Page 140 - Viva ICSE Computer Studies 6 : E-book

Smart Card

Smart card is typically made of plastic and consists of an
embedded integrated circuits. It is of two types: debit card or
credit card. Online transactions can be performed using a smart
card as the cash from the user’s bank account is transferred
into it. It can also be used to store user information but the
information is in the encrypted form for the safety purpose. Smart cards are now in use in many
industries including retail, transit systems and security services.

Electronic Wallet

An electronic wallet or e-wallet is also called digital wallet. It is
a type of electronic card which is used for online transactions
done through a computer or a smartphone. An e-wallet needs
to be linked with the user’s bank account to make payments. It
serves as a pre-paid account in which a user can store his/her
money for any future online transaction. It is protected with
a password. With the help of an e-wallet, one can make payments for services like groceries,
online purchases and fl ight tickets. Some applications that provide electronic wallets are
Paytm and MobiKwik. E-wallet has two components: software and information. The software
component stores personal information, and provides security and encryption of the data. The
information component includes information provided by the user that includes details like
name, shipping address, payment method, amount to be paid, and credit or debit card details.

Digital Middleman

Digital middleman refers to a company that collect the
information from the companies that provide similar kind
of products and services. It then presents the collected
information into their own websites. A middleman facilitates
interaction between parties, basically for a commission or fee.
For example, Amazon is a digital middleman in retail sector.

Payment Service Provider
Payment service provider connects merchants to the
electronic fi nancial system so they can accept credit and
debit card payments. It actually provides a secure portal for
the transfer of money. Some examples of popular service
providers are PayPal and Secure Pay.

Electronic Banking

Electronic banking or e-banking is also called online banking. It allows the customers to conduct
fi nancial transactions on a secure website. Using e-banking, any enquiry or transaction can be

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