E TRANSACTION Meaning and
Definition
-
An e-transaction, also known as an electronic transaction, refers to any monetary exchange or business transaction conducted online or through electronic means. It involves the buying, selling, or obtaining of products, services, or information using the internet or other electronic platforms.
E-transactions encompass a broad range of activities that take place over the internet, such as online shopping, electronic bill payments, online banking, and electronic fund transfers. It allows individuals, businesses, and organizations to engage in commercial activities efficiently and securely, without the need for physical presence or traditional paperwork. E-transactions usually involve the use of electronic devices, such as computers, smartphones, or tablets, and rely on digital networks to facilitate the exchange of information and funds.
Security and privacy are crucial elements in e-transactions to protect sensitive information and prevent fraudulent activities. Encryption and authentication measures are commonly used to safeguard financial data during these transactions.
E-transactions have become increasingly popular due to their convenience, efficiency, and accessibility. They have transformed the way people and businesses conduct commerce by simplifying the process, enabling global transactions, and facilitating real-time payments. The growth of e-commerce and the rise of digital currencies, such as Bitcoin, have further propelled the prevalence and importance of e-transactions in the modern world of commerce.
Etymology of E TRANSACTION
The term "e transactions" is a combination of two words: "e" which stands for electronic, and "transactions" which refers to the exchange or transfer of goods, services, or information between individuals, organizations, or systems. The etymology can be broken down as follows:
1. Electronic: The word "electronic" originated from the Greek word "ēlektron" meaning amber, which was known for its ability to generate static electricity when rubbed. In the late 19th century, the term "electronic" emerged to describe the field of science and technology related to the control of electrons and their behavior in devices such as vacuum tubes. Over time, it came to encompass various electronic technologies and methods, including those related to transactions.
2. Transactions: The word "transaction" has Latin roots and comes from the verb "transigere", which means "to drive through" or "to settle".
