Online Transaction | Information Technology for Class 10 PDF Download

We are using internet for many purposes like entertainment, shopping, education and so on. Whenever we are using such websites through internet we are doing online transactions quite often. This online transactions provides a facility of transfer money through the internet and avail the shopping facility.

There are various methods, protocols, security measures used to perform these all Online Transaction Process (OLTP). The following are few examples of online transactions:

• Withdraw money from ATM
• Bill payments using debit/credit cards
• NEFT/RTGS fund transfer
• Generating Challan
• Online DD Generation

Benefits of Online Transactions

Online transaction offers certain benefits to us. These are:

• Fast Transaction Speed: Online transactions are very fast compared to manual transaction. In manual transaction a person has to visit the bank and the bank official makes an entry in register then process it which time taking process.
• Convenience: Online transactions are more convenient than physical transaction as a person need to visit any bank or branch to do the transactions.
• Save time: Online transactions save our time to visit bank and stand there in queue and filling up forms and other formalities in the bank.
• Anytime-Anywhere: If you visit a bank you have to follow the bank schedules, but in online transactions you can do that anytime-anywhere.
• Low risk of theft: In online transactions process there is low risk of theft involved.

Online Shopping

Online shopping is a process of buying the required material from the e-commerce websites or apps like amazon, flipkart, snapdeal, etc. Customers can place the order using internet through mobile apps or websites and pay the money using one of the following methods:

• Debit/Credit Cards
• Net Banking
• Pay on Delivery
• UPI payments

Some websites offers the facility to pay the money in installments.

The online shopping offers following benefits:

• A customer doesn’t have the time to visit the market
• Sometimes you will get the item at a cheap rate compared to the market price
• Sometimes the product or services is not available in your local market, you will get it from online shipping easily
• Review of the product will help to make the decision to buy the product or not
• Sometimes lucrative offers give benefits with some discounts and others
• Very convenient service at our doorstep
• You can give your feedback for the improvement of product
• You can return the product if you are not satisfied
• You can cancel you order anytime

As you have used many websites, apps for the online transaction. Few of them are:

• Amazon
• Flipkart
• Redbus
• IRCTC
• Make My Trip

Practical activities:

• Open amazon.com and place an order
• Book your bus/rail/flight ticket by yourself whenever you will plan about travelling next time

Requirements for online transactions

There are some specific requirements are there for doing online transactions. They are:

• You need an active internet connection.
• You need app or website address.
• You need an account to do the transactions.
• You need debit/credit card or UPI account for payment