Question

Justify the following statement.

Online transaction is done with the help of the internet.

Answer 1

1. An online transaction involves conducting buying and selling activities over the internet. When a customer chooses to purchase a product or service, the payment is made through an online platform.
2. To carry out an online purchase, registration is necessary. The buyer must first sign up on the website or with the online seller by completing a registration form.
3. Once registered, the customer can explore the online store, select products, and add the chosen items to a virtual shopping cart before placing the order.
4. To complete the purchase, the buyer needs to make a payment. This can be done through various methods such as cash on delivery, cheque, net banking, debit or credit card, or digital wallets. The seller ships the goods to the buyer's registered address once they receive the payment. Thus, the entire process of online transactions relies on internet connectivity.