Payment gateways are used for making payment transactions via an electronically communicated channel. It is a front end technology that reads the banking information the user and communicates that information to the merchant banks at both ends in electronic signals.
A payment gateway is an elementary step towards making payment via digitally communicated payment transaction channels. A payment gateway reads the banking information of the person making a payment transaction. Further, it transmits the information to the merchant banker acquiring the payment.
Payment gateways are a blend of software and servers that create a platform where transaction information to acquiring banks and responses from issuing banks taken are exchanged in for of electronic signals.
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