What is a payment gateway?

A payment gateway ensures secure and seamless transaction delivery between Internet users and transaction processors while requiring no changes to the original host system. It supports all Internet payment and security protocols, as well as transaction exchange, message and protocol conversion, and local authorization and settlement processing. Furthermore, it can be configured to meet the needs of specific transaction processing systems. The electronic payment function of Internet banking cannot be realized without the payment gateway.

It decrypts data packets from the Internet and repackages the data according to the banking system's internal communication protocol; receives the response message back from the banking system's internal transmission right, converts the data into the data format transmitted by the Internet, and encrypts it. To protect the bank's internal network, the payment gateway primarily performs communication, protocol conversion, and data encryption and decryption functions.

Payment gateways are specifically used by banks to perform the following functions.

Install and configure Internet payment capabilities;

Avoid making changes to existing host systems.

For system management, use an easy-to-use graphical user interface.

Accept electronic payment methods such as debit cards, e-checks, e-cash, and microelectronic payments.

Full merchant payment processing capabilities, including authorization, data capture and settlement, and reconciliation;

Monitor online activity by reporting and tracking Internet transactions;

RSA public key encryption and the SET protocol ensure the securitysaas payment gateway of Internet transactions.

Make the Internet payment processing process consistent with payment processors' current business models, ensure consistency in merchant information management, and give payment processors opportunities to enter Internet transaction processing.

Personal online payment gateways are a collection of service devices for internal data of banking and financial network institutions or a third party assigned to process merchant payment information and customer payment instructions. The features of a payment gateway decrypt the data packets from Interent and repackage the data according to the internal communication protocols of the banking system accepting response messages from the internal banking system converting the data into the data format transmitted by Interent and encrypting it

Because of the convenience and speed of online payments, the use of e-commerce for commodity transactions is becoming increasingly popular. Disadvantages In the process of network transmission of electronic data, information is frequently intercepted, stolen, and tampered with by unscrupulous people motivated by economic interests. Significant losses result from fraudulent use and even malicious damage to e-commerce activities. The so-called third-party payment is a number of products contracted by the country and major foreign banks, and has a certain strength and reputation guarantee of the third-party independent institutions to provide a trading platform in the third-party payment platform in the buyer to buy goods after using the third-party platform to provide the account for loan payments by the third party to notify the seller of the arrival of payment, delivery of goods after the b The payment will be transferred to the seller's account once more by the third party.

When making online payments, the credit card number and password are only transferred between the cardholder and the bank, reducing the risk of transferring money through the merchant. Mobile payment is a value-added mobile data business application that is based on a mobile operation support system developed in collaboration by mobile operators, mobile application service providers, and financial institutions. Each mobile subscriber with a cell phone number will be assigned a payment account by the mobile payment system. It works as an electronic wallet, allowing mobile subscribers to pay for transactions and authenticate themselves using their phones. Mobile payment is a service that allows users to pay for goods or services with their mobile terminal, which is typically a cell phone. Mobile operators, payment service providers such as banks, UnionPay, and other application providers public transportation, campuses, public utilities, etc., equipment providers terminal manufacturers, card suppliers, chip providers, etc., system integrators, merchants, and end users comprise the entire mobile payment value chain.

Advantages 1. A useful function. 2. Wide range of applications. 3. High security. 4. Low costs. 5. It can be used for subsequent transactions. Disadvantages 1. Platform operators simplify relationships between other groups, but inadvertently increase the burden of dealing with various relationships for themselves in business operations workload. 2. Platform operators are required to have a high level of industry appeal and recognition, which includes marketing ability, technical research and development ability, capital operation ability, and so on.