Question

1. What is online transaction ? What is other name?
long answer ​

Answer 1

Answer:

Online transaction is a payment method in which the transfer of fund or money happens online over electronic fund transfer. It is also known as a PIN-debit transaction. Online transaction process is secure and password protected. Three steps involved in the online transaction are Registration, Placing an order, and, Payment.

Answer 2

Answer:

When you pay for goods or services with your debit card, you have an option for the payment to be processed in two different ways: as an offline transaction via a credit card processing network, or as an online transaction via an EFT system, requiring a personal identification number (PIN) to complete the process.

When processed as an online transaction, the exchange of funds is completed using an EFT network, such as Star, Pulse or Interlink, depending on which EFT system your bank is associated with as a member bank. The cost of the transaction typically amounts to an interchange fee of 1% of the total purchase price, which is charged to the vendor/merchant.