Payment Gateway In India Related Information For Bank Exam

What is a Payment Gateway?

Payment Gateways are entities that provide technology infrastructure to route and facilitate processing of an online payment transaction without any involvement in handling of funds.

Who regulates Payment Gateway in India?

RBI under Payment and Settlement Systems Act, 2007

Read more about Payment and Settlement Systems Act,2007

What is the difference between Payment Gateway and Payment Aggregator?

A Payment Gateway allows the merchants to deal in a specific payment option put on the portal, whereas a Payment Aggregator allows one to have multitudes of options for payment. Thus, a Payment Aggregator covers a payment gateway in its ambit.

How Payment Gateway works?

The payment gateway is a key component of the electronic payment processing system, as it is the front-end technology responsible for sending customer information to the merchant acquiring bank, where the transaction is then processed. In layman terms it is an information carrier.

Recent news related to Payment gateways:

The Kerala-based Federal Bank is listed in the Income Tax Department’s TIN 2.0 platform and now lists the Payment Gateway platform as the first bank

Mastercard, a global payment and technology company is set to launch Carbon Calculator features. Mastercard is in talks with Indian Banks to launch the Carbon Calculator feature which will offer the consumers an estimated carbon footprint for each of their purchases.

Mastercard has announced its collaboration with the Board of Control for Cricket in India (BCCI) to expand its strategic outreach to Indian audiences.

Mastercard announced that Badminton players Lakshya Sen, Kidambi Srikanth, Satwiksairaj Rankireddy and Chirag Shetty will come on board as brand ambassadors of the company in India.

American Express Banking Corp India has appointed Sanjay Khanna as its chief executive officer (CEO) and country manager

American Express Banking Corp. praised  the Reserve Bank of India’s (RBI) decision to ease restrictions on the firm so that it may accept new domestic clients as the consequence of the company’s large local investments in technology, infrastructure, and resources. American Express applauded RBI’s choice to remove the limitations on it

List of Important Payment Gateways:

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