Describe the process of online transactions.

Process of Online Transactions:- 

• An online transaction refers to the exchange of goods, services, or financial transfers conducted over the internet.

• It ensures secure, quick, and convenient digital payments.

• The process typically involves the following steps:

1. Selecting Products or Services

   • The customer visits an e-commerce website or app and chooses items to purchase.

   • The selected items are added to a virtual shopping cart.

2. Proceeding to Checkout

   • The customer reviews the selected products and their prices.

   • Shipping and billing details are entered.

   3. Choosing a Payment Method

   • Various payment options are available, including:

     • Credit/Debit Cards

     • Net Banking

     • Digital Wallets (e.g., PayPal, Google Pay)

     • UPI (Unified Payments Interface)

     • Cryptocurrency (in some cases)

   4. Payment Authentication

   • The payment gateway securely processes the transaction.

   • Additional authentication (such as OTP verification or biometric confirmation) ensures security.

   5. Transaction Processing

   • The payment is verified by the bank or payment processor.

   • The transaction is either approved (if valid) or declined (if funds are insufficient or details are incorrect).

   6. Order Confirmation

   • If the payment is successful, the seller confirms the order and sends a receipt via email or SMS.

   • The order is processed for delivery or digital access.

   7. Delivery of Goods or Services

   • For physical products: The seller ships the order to the customer’s address.

   • For digital goods/services: Access is granted immediately (e.g., e-tickets, subscriptions).