Sunday 13 September 2020

How a payment gateway keeps information secure?

 


A payment gateway guarantees the security of the data you put in. Here is a rundown of things that a Payment Gateway does to protect your information:

First things first, the entire transaction is carried out through an HTTPS web address. This is not the same as the HTTP as the S in the HTTPS represents Secure. The transaction happens through this equivalent passage.

Because of the hash function, the system often uses a signed request from the merchant to validate the request of the transaction. This signed request is a secret word, which only the merchant and the payment gateway know

To secure the payment page result of the process, the IP of the requesting server is verified to detect any malicious activity

Virtual Payer Authentication (VPA) is something that the acquirers, issuers and the payment gateways are backing to secure the process even more. VPA, implemented under the 3-D secure protocol, adds an additional layer of security and helps the online buyers and sellers to authenticate each other easily

Benefits of using a payment gateway

Utilizing a payment gateway is not just for transferring money, but it has other advantages as well. A Payment Gateway can allow a merchant to give the user get a better experience.

PCI-DSS Wallet – The PCI-DSS compliance makes it sufficiently secure to permit the client to store their own information in the portal or gateway for recurring payments. For example, if you are a frequent customer of a shopping site, then you can save your bank or card details on their site or app, and the gateway will keep it secure from any cybersecurity threat

White-Label Wallet – Some payment gateways allow you to make digital transactions through mobile wallet apps. This is the current trend, as it enables the user to make all his transactions by just sitting at one place. You can bring in your money from the account balance to the mobile wallet app and then further use it to make payments on other apps or websites

Fraud Screening Tools – Many payment gateways provide you with fraud screening tools to reduce the risk of losing information. These tools include the Card Code Value (CCV), Card Verification Value (CVV) or even the Address Verification Service (AVS). These tools ensure that there is no fraudulent transaction

A payment gateway focuses on creating a secure pathway between a customer and the merchant to facilitate payments securely. It involves the authentication of both parties from the banks involved.

The most significant advantage of a payment gateway is the fact that it allows millions of users to use it at the same time, making it possible for you to purchase or sell goods and services whenever you want.

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Know More: https://www.foloosi.com/payment-links-in-uae


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