The Payment Gateway Market’s Increasing Necessity in our World Today
For the uninitiated, a Payment gateway is simply a web-based application acting as the intermediary between eCommerce websites and local/international banks to basically authenticate and thereby authorize all form of online transaction. It’s main role however, is to encrypt all types of sensitive information (credit/debit card numbers, bank account details, etc.), providing the assurance that said information is transmitted securely from customer to issuing bank. Another key role of payment gateways is to help prevent all types of fraudulent and malicious transactions from both sides via the innovative Card Verification Value (CVV) and Address Verification Systems (AVS).
Due to its importance in the market climate today, global payment gateway markets are gaining momentum at a very fast pace and businesses have started to delve deeper into what benefits they could give by analyzing highly dynamic business environments. Over the past few years, the world market has already witnessed several key developments, with mounting volumes of business data and the shift from traditional data analysis platforms to self-service business analytics being good examples of the most prominent ones, but the payment gateway innovation is one that stands out as the latest new trend the world can’t miss.
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