Question

Write short answers for the following questions:

What is net-banking transfer?

Answer 1

Net banking can be defined as the facility of transferring funds electronically. It is a mode of online payment that enables direct transfer of funds from one bank account to another. Using this facility, a user can make an electronic payment to the bank account of the online vendor through the internet. In the whole process, the buyer first transfers the whole amount to the seller’s account through internet and later, it is only after the seller receives the agreed amount, he delivers the goods to the buyer.