Which type of transaction is online shopping?

13 Apr 2022 By PAYCEC

The first type of transaction is online shopping was IBM's online transaction processing (OLTP). It was developed in the 1960s, and allowed financial transactions to be processed in real-time.

Nowadays, to execute online payments, e-commerce shoppers must have access to the Internet, and they typically use a credit/debit card (Visa, MasterCard, Amex, JCB, and Discover) which is a type of transaction is online shopping. Some systems, on the other hand, enable users to register accounts and pay using several methods, such as:

  • Billing to mobile phones and landlines.
  • Bitcoin or other cryptocurrencies.
  • Cash on delivery (COD).
  • Cheque / Check.
  • Debit card.
  • Direct debit in some countries.
  • Electronic money of various types.
  • Gift cards
  • Invoice, especially popular in some markets/countries, such as Switzerland.
  • Postal money order.
  • Wire transfer / delivery on payment.

International credit cards are not accepted by all e-commerce stores. Some online shops demand that the buyer's billing and delivery addresses be in the same nation as the online shop's headquarters. Other online shops allow customers from all over the world to send gifts anywhere. The financial aspect of a transaction may be handled in real time (for example: informing the consumer that their credit card was declined before logging out), or may be done later as part of the fulfillment process.

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