BANKING AFFAIRS

Detailed explanation-1: -Bank of Baroda provides a facility, to receive payment online from any debit/credit card, UPI (VPA & QR code), wallet, net banking (through aggregator) of more than 34+ banks, called ‘Baroda e-Gateway’ (Internet Payment Gateway), which is a safe, secure, and trusted payment solution for e-Commerce/online business.

Detailed explanation-2: -In simple terms, a payment gateway is a network through which your customers transfer funds to you. Payment gateways are very similar to the point-of-sale terminals used at most brick and mortar stores. When using a payment gateway, customers and businesses need to work together to make a transaction.

Detailed explanation-3: -Users can choose any method of payment according to their convenience and pay outstanding bills as per the due date. The online payment modes available to Bank of Baroda credit card holders can use the following offline payment options-Cheques, Auto Debits, Drafts or Cash payments at branches.

Detailed explanation-4: -Establishing a Payment Gateway without Company registration is not possible. The company must have a PCI DSS certification. The net worth of the company should be at least 15 Crore. The net worth should increase to INR 25 Crores within 3 years of operation.