Digital Literacy Course Assessment

Middleware enables seamless integration between the user interface and banking back-end infrastructure.

Mobile Banking

An electronic payment (e-payment), in short, can be simply defined as paying for goods or services on the internet. It includes all financial operations using electronic devices, such as computers, smartphones or tablets. E-payments come with various methods, like credit or debit card payments and Mobile

• Mobile Wallets e.g., Apple Pay, Google Pay, Samsung Pay – allow users to pay via smartphones using NFC technology
• Buy Now, Pay Later (BNPL) Services like Afterpay, Klarna, and Affirm allow consumers to split purchases into installment payments.
• CNP (Card-Not-Present) Acceptance allows card payments where the card-holder is not physically present

In simple terms, a payment gateway is a network through which your customers pay for goods and services, online. Payment gateways are very similar to the point-of-sale terminals used at most brick and mortar stores. When using a payment gateway, customers, banks, payment providers, businesses and other related entities, all work together to complete the end-to-end transaction

End-to-end encryption ensures that data is unreadable while it travels between devices and servers.

Payment authentication is the process of confirming a cardholder’s card number or other personal data isn’t being used to make payments without their knowledge. Banks and card issuers, merchants, and payment processors typically use a combination of authentication factors, including any mix of the following:

● Something a person knows, e.g., login information or secret question answers
● Something a person has, e.g., a mobile phone or computer
● Something a person is, e.g., using biometric technology such as fingerprint scanning

In this case the responsibility lies with the Card Issuer

The payments industry is a really exciting one and is seeing huge amounts of innovation and change. Keeping up with it all can be a hard task. Advances in technology are facilitating this fast-paced payments scene with FinTech gaining massive amounts of investment and growth right now.  FinTech firms are forecast to more than double by 2030 – many who are changing the way consumers and retailers manage their payments.

Consumers want multiple payment options; fast, convenient, flexible payments that fit around their spending habits. It’s vital that banks keep on top of trends in payments to keep customers happy and loyal to their business. There are a unique set of challenges that come with payments for retailers and eCommerce businesses. 

Digital banks often use fingerprint, facial recognition, or voice ID for faster and more secure access

A payment processor is a company that manages the credit card transaction process, acting as a kind of mediator between the bank and the merchant. Put simply, the payment processor communicates information from your customer’s card to your bank and the customer’s bank.