In this high-tech world, the Internet
plays a significant role in boosting economic activities ranging from millions
of online transactions and communications. The online transactions and
communications are generally handled electronically by adopting Information
Technology in the workplace or at home. For example: e-commerce, e-mail and
e-government.
Witnessing the unprecedented
adoption of Information technology, around millions of people have started
using electronic devices like mobile phones, laptops and desktop computers, for
their transaction activities. Because of this, the online transactions are no
longer restricted to real world today and its impact on worldwide growth is
also rising rapidly.
Most people enjoy online transactions
for their various activities such as online shopping, online bill paying and
online banking. Nowadays, people spend much more in online per transaction than
in stores. The entire e-commerce market has increased over 400% in the last
five years.
Most companies have setup their own
e-commerce sites with numerous payment options for secure online shopping and
transaction. Their e-commerce sites facilitate shoppers with easy shopping and
also allow them to compare prices and products online. This attracts most of
the shoppers to prefer online shopping.
According to the
survey, there are around 137 million Internet users currently available in India, among which 25
million involved in online transactions. Is it also estimated that around 10
million people buy flight
tickets online and seven million people buy e-commerce
products. Hence, the e-commerce market has expected to reach 30 billion by
the year 2015.
On the other side, the world of online
banking is growing incredibly among the Internet users as they get freedom to
bank at their own convenience. Online banking enables users to manage their
financial life much easier and facilitate them to access banking information
from anywhere that they have access to the Internet.
Moreover, the online bill payment has
extremely grown to become the eminent method of bill payment for paying bills
such as electricity bills, telephone bills, Internet bills, Gas bills, credit
card bills and Insurance premiums. It has become very popular especially among
the Internet-connected households as it provides great comfort to them in
paying these bills.
As online bill payment provides a
secure payments environment, the adoption of Internet transactions is
increasing swiftly day by day. People have started managing their bills and
assets online to gain control of safety, time and finances.
Even banks are witnessing a tremendous
growth in online transactions as there is an increasing number of users log on
to the Internet to pay their utility bills. Online bill payments and transfer
of funds from one bank to another contributes a 100 percent growth in online
transactions every year. Every month, online
transactions are growing up by 10 to 12 percent according to the report given
by Billdesk, which facilitates online payments.
