Digital Literacy Course Assessment

Instant Payment Switching revolutionbised Real-time payment systems by using high-speed digital switches to process transactions in seconds, 25 x 7 x 365

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. 

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

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

Certain banking and payment apps can process a QR code for payment processing or bank transfers and is usually used to identify and confirm the amount to pay and any payment processing instructions

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

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

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

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