Question

Study the following case/situation and express your opinion:

Mr. Suresh made his payment by chaque. At the same time, Mr. Saksham made his payment by fund transfer:

1. Whose payment is faster?
2. Whose payment is related to traditional business?
3. Whose payment is related to e-business?

Answer 1

1. Mr. Saksham's payment is faster because he made the payment through fund transfer, which happens electronically and is usually instant or takes only a few hours. In contrast, a cheque payment (used by Mr. Suresh) takes time for processing, clearing, and settlement.
2. Mr. Suresh's payment is related to traditional business because cheque payments are commonly used in conventional business transactions, requiring manual processing and bank intervention for clearance.
3. Mr. Saksham's payment is related to e-business because fund transfer is a digital mode of payment, commonly used in online transactions and modern business methods like e-commerce, online banking, and electronic fund transfers (EFT).