ISSUES RELATED TO MAKING ONLINE FINANCIAL TRANSACTION WITH AN EMPHASIS ON RURAL INDIA

Authors

  • Avninder Singh Cheema Assistant Professor Department of Computer Science SGGS College, Sector-26, Chandigarh

Keywords:

online transactions, online banking, paperless money, e-money, electronic fund transfer

Abstract

Online financial transactions basically refers to all the monetary exchange of currency which takes place virtually and are paperless with an added characteristic that the physical presence of beneficiary is not required. This makes transactions (financial) easy and time saving. Many banks and other financial institutions have already provided such facilities to their customers along with many educational institutes adopting the same practice to ease the financial transactions and provide flexibility for the parents and students as per their convenience to pay tuition fee and other charges. Currently, such financial transactions (e-money or electronic money) are done by tech savvy people mostly living in urban areas of the country. This pattern in urban areas is mainly due to theirfast urban life style, ease of carrying plastic money and online availability of daily need products and services for which financial transactions can be done online. But, this trend has no takers in the rural population. There are many reasons for such a major gap in rural and urban population when it comes to making online transactions. Some of these reasons are - illiteracy, no financial institutions (banks), unavailability ofdigital infrastructure and limited source of income. This paper will highlight the issues related to making online financial transactions by the population in rural areas and will also cover/suggest some of the areas which need boost, so that the rural population can also avail benefits from making online transactions.

References

Bank for International Settlement: Payment, clearing and settlement systems in the CPSS countries - Volume 1, September 2011

Department of Electronics and Information Technology, Government of India: http://deity.gov.in/content/national-e-governance-plan.

Department of Electronics and Information Technology, Government of India: http://www.digitalindia.gov.in/content/vision-and-vision-areas.

Deze Info: http://dazeinfo.com/2015/05/29/online-payment-india-accounted-14-total-transaction-amount-fy-2015-report/

Forbes India Online Magazine: http://forbesindia.com/article/special/google-india-aims-to-bring-20-million-smes-online-by-2017/40347/1

Times of India: http://timesofindia.indiatimes.com/tech/tech-news/Online-shoppers-in-India-to-cross-100-million-by-2016-Study/articleshow/45217773.cms

Your Story: http://yourstory.com/2015/02/internet-india-2018/

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Published

2015-11-30

Issue

Vol. 4 No. 12 (2015): NOVEMBER 2015

Section

Articles

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