BANKING AFFAIRS

Detailed explanation-1: -Internet banking, also known as online banking, e-banking or virtual banking, is an electronic payment system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institution’s website.

Detailed explanation-2: -Electronic banking or E-banking is a broad category of accessing banking services via electronic means, whereas Internet banking is a part or type of electronic banking. It is also known as electronic funds transfer (EFT) and uses electronic means to transfer funds directly from one account to another.

Detailed explanation-3: -Examples of popular virtual banks include Mercury Bank, Starling Bank, and N26-all of which provide their business and personal customers with virtual bank accounts.

Detailed explanation-4: -The major types of E-banking are online internet banking, mobile banking, automated teller machine (ATM), and debit and credit cards.

Detailed explanation-5: -All transactions in a virtual bank are handled entirely online, whereas “online banking” is an Internet-based option offered by regular banks. See mobile check deposit and online banking.