IGNOU BCS-062-E-Commerce, Latest Solved Assignment (July 2023 - January 2024 )
Q3) Explain various eCommerce payment systems which were not given in the course material and presently very much popular among the customers.
Ans. The Information about some popular e-commerce payment systems that might not have been given in the course material are following:-
1. Cryptocurrency Payments: Cryptocurrencies like Bitcoin, Ethereum, and others have gained popularity as alternative payment methods. They offer decentralized and secure transactions, allowing customers to make payments without traditional financial intermediaries
2. Buy Now, Pay Later (BNPL) Services: BNPL services like Klarna, Afterpay, and Affirm enable customers to make purchases and pay for them in installments over time. These services have gained traction due to their flexibility and appeal to budget-conscious shoppers.
3. Unified Payment Interfaces (UPI): UPI is an Indian mobile payment system that allows users to link multiple bank accounts to a single mobile app. It enables instant fund transfers and online payments directly from bank accounts.
4. Contactless Payments: NFC-based contactless payment methods, like Apple Pay, Google Pay, and Samsung Pay, allow users to make payments using their smartphones or smartwatches at compatible point-of-sale terminals.
5. QR Code Payments: QR code-based payment systems, such as Alipay and WeChat Pay in China, allow users to scan QR codes to make payments directly from their mobile wallets.
6. Digital Wallets: While digital wallets like PayPal have been around for a while, there are newer players in the market like Venmo and Cash App that offer P2P payments, online purchases, and other financial services.
7. Embedded Finance: This concept involves integrating financial services directly into ecommerce platforms. Shopify Capital, for instance, provides merchants with financing options seamlessly integrated into their selling platforms.
8. Subscription Commerce: Services like Amazon Prime and Shopify’s subscription tools allow customers to subscribe to regular deliveries of products they use frequently, streamlining payments and ensuring a continuous customer-business relationship.
9. Voice Commerce: With the rise of smart speakers and virtual assistants, voice-activated commerce has gained attention. Amazon’s Alexa, for example, allows users to make purchases through voice commands.
10. Biometric Payments: Some platforms are incorporating biometric authentication methods, such as fingerprint or facial recognition, to enhance security in online transactions.
11. Tokenization: This security technology replaces sensitive payment information with unique tokens, reducing the risk of data breaches during online transactions.
12. Embedded Buy Buttons: Social media platforms like Instagram and Pinterest have introduced “buy buttons” that allow users to make purchases directly within the app without being redirected to a separate website.
Remember that the popularity and availability of these payment systems may vary based on region, industry, and technological advancements. Always ensure that any payment method you choose for your e-commerce business aligns with your target audience’s preferences and your platform’s capabilities. For the most up-to-date information, it’s advisable to research recent developments in the field of e-commerce payments.
Assignment Submission Last Date
The IGNOU open learning format requires students to submit study Assignments. Here is the final end date of the submission of this particular assignment according to the university calendar.
30th April (if Enrolled in the June Exams)
31st October (if Enrolled in the December Exams)