POS (Point of Sale) and e-commerce (Electronic Commerce) refer to specific functionalities and services provided to customers to transact and manage finances.

Banks provide POS terminals and services to merchants (businesses) to accept payments from customers using debit cards, credit cards and mobile wallets.

When a customer makes a purchase at a retail store using a card issued by his or her bank, the POS terminal verifies the transaction with the bank's authorization system. Funds are transferred from the customer's account to the merchant's account.

E-Commerce (Electronic Commerce) in Banking:

Banks provide e-commerce capabilities through their online banking platforms, allowing customers to perform a variety of financial transactions and activities remotely.

Viewing balances, transaction history and statements.

Transfer funds between accounts, pay bills and set up recurring payments.

POS and e-commerce functionalities in banking contribute to enhancing the customer experience, expanding service offerings, and driving digital transformation within the financial sector.