A Critical Analysis of Electronic Transactions and its Intricacies

Globally, cashless society is growing as more individuals are migrating to the use of electronically based transactions. Electronic transaction, an agreement entered into or executed via electronic means and correspondence, can be undertaken on the Internet in the form of e-commerce, mobile banking, and point of sale (PoS) using personal automatic teller machine (ATM) card details. With the spread of mobile communication, electronic transactions forms the bedrock of this contemporary connected generation as it is making transaction of businesses faster, more convenient and cheaper. This paper examines the intricacies surrounding the use of electronic platforms against the usual conventional physical paper way of undertaking business transactions. The methodology undertaken include the use of research questionnaires administered on forty (40) respondents with the results summarized in 3-D clustered column bar charts. The findings have shown that e-transacting ability of efficiently handling huge transactions at minimal time frame makes it to be todays preferred choice for business transacting worldwide.