Credit card payments can be done online and offline ways. Here, we are going to see both, and more about the procedure and the methods are listed below. The majority of the users are using the credit card for bill payments through internet banking. Take card payments are beneficial for the merchants completely. All the developing countries using this credit card payment in common. In several ways, the payments can be remit through credit cards through internet banking. This is one of the simplest ways and the convenient to all range of people.
Payment through internet banking can be done through the swipe of credit or debit cards, electric bill payments, and auto-debit methods. Every online payment options through online have to take the advantage of its own. To understand this we need to know what is IMPS and NEFT.
Immediate payment services:
This IMPS is an internet banking system that pays instant funds to the partner banks by using the electronic process. The service that accessible 24*7, this also offered the banks for the holidays. Funds that electronically get the transmitted banking institutions through mobiles. In countries like India NPCI [national payment corporation of india] manages the IMPS that has the designed based on the national financial switch. The funds that are transmitted and received through the system that utilize the money identifier and the authorized numbers.
The payment of credit card bills through the IMPS is the most important banking payment method. The system that immediate fund transfer can be accessed with several modes and all those are including the automatic teller machines [ATM]. Apart from this, the transfer takes place with,
- Online banking
- Internet banking
- Bank branches
The partner bank of the system and the banking institution have the legal bank license from the respected central banks. The IMPS system participants include the payer or the remitter. The payer makes the payments and the context refers to the credit cardholders.
How does it work?
The credit card payments are called merchant payments. The transaction is clustered to the two different categories and that includes the merchant initiated transactions. The customer initiated the transaction called the PUSH or the PtoM. In the case of the PtoM transactions will be initiated by the credit card payers using the member of the banking institutions.
Credit card using IMPS:
The initial step is downloading the mobile application for the banking institution. In this instance, the downloaded mobile application of the bank account holds the bank entity. Once the app is downloaded on the mobile the customer has to login with the mobile banking by credentials. Now, to click on the account button they provided the link for options of IMPS payments. The merchant payment button has to choose and then click the IMPS button. This requires finishing the necessary details in the form of MMID the contact billers and the bank account will transfer the funds and all the remaining processes will take off immediately. These are the detailed process of credit card transfer and the process of IMPS.