Payment System

Efficient payment systems are essential for the smooth operation of modern businesses and online transactions.

Payment system includes the institution, payment instruments such as cards, people, rules, procedures, standards and technologies that makes it possible. In past two decades digitalization brings revolutionary changes in banking system. Even single penny become digital and we have secure gateway to send, receive and store it. This single penny travels through ATMs, POS, Mobile Apps, Net banking, NEFT, RTGS, IMPS, m-cash e-payment channels. We have to redefine  new PAYMENT SYSTEM which is very Quick, 24x7 On with Customer support, Highly secured and reliable. 

There are number of companies in "Payment System" Solutions like Stripes, Tipalti, Amazon pay, Braintree, Adyan, Paypal, Square, Worldpay etc. They have solutions for Financial automation, SaaS, Enterprices, Platform, Crypto, E-commerce, Global businesses, Embedded finance etc. They do unify payments, billing and revenue management.
 
They facilitate companies like shopify, MindBody, DocuSign to launch and scale embedded payments and financial services. They all have different platform to accelerate revenue growth. 

These companies use Machine learning to increase conversion and reduce fraud for companies like Wayfair, Peloton and Warby parker to increase revenue. 

They also develop Crypto infrastructure with ease and integrate the payment channels for FIAT currencies globally through single integration with fraud prevention and authorization optimization built in.

There is a central body where to report for fraud transaction, Which issues guidelines on regular basis to banks, end user, vendor, transactions machinery etc. The fraud transaction reports includes amount involved, nature of fraud, modus operand, name of branch and parties involved. Here payment system fraud includes, Check fraud, debit and credit card fraud, ATM, POS Intrusion, Net banking, Mobile application and  UPI fraud etc.  

Best payment gateways are Authorize.net, Stax, Payline data, Shopify, Helcim, Elavon, Square, Clover etc. They are selected on the basis of fraud prevention, High value transaction, subscription basis, ecommerce startups, High volume sellers etc.



Forbs top performing companies in Bank Payment system:
American Express Sales $59.29B 2023
Master Card Sales $22.82B 2023
PAyPal  Sales $27.6B 2023
Shopify Sales $5.9B  2023
Visa Card Sales $30,98B 2023