In today’s digital age, we are witnessing a significant increase in the number of documents being sent electronically, especially monthly reports such as mobile phone bills, credit card statements, or fund account status documents. Receiving these documents electronically not only reduces the cost of document delivery but also minimizes the environmental impact by eliminating the need for service providers to print and mail documents individually. As consumers, we benefit from the convenience of receiving documents quickly and being able to easily store them electronically, reducing long-term storage costs and allowing for easy retrieval.
However, the benefits of electronic documents extend beyond notifications, as various transactions require signatures on different documents. For instance, online purchases often necessitate agreement signatures. Non-consensual transactions resulting from excessive online advertisements can now be legally addressed, allowing for increased business operations in the digital realm. This evolution opens the doors for more electronic business transactions, enhancing convenience and reducing service costs. In this article, we delve into Electronic Transactions Legislation, or the Electronic Transactions Act, which facilitates convenient daily transactions, both presently and in the future.
The foundation of electronic transactions must have legal repercussions equivalent to paper documents. Efforts to develop legislation to support online transactions have been ongoing for a while, with the United Nations proposing a Model Law on Electronic Commerce (MLEC) in 1996. This model law establishes principles to grant electronic documents the same status as paper documents, regulating aspects like digitally signed agreements.
Key components such as writing agreements in digital text, electronic signatures, and sending original documents electronically have been addressed in subsequent legal developments. The Model Law on Electronic Signatures (MLES) introduced conditions safeguarding the credibility of digital signatures, ensuring signatory control and data integrity.
Central to electronic transactions are e-Signatures, e-Documents, and Digital IDs, essential for online transactions. Understanding the significance of e-Signatures and Digital IDs in practical organizational applications may prompt inquiries for additional information to instill confidence in their use. The Electronic Transactions Development Agency (ETDA) offers free training sessions across the country to educate participants on reliable technology choices for electronic transactions.
TLDR: The shift towards electronic transactions entails legal recognition equivalent to paper documents, with evolving laws supporting online commerce. The implementation of e-Signatures, e-Documents, and Digital IDs is instrumental in ensuring the security and integrity of electronic transactions.
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