digital-transactions

Vocabulary Word

Definition

'Digital transactions' are a type of transaction, or exchange, that happens online. This could be money, data, or services - made through internet-based tools or systems, like online banking or cloud file sharing.

Examples in Different Contexts

In banking, 'digital transactions' involve online banking activities such as transfers, bill payments, and account management. A bank manager might explain, 'Digital transactions have made banking more convenient for our customers, allowing them to manage their finances from anywhere.'

Practice Scenarios

Tech

Scenario:

Our new data exchange platform needs superior security features, given the high sensitivity of the information being transferred.

Response:

Indeed, we need to reinforce security measures for digital transactions and assure our customers of their data safety.

Business

Scenario:

We've noticed a drop in our online banking usage this month. Let's brainstorm strategies to boost our digital engagement.

Response:

Agree. An app upgrade might enhance user experience and increase the volume of our digital transactions.