UNIT – 3

CREDIT CARD
A credit card is a payment card that allows cardholders to make online and in-store purchases on credit. Credit
cards are issued by financial institutions based on card applicants’ credit history and other factors. Cardholders
can use credit cards to make purchases up to a certain limit. The card limit is capped by the card issuer based
on the cardholder’s credit history, income and other factors.

HOW DOES A CREDIT CARD WORK?

Eligible cardholders can apply for a credit card from a financial institution. The card issuer would then review
your credit history, income and other factors to determine whether you are eligible for a credit card and what
your credit limit will be. Once your application is approved, the issuer will offer you a credit limit. 

You cannot make transactions beyond this credit limit, however, you can request your card issuer to increase
the limit in case you’re not satisfied with the existing one. Now coming to using a credit card to make
purchases, bear in mind that for every transaction made you are essentially borrowing money from the credit
card issuer. The issuer pays the merchant on your behalf and you receive a bill for the amount you owe. You
can check your credit card bill via net banking. Note that the card issuer will charge you interest if you don’t pay
off the outstanding balance.

Credit cards can be subdivided into categories based on their type like cashback credit cards, reward credit
cards, fuel credit cards, travel credit cards, etc.

 WHAT ARE THE DIFFERENT TYPES OF CREDIT CARDS?

There are different types of credit cards that you can apply for at a financial institution. These are:

 Rewards credit cards

 Travel credit cards
 Cashback credit cards
 Balance transfer credit cards
 Business credit cards
 Student credit cards
 Secured credit cards
 Store credit cards 
  Co-branded credit cards
 0% intro APR credit cards and low-interest credit cards
 Fuel credit cards
 Contactless credit cards
 Entertainment credit cards
 Gold credit cards
 Lifetime-free credit cards
 Gold credit cards
 Silver credit cards
 Classic credit cards
 Lifestyle credit cards
 Platinum credit cards
 Titanium credit cards
 Government-backed credit cards

FEATURES OF A CREDIT CARD

1. Credit Limit - Every credit card has a fixed credit limit which the card issuer determines. The cardholder
can spend only up to the credit limit of the card. Moreover, there are two types of credit limits: one is
normal, and the second one is revolving.

2. Cash Alternative - It is not always feasible to carry cash everywhere. Moreover, if you are travelling
abroad and do not have that country’s currency in your hand, a credit card will come in handy. Also,
ATMs may not be available everywhere, so credit cards have become a great cash alternative. 

3. Keeps Records of all Transactions - Credit card issuing institutions like banks and NBFCs keep records of
all the cardholder’s transactions. This ensures proper billing, and users can also keep track of their
expenses.

4. Cashback, Rewards and Other Offers - Credit cards, based on their types, come with offers and
discounts. Based on the type of card, you can earn reward points, cashback, joining bonus, discounts,
etc.

5. Fees and Charges - Credit cards come with a slew of fees and charges including joining fees, annual
maintenance charge, cash advance fee, over-limit fee, late payment charges, etc.

6. Higher Interest on Cash Withdrawals - Credit card cash withdrawals call for higher interest rates. In fact,
the interest rate charged could be higher than that of personal loan interest rates.

CREDIT CARD ELIGIBILITY

 Age: 18 – 70 years
 Nationality: Indian resident and NRI
 Income: Minimum income of ₹1 lakh (student credit cards and Government-backed cards don’t come
with any minimum income requirement)
 Credit Score: 600+

DOCUMENTS REQUIRED TO GET A CREDIT CARD

Here’s a list of documents you might need while applying for a credit card:
 Identity Proof – PAN or aadhaar
  Address Proof – Driving licence, utility bills, voter ID, etc.
 Pay Slips – Latest salary slips for salaried
 Bank Statement – Last 6 months’ bank statements for self-employed

However, certain customers are pre-approved for credit cards based on their business relationship with the
card issuer. For pre-approved credit cards, you don’t need to furnish any documents.

FEES AND CHARGES OF A CREDIT CARD

Credit cards come with various charges and fees. As a user or potential user, you should be aware of all these
charges. The various charges are:

 Annual maintenance charge

 GST
 Over-limit fee
 Late payment charges
 Interest rate (APR)
 Cash advance fee
 Foreign Currency Mark-up Fee

HOW TO BUILD CREDIT HISTORY WITH CREDIT CARD?

Building credit history with a credit card can be a great way to establish your creditworthiness and improve
your credit score. Here are some tips on how to do it:

1. Apply for a Credit Card: The first step is to apply for a credit card. If you have no credit history, you may need
to start with a secured credit card, which requires a cash deposit that serves as collateral for your credit limit.

2. Use your Credit Card Responsibly: Once you have a credit card, it’s important to use it responsibly. Make
small purchases that you can afford to pay off each month, and always pay your bill on time. Late payments can
hurt your credit score and result in late fees and interest charges.

3. Keep your Credit Utilisation Ratio Low: Your credit utilisation is the amount of credit you’re using compared
to your credit limit. Keeping your credit utilisation low can help improve your credit score. It is generally
recommended to keep your balance below 30% of your credit limit.

4. Monitor your Credit Score: Monitor your credit score to understand how your credit habits are affecting
your score. Make adjustments to your financial habits accordingly.

HOW DOES CREDIT CARD INTEREST WORK?

Credit card interest is the amount of money that you owe on your outstanding balance, calculated as a
percentage of your balance. Here’s how credit card interest works:

1. Interest Rate: When you open a credit card account, you’ll be assigned an interest rate, also known as
an APR (Annual Percentage Rate). This is the rate at which interest is charged on your balance.

2. Calculation of Interest: Credit card interest is calculated based on the average daily balance of your
account over a billing cycle. To calculate the average daily balance, the issuer will add up your balance at
the end of each day and divide it by the number of days in the billing cycle.
 3. Compounding Interest: Credit card interest is typically compounded daily, which means that interest is
added to your balance each day. This can cause your balance to grow quickly if you carry a balance from
month to month.

4. Minimum Payment: Each month, you’ll receive a credit card bill that includes a minimum payment. If
you don’t pay off your balance in full by the due date, you’ll be charged interest on the remaining
balance. If you only make the minimum payment, it will take longer to pay off your balance and you’ll
pay more in interest charges over time.

BENEFITS OF A CREDIT CARD

Major advantages of using a credit card include:

1. Easy access to credit: One of the major reasons to own a credit card is to get easy access to credit.
These cards work on a deferred payment basis, which means the user uses the money during the
purchase and then pays it back later. Also, it is not linked to your bank account, so money does not go
out from one’s account each time one swipes. 

2. EMI facility: If you want to purchase something expensive today, like a refrigerator or smart television,
credit cards will be extremely beneficial. You purchase the item immediately with the credit card and
then pay back in instalments. This way, you will not make any dent in your savings. 

3. Building credit score: Having a good credit score is essential, especially if you want to take a loan from a
bank. When you use your credit card for purchases and then repay the money spent, your credit score
increases, it shows that you pay back debts on time and have the income to pay them back.

4. Record of expenses: Keeping track of expenses is a major feature and benefit of owning a credit card. A
credit card issuer keeps track of all the transactions you made using the card. This way, they can prepare
the repayment bill before the due date. Moreover, it will also give you an idea of where and when you
had spent the money. 

5. Purchase protection: If you are afraid of online transactions, use a credit card instead of a debit card. If
you use a credit card and something goes wrong, like stolen or damaged goods sent to you, you claim
the damages faster. Further, if you find the purchase website fraudulent, you can ask them to ask the
bank to cancel or block the transaction immediately. 

6. Incentives and Offers: Financial institutions design these credit cards to offer maximum benefits and
incentives to their clients. These come in the form of redeemable reward points and gift vouchers or
memberships to premium facilities. 

7. Flexible credit: Credit cards are accompanied with an interest-free period. During this period, the
cardholder is charged with any interest. This period ranges from 45-60 days, and cardholders can opt for
a short-term credit if they have paid their balance on time. 

DISADVANTAGES OF A CREDIT CARD

Now that we know about the advantages of credit cards, let us learn about their disadvantages. 

1. Easy to overuse: The biggest con of using a credit card is that one can overuse it easily. Since you don’t
have to pay the charges immediately and see no instant effect on your savings, you might use the card
on unnecessary things. This will most definitely lead you to incur a debt. 
 2. High-interest rate: If a cardholder fails to pay the dues on time, the bank will carry the amount to the
next month, which will charge an interest rate. Moreover, credit card interest rates tend to be high.
They start from 3% and can go up to 36% per annum. 

3. Hidden cost: Credit cards have many hidden charges like joining, annual, processing, late payment, etc.
Therefore, you need to know all the charges before applying for a credit card. 

4. Minimum due trap: When credit cardholders receive the bill, they see a minimum due statement. Most
people think that it is the amount they have to pay back to the bank. However, it is the least amount
they are expecting you to pay back. Therefore, if one wants to keep on receiving credit facilities, they
need to pay more than the minimum due. 

5. Credit card fraud: In today’s era, many people have fallen prey to credit card fraud. People can easily
clone the information on one’s credit card while the cardholder makes an online transaction. 

DEBIT CARD

HOW DOES A DEBIT CARD WORK?

ADVANTAGES OF A DEBIT CARD

 Easy to obtain. Once you open an account most institutions will issue you a debit card upon request.

 Convenience. Purchases can be made using a contactless or chip-enabled terminal or by swiping the

card rather than filling out a paper check.

 Safety. You don't have to carry cash or a checkbook.

 Readily accepted. When out of town (or out of the country), debit cards are usually widely accepted (to
not have an interruption in service, make sure to tell your financial institution you’re leaving your city).
DISADVANTAGES OF A DEBIT CARD
 No grace period. Unlike a credit card, a debit card uses funds directly from your checking account. A
credit card allows you to borrow funds on credit, leaving disposable cash in your account.

 Check book balancing. Balancing your account may be difficult unless you record every debit card
transaction.

 Potential fraud. Most financial institutions will try and protect their customer from debit card fraud.
However, a customer could potentially be liable for a portion of fraudulent debit card transactions. Be
sure to check with your financial institution to learn the details.

 Fees. Using your debit card for ATM transactions may be costly if the ATM is not affiliated with your
institution

DIFFERENCE BETWEEN DEBIT CARDS & CREDIT CARDS

CHARGE CARDS

A charge card is a type of credit card that enables the cardholder to make purchases which are paid for by the
card issuer, to whom the cardholder becomes indebted.
A charge card is a payment card typically used by businesses, or sometimes by high earning individuals. It is
similar to a credit card in that you can use them to make purchases without any money being immediately
debited from the business bank account. To get a business charge card, you must complete a credit
application to ensure the business is reliable, and there’s generally a minimum income amount that a business
must report to obtain a charge card.

PROS AND CONS OF CHARGE CARDS

PROS OF CHARGE CARDS
•  Because they have to be paid in full each month, charge cards can help avoid a credit card debt spiral.
•  Charge cards have no preset spending cap, which may allow cardholders to make large purchases without
having to worry about “maxing out” the card.
•  Charge cards don’t require paying interest (though high fees can be assessed for late payments).
•  Charge cards often offer generous rewards and benefits, such as purchase points, statement credits, and
sometimes double or triple points on dining and travel (which can make them a good option for business
travelers).

CONS OF CHARGE CARDS

•  Many charge cards carry high annual fees, while many fee-free credit and debit cards are available.
•  Charge cards are offered by a limited number of issuers, so there are typically far fewer to choose from than
credit cards.
•  As with credit cards, late payments can ding your credit history. With charge cards, however, consistently late
payments can be more detrimental to your credit than late credit card payments.
•  You have to pay the whole balance to avoid a late fee (with a credit card, you can typically pay the minimum
payment to avoid the late fee).

DIFFERENCE BETWEEN DEBIT CARDS, CREDIT CARDS & CHARGE CARDS

How it works
Common requisites
Monthly payments
Spending limits
 Charge cards allow you to buy now and pay when your
statement comes, but your balance must always be paid off in
full with each statement.
 Credit cards allow you to buy now and pay later, borrowing
money you can pay off over time by making minimum payments.
 Debit cards can be used like credit cards, but they pull money
directly out of your bank account. You can’t exceed your
available cash without overdrafting your account.
 Charge cards: Most come with an annual fee, and they usually
require good or excellent credit.
 Credit cards: Most, but not all, credit card issuers require fair or
good credit and proof of income.
 Debit cards: You’ll need a bank account from a bank that offers
debit cards (most do).
 Charge cards: You must pay the balance in full every month.
 Credit cards: You’re required to make a small minimum payment
monthly.
 Debit cards: Money is taken directly from your checking
account, so no payments are required.
 Charge cards: Generally no preset spending limits.
 Credit cards: Spend up to your credit limit.
 Debit cards: You can only spend what’s in your checking
account.
Credit reporting  Charge cards: Your payment history is reported to credit
reporting agencies, but charge cards don’t factor into credit
utilization ratios.
 Credit cards: Credit card companies report your utilization ratio
and payment history, which both affect your credit score.
 Debit cards: Debit cards don’t affect your credit history.
Reward perks  Charge cards: Generous rewards are available on most cards.
 Credit cards: Some, but not all, cards offer rewards.
 Debit cards: Only a few debit cards provide rewards for
purchases.

SMART CARDS

A smart card is a physical card that has an embedded integrated chip that acts as a security token. Smart cards
are typically the same size as a driver's license or credit card and can be made out of metal or plastic.

HOW SMART CARDS WORK

Smart card microprocessors or memory chips exchange data with card readers and other systems over a serial
interface. The smart card itself is powered by an external source, usually the smart card reader.

Smart cards communicate with readers via direct physical contact or using RFID or another short-range wireless
connectivity standard. The chip or processor on the card contains data that the card reader accesses. The
processor on the card contains a basic operating system (OS) that lets the card hold, transmit and protect the
data.

The card reader passes data from the smart card to its intended destination, usually a payment
or authentication system, over a network connection.

ADVANTAGES OF SMART CARDS

Smart cards offer several advantages, such as these:

 Stronger security. Smart cards provide a higher level of security than magnetic stripe cards because
they contain microprocessors capable of processing data directly without remote connections. Even
memory-only smart cards can be more secure because they can store more authentication and account
data than traditional mag stripe cards. Smart cards are generally safe against electronic interference and
magnetic fields, unlike magnetic stripe cards.

 Information persistence. Once information is stored on a smart card, it can't be easily deleted, erased
or altered. That is why smart cards are good for storing valuable data that should not be reproduced.
However, applications and data on a card can be updated through secure channels, so issuers do not
have to issue new cards when an update is needed.

 Multiple uses. Multiservice smart card systems let users access more than one service with one smart
card.

DISADVANTAGES OF SMART CARDS

While smart cards have many advantages, there also drawbacks, including the following:

 Cost. The cards and the smart card readers can be expensive.

 Compatibility. Not all smart card readers are compatible with all types of smart cards. Some readers use
nonstandard protocols for data storage and card interface, and some smart cards and readers
use proprietary software that is incompatible with other readers.

 Security vulnerabilities. Smart cards are secure for many applications, but they are still vulnerable to
certain types of attack. For example, attacks that can recover information from the chip can target smart
card technology. Differential power analysis (DPA) can be used to deduce the on-chip private key used
by public key algorithms, such as the Rivest-Shamir-Adleman (RSA) algorithm. Some implementations of
symmetric ciphers are vulnerable to timing attacks or DPA. Smart cards may also be physically
disassembled in order to gain access to the onboard microchip.

RUPAY CARDS

RUPAY CARD ADVANTAGES

1. Offer undiscovered consumer segments with possibilities for electronic products: In rural locations, there
are consumer categories that are underserved or underdeveloped and do not have access to banking and
financial services. Offering RuPay cards to customers would be more economically feasible for banks with the
proper pricing of RuPay products. Additionally, appropriate product variations would guarantee that banks
could reach the unreached consumer niches.

2. Cheaper prices and accessibility: The cost of clearing and settlement is lower per transaction because
domestic transactions are processed domestically. This lowers transaction costs and encourages the use of
cards in the sector. Utilising a RuPay card can lower these fees because processing will take place domestically,
and deals will happen more quickly. 

3. Interoperability between products and payment methods: The RuPay card is strategically positioned to
provide seamless interoperability across all payment methods and goods. NPCI is exceptionally well-positioned
to support RuPay cards across these platforms as it presently provides a variety of solutions across platforms,
including ATMs, mobile technologies, checks, etc.

4. Offering specialised products: Being a native programme, RuPay is dedicated to creating tailored product
and service offerings for Indian consumers.

E-WALLETS

BENEFITS OF A E-WALLET
1. Improved comfort: Having all the necessary cards and other important data in an app, there is no need for
keeping dozens of cards and papers inside of a wallet, purse or backpack as well as for wasting time searching
for them. Everything you need is close at hand, easily managed, and easy to use.

2. Time-saving: Such an app allows the queues in the stores to move faster since the payment is done in less
than a minute. In case of online shopping, the digital wallet saves time on entering the credit card details and
identification because everything is already confirmed within the app.

3. Better expenses tracking: The information about all the transactions you do is stored inside the app which
allows you to analyze it after each week or month in order to control the expenses better. If it is hard for you to
stay in a budget, you can set up the limits for particular categories of expenses that will prevent you from
wasting too large sums of money.

4. Enhanced security: All the data you have in the app is encrypted and never sent to third-party organizations.
So, the online market you shop at will never know the details of your payment. Moreover, the transactions
have to be confirmed by you (fingerprint, password) and the digital card wallet is additionally protected by your
device’s security system (Face ID, fingerprints, passwords). It means that if someone steals or finds your
smartphone, it would be hard to get access to your money (unlike in case of losing your wallet with all the cards
and money).

5. Special rewards: Some of the digital wallet platforms provide users with additional bonuses and special
offers in order to stimulate the utilization of their app. It means you not only get a chance to pay for your
purchases faster and simpler but also get pleasant perks.

6. Lower costs: This benefit refers mainly to companies like stores that hire people to complete sales and take
the customers’ money. The growth of the digital wallet market will possibly eliminate the need for cashiers at
the checkouts saving companies a lot of money each month.

DISADVANTAGES OF A E-WALLET
1. Time and money investments: In order to allow the customers to pay with digital wallets, the companies
have to get special hardware or software facilitating those operations. Those companies that want to develop
their own digital wallet solution need to find software engineers with relevant experience and spend money
and time on the development.

2. Limited merchants: Due to the reasons we mentioned in the previous point, not all the merchants support
digital wallets. The adoption of digital wallets by consumers and businesses also depends on the popularity of
particular applications: one will likely be able to pay via Apple Pay than Chase Pay.

3. Dependency on a device: It is very convenient to have everything you need inside of a smartphone unless it
gets out of charge, breaks down or has problems with the network connection. If the device turns off right
before the checkout, you would better have a credit card or paper money in the pocket.

4. Reckless spending: Even though digital money has been around for a while, some people still tend to spend
more when they cannot see and touch real money. It means that regardless of the ability to monitor and
analyze their spendings within the digital wallet application or in an online banking account, it might be
challenging to control your budget.

5. Security: We have already mentioned security as a benefit of digital wallets but there are more things to
consider. Since the app’s security is supported by the devices, it is crucial to ensure your smartphone’s strong
protection. Otherwise, it will not be difficult to use your digital wallet account in case your smartphone is lost or
stolen. Another significant moment here is to pay attention to the digital wallet provider — it has to be
trustworthy.

E-BANKING

THE DIFFERENT E-BANKING SERVICES:

1. Automated Teller Machines: ATMs, let you conduct banking transactions whenever you want. Typically,
to make a cash withdrawal, a deposit, or to transfer money between accounts, you must insert your
 ATM card and enter your PIN. Some banks and ATM operators impose fees, especially if you don't have
an account with them or your transactions occur in a remote location. A price and the amount charged
must typically be displayed on the terminal screen of ATMs before you finalize a transaction. Consult
your financial institution and the ATMs you use for more details on these fees.
2. Internet Banking: Customers have access to a banking service that enables them to utilize the bank's
website or application to conduct various financial and non-financial transactions online. To process
customer service requests automatically without requiring human involvement, a network service
provider links a personal computer directly to a bank's host computer system utilizing the Internet
banking system and method. The system can distinguish between customer service requests that can be
processed automatically and those that require a customer support representative. Customers who use
remote banking can access the bank's other automated services because the system is connected to the
host computer system.
3. Mobile banking: For mobile banking, almost all banks have developed smartphone applications that
enable you to finish transactions at the touch of a button. All of the following are required: a
smartphone, an active bank account, an internet connection, a mobile application, and mobile banking.
It is the most recent electronic banking service that enables bank customers to do different financial
transactions utilizing a mobile device. Since a mobile device needs to have a WAP browser loaded to
provide access to information, mobile banking relies on WAP (Wireless Application Protocol)
technology. Banks may be able to expand their traditional customer base through e-banking, offer new
products and services, and improve their ability to compete in the payment services sector.
4. Debit card: In our daily lives, we only use debit cards for a few transactions. To purchase a POS, conduct
an online transaction, or withdraw money from an ATM, a client simply needs to swipe a debit card
because it is linked to their bank account. The funds are instantly removed from in this way, the
customer's account.
5. Credit Card: Similar to a debit card, a credit card is a form of payment that banks provide to customers
depending on their credit history and score. The cardholder is permitted to borrow money and make
payments up to a set limit. The cap is decided by the card's issuers. When using a credit card, the
cardholder consents to pay certain fees and repay the purchased amount within a specific time frame.
6. Electronic cheques: A paper cheque is converted into an electronic payment when it is presented to a
firm in person or when it is received by mail. An electronic system processes your cheque when you
present it to a cashier at a store, saving both the cheque's amount and your financial information. Your
cheque should be branded or invalidated when the merchant gives it back to you so that it cannot be
used again. When your bank or another financial institution receives the information from the cheque
electronically, the funds are transferred to the merchant's account.

ADVANTAGES OF E-BANKING
o Convenience: E-banking makes it very easy for users to do different financial activities. People don't
need to go to the bank to access their bank accounts; they can do it at any time while sitting in their
homes. Finding time in a busy schedule to go to the bank to check on account balances, interest rates,
successful money transfers, and other updates might take a lot of work. For the convenience of its
customers, banking systems have created virtual banking systems that may be accessed from any
location and at any time. There are several reasons why a banking holiday prevents the transfer of your
 money. By offering services around-the-clock, 365 days a year, online banking systems have made things
easier. It resolves issues that customers faced with the previous banking system. There is no need to
stand in line for money transactions or deportations.
o Faster Service: People don't have to wait in line to pay their bills or transfer money thanks to this
system, which offers quick service. Instant money transfers between accounts are possible with internet
payment options.
o Higher Interest Rate: Online banking services offer their users higher interest rates. It has decreased the
operational costs of banks, enabling them to provide better interest rates on consumer deposits.
o Service Quality: Internet banking has raised the level of client service. Using online banking to make
payments is quick, secure, and effortless. Using e-banking apps, customers may keep track of all
account-related transactions.
o 24-7 Facility: Customers have access to e-banking services around-the-clock, seven days a week, 24
hours a day. Customers can access banking services and products at any time, from any location.
o Liquidity: It gives customers access to more readily available finances. They can conveniently withdraw
cash from ATMs at any time and from any location.
o Discounts: The ability to take advantage of numerous discounts is another significant benefit of using
online banking services. People benefit from several discount programs in stores that accept credit or
debit cards.
o Transfer assistance: The virtual banking system makes it simple to transfer money 365 days a year. You
don't have to limit yourself to carrying out transactions during business hours; you have 24 hours to do
as you choose.
o Surveillance service: Customers have access to an updated passbook at any time to manage their
financial plans and keep track of their transactions.
o Paying bills online: Because it offers a feature to pay any sort of bill, including energy, water supply,
telephone, and other services, you don't need to stand in line to pay your bills.

DISADVANTAGES OF E-BANKING:
o Security problems: Online hackers' hacking of e-banking systems has led to several security problems.
Customers could suffer significant financial loss if they lose their login information when making
payments.
o High Start-Up Cost: It costs a lot to set up different computers, software, hardware, a modem, and an
internet network. Banking businesses must make significant investments to launch online banking
services.
o Lack of Direct Interaction Between Clients and Banks: Direct communication between customers and
banks is one barrier to internet banking. Customers communicate with banks online through their
websites. Customers can occasionally not address their problems by contacting the bank virtually.
o Transaction issues: Banking servers frequently go down, which causes transactions to fail. Online
payment issues that customers encounter are inconvenient.
o Training and development: Banks must teach their employees so that they can better serve clients
online. For keeping skilled and trained workers, significant investment is needed.
o Long process to use e-banking: In certain nations, government banks offer online banking through the
completion of an application, which is then approved before allowing access to a security password to
log in. To properly log in, one must download the relevant banking app and fill out all required fields
(Sharma, 2016).
o Challenging for beginners: It will be difficult for novices to understand e-banking; they may find it
difficult. Because they are worried about losing money, customers are typically reluctant to explore all
of the features and alternatives offered on the website or app. If prompt assistance is not provided, new
clients typically give up and switch back to traditional banking.
o No Cash Deposit Platform: There is no platform for cash deposits in e-banking services. This suggests
that e-banking customers must visit their local bank branches or automated teller machine locations to
deposit cash instead of using the platform (whether they need instant services or not).