Online transaction is a payment method in which the transfer of fund or money happens online over electronic fund transfer.
Online transaction process (OLTP) is secure and password protected.
Let us learn more about the different stages of Online Transaction in detail.
How does an online transaction work?
Basically, when the customer places an order on the merchant’s website, the payment gateway securely gathers and stores the transaction data, which is processed and forwarded to the acquiring bank and to the credit card networks, which, in turn, transfer the encrypted information to the customer’s card issuing bank for
What is the difference between online and offline transaction?
What is the difference between online and offline payments? Offline Payments indicates that money is transferred at a later date. Offline methods don’t charge customers right away. Instead, offline payments are meant to store the customer information for processing manually.
What are the types of online transaction?
Different types of online financial transactions are:
- National Electronic Fund Transfer (NEFT)
- Real Time Gross Settlement (RTGS)
- Electronic Clearing System (ECS)
- Immediate Payment Service (IMPS)
- Objectives of IMPS:
What is online transaction number?
Transaction authentication number. From Wikipedia, the free encyclopedia. A transaction authentication number (TAN) is used by some online banking services as a form of single use one-time passwords (OTPs) to authorize financial transactions.