Online payment gateway as the name suggests is a gateway to making online payments. With the advent of technology, numerous changes have been made to the way people carry out their daily activities of life. With that, the system of banking also arrived which solved the money related issues of people. Banks allowed people to keep secure their money, be at an ease of withdrawals and even payments via check and bank accounts. For that, however, people had to physically be there in order to process the transaction. This is where the payment gateway that we are going to discuss will play its part.
Online payment gateway brings even greater ease to users, by allowing them to make payments and money transfer sitting at home via their laptop or mobile phone that is secured with an internet connection. The service was initially seen with a lot of suspicion because people wouldn’t trust giving their bank details or credit card numbers to a website and then expecting a safe payment. Due to this, the service took some time but then it gained the trust of people and now is available at a number of institutions. The different online payment gateways are;
- EasyPay: it is a product of easy Paisa and allows online payments via easy paisa channels. The service takes support of MasterCard and Visa payments too so now people can process debit and credit card payments as well. The setup fee is zero and the process is quick as well, although FED charges are included in the pricing.
- HBL: HBL is a renowned bank that has been giving its services to the people of Pakistan for a long time now. Recently it started with its online payment gateway which is proven and trusted since it is backed up by the brand name. The setup fee for this is around 40,000 rupees and per year the fee that has to be paid is also 40,000 rupees. The security and monitoring system is great and there has been no record of fraudulent transaction.
- MCB: MCB is also a renowned bank with trusted banking services. This too has a safe online payment system in which customers are assured that no fraud will take place and even if it does, the bank would take full responsibility for it. The set up fee for this is 50,000 rupees and the yearly payment that has to be made is 48,000 rupees. An additional transaction fee of rupees 15 is also there.
- UBL: this bank has no transaction fee for their payment system but the set up fee is 40,000 and yearly payment is 50,000, which is greater than MCB and HBL. The settlement period, however, is shorter than the other two banks and the system is protected by the bank’s online security.
Other than these main systems, Bank Alfalah is also now offering internet payment services and along with that Jazz cash also plays a role in online payment gateway. Apart from the national systems, there are a number of international systems like Western Union, Payoneer, MoneyGram, Ria Money, Wire transfer, Skrill and Travelex. These gateways have been present for a long time but recently got access in Pakistan. The combination of both national and international online payment gateways is on the rise and people are more and more moving towards the service.