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Token System for Online Transaction

Token-System-for-Online-Transaction

First, we need to dig about online transaction facility. An online transaction is a process to transfer money or funds from the one bank account to another bank account. Both bank accounts can belong to different banking industries or maybe belongs to the same banking company, it depends upon the user’s requirements or situations.

An online money transaction saves our tremendous time as we do not need to go out for a bank office to transfer money from one bank to another bank account. We also need not to fill the formality form or other such papers to make the work progress. The previous method also takes 3 to 4 days to complete the process which kills a lot of our time. A special thanks to bank revolution industries and the growing science which introduced an online transaction facility to the world.

It is one of the best compliment for the scientific invention which takes banking industries to the beyond level. All the processes are done very quickly via online transaction facility and all the processes are done on an e-commerce website or an e-commerce application. All the small scale industry to large scale industry uses online transaction facility to deliver flawless and fast services. At the present generation, each and every web-based desktop or mobile application are completely availing online processing systems for their customers.

Let’s have a look at the advantages of Online transaction processing systems:

  • It is one of the best and easiest solution for online shoppers.
  • The credit card and it’s information are also confidential, secured and well-handled by these systems.
  • These modules have excellent response times and are the most efficient.
  • Customers just need to put their information into the form and the rest of the process will be taken care of by the database servers, websites and web-based application.
  • Customers can buy items which are provided by the seller at the sitting at their home.
  • Users of the website or an e-commerce application can purchase a different type of products under one roof.
  • You don’t need to worry about the payment, you just need to sit back and the transaction will be handled by the system.

There are some disadvantages of Online transaction processing systems:

  • The cost of the process imposes on the buyers and sellers as well automatically by the system.
  • There are some circumstances can occur while doing online transaction. Example: in the case of hardware while processing the online transaction via the system, the visitor of the website can be caught in trouble and all the online transaction can be affected.

So, concerning these circumstances, the banking industries introduced a tokenization system for doing online transaction. The vital role of tokenization is that it helps to process the confidential information and contains a unique set of characters which hide the actual information of the main data. It securely travels data and information from one end to another end after the process it retains all the essential information to the end user without compromising the security of the sensitive information.