In today’s modern society, technology has paved way for an era where almost everything is almost automated and where results can be achieved almost instantaneously. Now, you can easily access information instantly via your mobile phones and now you can even pay through your phone.
However, with many security issues rising, there are still a vast majority of users that are uncomfortable to use this new type of technology that enables mobile payment. Still, it is common to face glitches, errors, and even hacks.
Initially online payment gateways were majorly used by ecommerce portals dealing in sale of consumer goods and services. Gradually with developing trend in technology people started selling their products and services in consortium with big players using their payment gateways. Furthermore, these payment gateways are a tool to transfer money from the customer to merchant easily. The major types of payment solutions are stand alone payments, web based payment solution and e-commerce solutions. These all payments are secured with SSL (Secure Socket Layers). Another aspect of payment gateway is it has to be really quick and user friendly.
E-commerce has different methods online payments like bank payments, paypal, payment walls, google wallets, mobile money wallets etc. These wallets are compatible and linked with user’s bank account; hence, they can easily transfer their money to the concerned bank. Online payments are secured by dual signature. First being the CVV number and second is the OTP received on the registered mobile number. This security protocol encourages online payments. Key features of the security payments include confidentiality, data integrity, authentication of the card holder, authentication of merchant. Every payment goes through a certification authority which ensures safe transaction of currency.
New age payment gateways are utmost secure with best in class features. They make it easy for the user to make a payment with any of the mode, be it debit card, credit card, internet banking or online wallets. There is multiple service providers are always on their toes when it comes to secure transactions. Payment Service Provider is a payment model that is used by merchants worldwide. Payment gateways has made cross border payments easy and quick. Every country has its own laws related to online transactions, to abide by their laws the service providers have to change certain algorithms which are compatible with international standards.
Contrary to using a payment gateway coding a gateway is real tough. There are legal and technical terms those are to be considered keeping in mind the functioning of the gateway. Another challenge is to have a server that can handle multiple and heavy transactions in real time functioning. Credit cards and debit cards are the most used mediums of online transactions; almost everybody has an account with debit card. Banks have provided all the facilities to lay man for transacting smoothly from anywhere anyplace. MediaPlus Digital – Web Design Singapore is a company that creates online payment gateways with highest sense of security and responsibility. You may visit their website for further details.