Compare traditional and electronic payment system.
Answers
E-commerce is the process of exchanging goods and services in the form of digital mode where the payment to the goods and services happen in electronic form. The payments can be made in any form of digital modes such as Credit Card, Debit Card, Digital Wallets or Net Banking. E-Commerce is a form on the online shopping market where customers can buy goods and services easily from their home including a few discounts and the goods will be delivered at the doorstep. In this case, most of the time and money can be saved in spending for traveling and selecting the goods. In E-Commerce, the goods can be bought round the clock without any hassles during our free time.
Traditional Commerce is the process of exchanging goods and services in the form of money directly. Traditional Commerce began at the time of the barter system which was introduced in the early millions of years ago. The barter system defines the exchange of goods with other goods instead of money where money was not available during those days. This is where Traditional Commerce began and has been continuing till today in the form of exchanging money rather than with only goods. Traditional Commerce involves face to face and in person dealing with all the parties to perform the exchange of goods and services with predefined prices. Nowadays Traditional Commerce lost its popularity and got reduced due to the E-commerce introduction in the early 20th century where E-Commerce provides greater benefits in buying the goods and services easily.