The
emergence of the digital technology, and its prevalence in our life, has not
just changed the way we communicate, share, and shop, it also has revolutionized
monetary relations and global economy.
The
global financial market has moved from the conventional money form to the electronic
form, where it is driven by information technology. A new avenue of business opened
with the integration of electronic transaction or cashless payment.
Many
reports have pointed out how cashless payments assist economic activities and
stimulate the growth of gross domestic product. With online payment facilities,
the consumption of goods rises and the geographical as well as legal barriers are
eliminated.
Sensing
the opportunity presented by electronic transactions, a number of companies, such
as Payment Asia, are providing online payment solutions, which include payment
gateway services.
But, what is a payment gateway
service? Let us explore that.
A
payment gateway, as the name suggests, authorizes cashless payments. It is categorized
as a merchant service, which provides financial services to business owners.
The gateway facilitates the transfer of information between a portal, such as a
website, and a bank. These types of payments are the jugular vein of
e-businesses and online retailers.
How does a payment gateway process a
transaction?
In
essence, an e-transaction is a transfer of information, which, for safety
purpose, is encrypted. Let us take an example to understand how an electronic
transaction occurs.
When
a consumer places an order, the consumer has to provide card details to pay for
the order. The information is then encrypted, most of the time Secure Socket Layer (SSL) encryption is used,
and sent to merchant’s web server. The same information then again encrypted
and forwarded to the payment processor of the subject bank. The next step
involves verification and authorization of the request, and once it is
verified, the payment message is sent to a merchant as well as to the consumer.
Evidently,
online payment solution radically makes it easier for a merchant as well as a
consumer to do business. However, the security or encryption is the biggest
challenge in online payment.
For
securing payments, a number of ways are used. Just like SSL, other encryption
ways are Microsoft's Secure Transaction Technology (STT) and Secure Hypertext
Transfer Protocol (S-HTTP). All reputed service providers, including payment asia, heavily encrypt data, which acts as a virtual wall that prohibits
access to information by unauthorized person.
The
Payment Asia reviews, where consumers have appreciated the safety along
with fraud control services of the company, are testimony that the companies
that keep the encryption aligned with the present-day standards are bound to
grow. In the South East Asia region, the consumers, who have experienced the
seamless service, also mention in their payment asia reviews that their
multi-lingual support makes doing business easy..
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