Electronic Banking

Absence of National Payment Gateway

 A payment gateway is an e-commerce application service provider service that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar
 Payment gateway protects credit cards details encrypting sensitive information, such as credit card numbers, to ensure that Information passes securely between the customer and the merchant and also between merchant and payment processor
 It is a service that automates the payment transaction between the shopper and merchant
 It is usually a third-party service that is actually a system of computer processes that processes, verifies and accepts or declines credit card transactions on behalf of the merchant through secure Internet connections
 The payment gateway is the infrastructure that allows a merchant to accept credit cards and other forms of electronic payment
 Bangladesh also needs a national payment gateway for introduction of inter-bank payments over the Internet. Bangladesh Bank is coming forward to solve this problem
 The Proposed Bangladesh Electronic Fund Transfer Network (BEFTN) will operate as a processing and delivery centre providing for the distribution and settlement of electronic credit and debit instruments between the participating banks.