Learn in the textbookThe Foundations of Electronic Payment and Data Exchange
DefinitionInternet banking (インターネットバンキング) is a service that lets you carry out banking such as transfers and balance checks over the Internet from a PC or smartphone, without visiting a branch counter or ATM.
ExplanationYou can use it anytime and anywhere, but a stolen ID or password could lead to fraudulent transfers, so identity checks are tightened with measures such as one-time passwords. Once the user orders a transfer, the money itself is moved by the EFT mechanism.
AnalogyIt is as if the bank counter had moved into the smartphone in your hand.