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FREE online courses on ECOMMERCE FUNDAMENTALS - Electronic Payment Systems
- Electronic credit |
The third and final digital economy scheme is using credit
cards for e-commerce. In electronic credit, conversational credit cards may be
used along with a PIN. The PIN is a secret code that
the consumer must enter while using the credit card on-line. It prevents misuse of the credit card in
case it is stolen.
Electronic credit uses four essential components:
1.
A consumer with a Web browser.
2.
A merchant server that provides the home page. Specifically,
the merchant
server handles the credit card
transactions.
3.
A merchant's bank that handles the credit card transactions
for the merchant.
4. A card-issuing institution that
has issued a credit card to the consumer.
