2. Financial management

The module on Financial Management encompasses a comprehensive exploration of crucial elements including budgeting for financial planning, e-commerce security, and online payments. Online payments, a pivotal component in the realm of electronic commerce, have witnessed significant growth, particularly in the European Union where annual online retail expansion averages around 13-14%. This surge underscores the increasing reliance on electronic payment systems, gradually superseding traditional payment methods. The module delves into various online payment methods, categorizing them into credit cards, digital wallets, online SEPA payments, and cryptocurrencies. Each method is dissected, highlighting its functionalities, advantages, and security protocols. Payment gateways, serving as intermediaries in e-commerce transactions, are examined extensively for their role in ensuring secure transmission of payments. Strategies for detecting and preventing payment fraud are outlined, emphasizing the necessity of a proactive approach amidst rising fraudulent activities. Additionally, the complexities of international online payments, encompassing currency conversion, exchange rates, and compliance with cross-border regulations, are meticulously explored, shedding light on the intricate web of technical and regulatory challenges inherent in cross-border transactions.