What is transaction in E-Commerce system? How online transactions work? What is Electronic Cash and Electronic...

What is transaction in E-Commerce system? How online transactions work? What is Electronic Cash and Electronic Wallets? How many online payment methods working in Pakistan and which one is better? Why Bitcoin is not allowed in Pakistan?

Expert Solution

A transaction in e commerce system means that sale or purchase of goods and services in between household , businesses , individual , private or public organisation

How online transactions work?

Online transaction works as on merchant website customer plays the order after that paymemt gateway gathers securely and then the transaction data is scored which is then forwarded to the financial institutions after that credit card transfers the encrypted information for the bank's approval. After the approval from the bank , the transaction is backtrackerd then the merchant informs whether the transaction is completed or not

Electronic cash - electronic cash is digital money which provides a digital way to pay for products as well as services without restoring the coin or paper currency.

Electronic wallets - it is an online service , or electronic device which allows the party to make online electronic transaction with other party for goods and services.

There 10 payment in pakistan-

Wire transfer
Bank transfer
Money gram
Paypak
U paisa
Jazz cash
Demand draft
Easy paisa
Goloot
Western union

Bank transfer is the best transfer used in pakitsan as it is widely used method .it is the safest way for online transaction. User need to just fill the form in bank and then it need to deposit the cash in their respective banks

Rahul Sunny answered 2 years ago

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