Electronic Commerce (e-commerce) is an emerging concept that describes the buying and selling of products, services and information via the computer networks including the internet. Required: a)...

Electronic Commerce (e-commerce) is an emerging concept that describes the buying and selling of products, services and information via the computer networks including the internet.

Required:
a) Brief explanation of the following concepts as relates to e-commerce:
i) Electronic market.
ii) Electronic purse.
iii) Cyber banking.
iv) Cyber mall.

1. Electronic market
This refers to a situation whereby buyers and sellers who have subscribed to a networked system trade through their terminals. A buyer is able to access the webs of his suppliers and make orders through the internet.

2. Electronic purse
This refers to a vital envelope used to wrap electronic cash when it is being sent to the bank. When a customer makes an online purchase, electronic cash software creates a =coin‘ in an amount specified by the user and sends it to the users bank wrapped in a virtual purse. The bank withdraws the amount specified from the user‘s account and deposits it to the seller‘s account.

3. Cyber banking
This refers to the use of electronic technology to facilitate banking transactions. For example the use of magnetic character readers (MCR) to accept and clear cheques. Also the use of automated teller machines.

4. Cyber mall
This refers to a collection of computer services offered by an external organisation in one roof. For example, services such as bureaus, internet access services, teleconferencing facilities etc.

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Wilfykil answered the question on March 1, 2019 at 08:57

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