The technology enabling secure online transactions through encryption involves protocols like Secure Sockets Layer (SSL) and Transport Layer Security (TLS). These protocols establish secure connections between clients and servers, ensuring that data transmitted over the internet remains confidential and tamper-proof. Encryption transforms readable data into an unreadable format, which can only be decrypted by authorized parties with the correct keys. This technology is crucial for online banking, e-commerce, and any platform requiring sensitive information exchange, providing users with trust and security while conducting transactions online.