Payment gateway is a technology used by a merchant to accept debit or credit card purchases from their customers. The authorization process may be provided by a bank to its customers and may also be provided by a specialist financial service provider as a separate service.
A payment gateway works when a customer orders a product from a merchant who has activated the system, after which they perform various tasks to process the transaction.
These online payment gateways require application programming interfaces that allow the retailer to communicate with the underlying payment processing network. A payment processor uses this information to bill the customer’s bank or credit card provider. Physical store payment gateways use a point-of-sale terminal that connects to the payment processing network electronically using a phone line or internet connection.
The system has always evolved to reflect the technical capabilities of consumers. Previously, terminals accepted credit cards with magnetic stripes and required paper signatures from the customer. But after chip technologies, the signature was removed in favor of a personal identification number entered directly into the payment gateway hardware.
Now contactless shopping is available, with many opting for phones as payment instead of a plastic card.
The architecture of a payment gateway will be different depending on whether it is an in-store gateway or an online payment portal. Online payment gateways will require application programming interfaces (APIs) that allow the website in question to communicate with the underlying payment processing network. In-store payment gateways will use a point-of-sale terminal that connects to the payment processing network electronically using a phone line or internet connection.
There are various payment gateways in India that allow customers to make payments online, such as Citrus Pay Payment Gateway. It supports most credit cards and the payment process is fast and secure because Citrus Pay has high levels of security in place. The CCAvenue payment gateway offers several payment options and is available in 18 different languages.
PayUBiz India Payment Gateway is a well-known payment gateway that supports Cards, Online Banking, Wallets, International Cards, EMI, IVR payments, etc.
And then the Bill Desk. Many Indian banks are connected to Bill Desk to make the payment process easy, fast and secure.
And last but not least is UPI or Unified Payment Interface. It is an instant payment system, which was developed by the National Payments Corporation of India and the interface is regulated by the Reserve Bank of India.