BANKING AFFAIRS

Detailed explanation-1: -PayPoint India has entered into a partnership with Bank of Baroda, enabling the bank to further expand its network by utilising PayPoint’s customer service points to a reach out to a larger pool of customers and achieve a bigger geographical spread.

Detailed explanation-2: -Baroda PayPoint is a web/mobile-based online/offline payment collection portal, providing an easy interface between Merchant and consumer for secured payments using online and offline mode by shielding them from underlying complexity of payment transactions and integration with electronic fund transfer switches.

Detailed explanation-3: -A merchant account is a bank account specifically established for business purposes where companies can make and accept payments. Merchant accounts allow, for instance, a business to accept credit cards or other forms of electronic payment.

Detailed explanation-4: -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.