BANKING AFFAIRS

Detailed explanation-1: -Payment Gateways The Payment Gateway sits between the Merchant and Processor, who passes transactions to the Network (MasterCard, Visa, American Express, Discover, etc.) The role of the Payment Gateway is that of a secure information conduit that complies with credit card processing security rules and regulations.

Detailed explanation-2: -The payment gateway encrypts the card details and performs fraud checks before sending the card data to the acquirer. The acquirer securely sends the information to the card schemes which carry out another layer of fraud checks, and the schemes transmit the payment data to the issuer for payment authorisation.

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: -Mastercard is a payment network processor. Mastercard partners with financial institutions that issue Mastercard payment cards processed exclusively on the Mastercard network. Mastercard’s primary source of revenue comes from the fees that it charges issuers based on each card’s gross dollar volume.