E-commerce is the application of information technology to support business processes and the exchange of goods and services. E-cash came into being when people began to think that if we can store, forward and manipulate information, why can't we do the same with money. Both blanks and post offices centralise distribution, information and credibility. E-money makes it possible to decentralise these functions.
Electronic data interchange, which is the subset of e-com, is a set of data definitions that permits business forms to be exchanged electronically. The different payment schemes E-cash, Net-cash and PayMe system and also smart card technology is also. The foundation of all requirements for commerce over the world wide web is secured system of payment so various security measures are adopted over the Internet.
E-commerce represents a market worth potentiality hundreds of billions of dollars in just a few years to come. So it provides enormous opportunities for business. It is expected that in near future, electronic transaction will be as popular, if not more that the credit card purchases today.
Business is about information. It is about the right people having the right information at the right time. Exchanging the information efficiently and accurately will determine the success of the business.
There are three phases of implementation of E-Commerce.
" Replace manual and paper-based operations with electronic alternatives
" Rethink and simplify the information flows
" Use the information flows in new and dynamic ways
Simply replacing the existing paper-based system will reap new benefits. It may reduce administrative costs and improve the level of accuracy in exchanging data, but it does not address doing business efficiently. E-Commerce application can help to reshape the ways to do business