aspect of e-business which encompasses the exchange of data to enhance payment and financing transactions related to business activities. (378)

E payment is a subset of an e-trade exchange to incorporate electronic installment for purchasing and offering products or administrations offered through the Internet. For the most part we consider electronic installments as alluding to online exchanges on the web, there are really numerous types of electronic installments. As innovation building up, the scope of gadgets and procedures to execute electronically keeps on expanding while the rate of money and check exchanges keeps on diminishing. In the US, for instance, checks have declined from 85% of non-trade installments in for cold hard currency 1979 to 59% in 2002, and electronic installments have developed to 41%.

Electronic Clearing Service is a retail payment system that can be used to make bulk payments/receipts of a similar nature especially where each individual payment is of a repetitive nature and of relatively smaller amount. This facility is meant for companies and government departments to make/receive large volumes of payments rather than for funds transfers by individuals.