There has been a stupendous growth in digital transactions worldwide and India has led the race by choosing this mode of transaction in a big way. The growth in India has been phenomenal that its 90% over a span of 2 years. such digital transactions involve several agencies to work in tandem. Every the. transaction involve the client, the merchant, both these financial institutions and the payment gateways.
PayAid is one of the foremost payment router companies who provides a safe and secure gateway to carry off the transactions. PayAid ensures that the payment is transferred securely so that the merchant gets paid without the threat of fraud or credit risk. PayAid have embodied several security measures in the payment gateway to ensure that transactions are carried out in a safe and secure environment. Some of the salient features of PayAid for securitization or as mentioned below:
· Data encryption- this is the fundamental method adopted by PayAid to safeguard payments. As soon as the customer enters his or her card details in the payment gateway; they are encrypted through a public key Public. This data can only be decrypted by the by the Payment gateway. Private key. These with the use of algorithms; Payaid ensures that no authorized person can decrypt and acquire the transmission data.
· Secure socket layer- PayAid strictly follows the security protocols by the usage of SSL to protect the sensitive customer information. This protocol set up an encrypted channel for safe transfer of data on public channels i.e., between a browser and a server. PayAid uses the SSL protocol to establish the transfer of data between various parties in a secure manner.
· HTTPS web address and Hash Function- PayAid carries out the entire transaction through HTTPS web address which is more secure. They also operate the hash system which uses the signed request, which is mostly a secret word from the merchant to validate the request of the transaction. This provides additional security to the transaction.
· Virtual payer authentication (VPA)- PayAid with the tie up the acquirer and issuer have implemented the VPA under the 3D Secure protocol; which creates an extra layer of security and assist the online buyers and sellers to authenticate easily.
In addition to the above cited safety measures along with PCI DSS (Ver3.2.1) – Level I, certification with elastic load balancing and auto-scaling capabilities; PayAid with the use of technology has created an easy to operate, allows access to a wide spectrum of prebuilt data fields without any coding. PayAid portal allows the customer to collect all types of payment of clients and also permits the customers to send bulk SMS to all clients for payment collection. Thus, PayAid with all the remarkable features as specified above is one of the most secure and highly acclaimed payment routers in India with have had integrated multi–Payment Aggregators and processors providing all modes of Digital Payment acceptances.