Commerce refers to all the activities surrounding the purchase or sale of goods or services. As we step into the next century, the Internet promises to bring unpredictable change in the society. Spanning the entire globe, crossing all boundaries, the net has redefined the methods of communication work, study, education, interaction, Entertainment, Health, Trade and commerce. There are some activities in commerce such as marketing, sales, payment, fulfillment, customer service etc.
Electronic commerce is the application of communication and information sharing technologies among trading partners to the aim of business objectives. Electronic Commerce is associated with the buying and selling of information, products and services via computer networks.
Electronic Commerce is a new way of conducting managing and executing business transactions using computer and telecommunication networks. Electronic Commerce refers to the paperless exchange of business information using EDI (Electronic Data Interchange), Electronic Mail, EFT (Electronic Funds Transfer) and other networks based technologies. Electronic Commerce applications started in the early 1970s, with such innovations as EFT.
Objectives Of The Study:
Purpose of the study is to diagnose the state of efficiency in itself and trace out the factors responsible for lower or higher efficiency in discharging various operation and activities of analysis in Electronic Money security.
1. To review rational and motives underlying term lending agencies in the present day complex mechanism of Electronic Money.
2. To analyze the institutional and organizational constraints hampering efficiency, efficiency and effectiveness of Electronic Money.
3. To assess their quality performance through structural analysis.
4. To examine the impact of new business policies and liberalization on these Electronic Money.
5. To study and analyze the security of Electronic Money transaction.
6. To suggest possible remedies for these institutions to halt their present declining trends.
7. To suggest the techniques for lending to higher growth of Electronic Money security.
Advantages Of Electronic Money:
Digital cash will allow for the immediate transfer of funds from an individual’s personal account to a businesses account, without any actual paper transfer of money. This offers a great convenience to many people and businesses alike.
Banks can offer many services whereby a customer can transfer funds, purchase stocks, and offer a variety of other services without having to handle the physical cash or cheques. Customers do not have to wait in lines, and this provides a lower hassle environment.
Disadvantages Of Electronic Money :
Although there are many benefits to digital cash, there are also many significant disadvantages. These include fraud, failure of technology, possible tracking of individuals and the loss of human interaction. It is very common that almost all systems have drawbacks. However, the question that needs to be asked is whether the advantages of using the system overpass the disadvantages.
Fraud over digital cash has been a pressing issue in recent years. Hacking into bank accounts and the illegal retrieval of banking records has led to a widespread invasion of privacy, and has promoted identity theft.
There is also a pressing issue in regards to the technology involved in digital cash. Power failures, loss of records, undependable software often cause a major setback in promoting the technology.