National Payment Gateway
Existing Scenario in India and World Payment Gateway as a concept in India is not new. Quite a few banks and service providers are offering Payment Gateway services, albeit in a restricted fashion. Most of them support only credit card transactions and do not take into account other evolving payment instruments including Electronic Funds Transfer (EFT), E-cheques, etc. If the full potential of e-commerce in India is to be exploited, customers have to be provided with a complete range of payment options such as E-cheque, EFT, ATM Cards and others. Another limitation of the existing Payment Gateways is that they enable only B2C (Business-to-Customer) or B2B (Business-to-Business) transactions. They are overlooking the lucrative government business. In addition, there is no single service for all kinds of transactions and across various banks. There are some critical issues hampering proliferation of payment gateway. First of all, payments may not happen at all simply because the customer may not have an account with the banks supporting the payment gateway. A payment gateway today has only limited number of banks. There are problems of reliability, delivery, and limited payment avenues and general lack of trust among customers, and doubts about the service provider. Some of the Payment Gateways in India include: • Transecute Pvt. Ltd. • PaySeal (ICICI) • Eliteral Payment Gateway
Payment-Gateway-India.com • Team VII Payment Gateway • CitiBank • HDFC On the international front, there are innovative initiatives such as NETS in Singapore, which stands for Network for Electronic Transfers (S) Pte Ltd. (NETS). This is an example of collaboration of banking community to create payments infrastructure in Singapore. The company’s offerings are tailored for customers, merchants and banks. NETS aims at creating payment solutions so as to develop an integrated multimedia platform, which enables seamless payments via wireless, mobile and physical modes. A similar exercise exists in Belgium where banks came together to set up ISABEL (Interbank Standards Association Belgium) represents a premier multibank electronic banking platform, providing a joint network, service provider and customer software with regard to remote banking (EDI) for companies. ISABEL offers two payment gateways with the intent of processing high-volume transactions