What is an example of a transaction that can be made using electronic banking? (2024)

What is an example of a transaction that can be made using electronic banking?

For example, you may use your computer to request transfers between accounts and pay bills electronically. Debit Card Purchase or Payment Transactions let you make purchases or payments with a debit card, which also may be your ATM card. Transactions can take place in-person, online, or by phone.

What is electronic banking with example?

Electronic Banking is more commonly referred to as internet banking or simply netbanking. It is an electronic payment system supported by a website that offers an array of products and services of any bank that is possible to work electronically, like payments, transfers, deposits and more.

What are the three transactions you can do using electronic banking?

There are three key aspects of electronic banking: automated teller machines (ATMs), direct deposits and debit card purchases. Most people are familiar with ATMs as a method for withdrawing and depositing money quickly and easily. ATMs give you the flexibility to withdraw cash at almost any time.

Which of the following is an example of electronic banking?

Electronic banking includes features like electronic funds transfer (EFT) and mobile payments for retail purchases, automatic teller machines (ATMs), automatic paycheck deposits, and automated bill payment.

What is an example of an online banking transaction?

One of the transactions that customers can access online is depositing a check where the customer can receive a check payment and deposit it remotely. The payment of bills electronically also occurs in mobile banking, where a customer can add a biller that is bound to receive automatic payments.

What are the examples of electronic payment?

Common types of electronic payments include credit and debit cards, mobile payment apps such as Apple Pay and Google Pay, online banking transfers, cryptocurrency (Bitcoin, Litecoin etc.), digital wallets (PayPal), direct debits, and gift cards.

What are the different types of electronic banking?

The major types of E-banking are online internet banking, mobile banking, automated teller machine (ATM), and debit and credit cards. There's a good chance you've already heard about most of these. However, let's understand each and how they cater to different customer requirements.

What are the 3 main types of bank transactions?

The three main types of bank transactions are deposits, withdrawals, and transfers. Deposits put money into an account, withdrawals take money out, and transfers move money between accounts.

What is an example of a bank transaction?

​Types of Bank Transactions

A bank transaction is any money that moves in or out of your bank account. Types of bank transactions include cash withdrawals or deposits, checks, online payments, debit card charges, wire transfers and loan payments.

What are the three main transactions?

What is considered an electronic banking service?

Electronic banking, also known as electronic fund transfer (EFT), uses computer and electronic technology in place of checks and other paper transactions. EFTs are initiated through devices like cards or codes that let you, or those you authorize, access your account.

What is electronic banking devices?

Electronic banking services are a range of banking and other services or facilities that use electronic equipment and include: online banking. ATM and debit card services. phone banking. SMS banking.

What is electronic banking also known as answer?

Electronic banking, also known as National Electronic Funds Transfer (NEFT) Was this answer helpful?

What is considered online transaction?

Business transactions conducted through the internet are called online transactions. It is a payment method that aims to settle money transfers or funds settlements via electronic mode.

What are the examples of transaction information?

Examples of transactional data

Some examples include: Financial transactional data: insurance costs and claims data, or a purchase or sale; Deposits or withdrawals in case of banks. Logistical transactional data: shipping status, shipping partner data. Work-related transactional data: employee hours tracking.

What are the online transactions?

Online transaction is a payment method in which the transfer of fund or money happens online over electronic fund transfer. Online transaction process (OLTP) is secure and password protected. Three steps involved in the online transaction are Registration, Placing an order, and, Payment.

What are bank electronic payments?

An electronic payment refers to any financial transaction conducted electronically, where funds are transferred from one party to another using electronic means such as credit or debit cards, online payment systems, or mobile payments. Digital payments are usually broader in scope, including mobile and payment apps.

What is the most common type of electronic payment?

Card Payments: Credit and debit card payments are the most common type of electronic payments.

What is the difference between online and electronic banking?

The main difference between digital banking vs online banking is that digital banking is a broad term, referring to the new, digital advances we are moving towards in the space of banking. Online banking is more specific to using a bank's web-based services.

Is e-banking the same as electronic banking?

Electronic banking or E-banking is a broad category of accessing banking services via electronic means, whereas Internet banking is a part or type of electronic banking. It is also known as electronic funds transfer (EFT) and uses electronic means to transfer funds directly from one account to another.

Is electronic banking the same as digital banking?

Both aim to offer improved convenience, with online banking covering core banking needs over the internet and digital banking expanding this scope with a wider array of features. Keeping this in mind, it might be time to explore the conveniences of managing your finances from the comfort of your own devices.

What is the most common transaction type?

A credit card sale transaction, also known as a purchase transaction, is the most common type of transaction.

What are the 4 basic transactions?

Key Takeaways

The four types of financial transactions are purchases, sales, payments, and receipts.

What are two types of transactions?

Answer. There are two types of business transactions in accounting which are as follows: Cash Transactions and Credit Transactions. Internal Transactions and External Transactions.

Which of the following is a transaction type in banking?

Banking account transaction types:

ATM: Deposit or withdraw funds using an ATM. Charge: Record a purchase on a credit card or withdraw funds using a debit card. Check: Withdraw funds by writing a paper check.