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Credit vs. Debit Cards - E-Payment System, E-Commerce Video Lecture | E-Commerce - B Com

100 videos|55 docs|19 tests

FAQs on Credit vs. Debit Cards - E-Payment System, E-Commerce Video Lecture - E-Commerce - B Com

1. What is the difference between credit and debit cards?
Ans. Credit cards allow users to borrow money up to a certain credit limit, which needs to be repaid later with interest. Debit cards, on the other hand, deduct funds directly from the user's bank account for each transaction, requiring no repayment or interest charges.
2. How do e-payment systems work?
Ans. E-payment systems facilitate online transactions by allowing users to make payments electronically. When a customer makes a purchase, their payment information is securely transmitted to the e-payment system, which verifies the transaction and transfers funds from the customer's account to the merchant's account.
3. What are the advantages of using credit cards for e-commerce?
Ans. Credit cards offer several advantages for e-commerce transactions. They provide consumer protection, as users can dispute charges if they receive faulty or fraudulent goods. Credit cards also offer rewards and cashback programs, which can be beneficial for frequent online shoppers.
4. Are debit cards safer than credit cards for online shopping?
Ans. Debit cards and credit cards have different levels of security for online shopping. While both types of cards can be used safely, credit cards may offer more protection against unauthorized transactions. If a credit card is compromised, the user is not liable for fraudulent charges beyond a certain limit, whereas a compromised debit card may result in immediate loss of funds from the user's bank account.
5. Can e-payment systems be used for international online purchases?
Ans. Yes, e-payment systems can be used for international online purchases. Many e-commerce platforms and payment gateways support international transactions, allowing customers to make purchases from sellers located in different countries. However, it is important to check if the e-payment system and the merchant support international transactions and if there are any associated fees or currency conversion charges.
100 videos|55 docs|19 tests
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