Payment System Oversight/Applications/Objectives:

Collects onsite and off-site data from systems and participants regarding day to day operation, financial flow and transaction pattern, risk exposures, risk management procedures and practices, back-up and business continuity plan, disruptions and disputes etc for

• Checks compliance of systems and participants with applicable rules and regulations & identifies the gap and comes up with recommendations with time to time follow
• Analyzes the weakness of systems, participants or schemes and identifies the areas that need improvements or intervention of
• Does trend analysis of systems and participants data and calculates the market share of each to prioritize the segment for
• Does and facilitates ‘Self-Assessment’ of systems and participants on the basis of regulatory requirements and International

QR Code-

A QR code (short for “quick-response code”) is a type of two-dimensional matrix barcode that contains information such as contact details, website link or payment information (on both the merchant and payment provider). This type of payment functions like a normal POS terminal.

A customer can use her/his phone to scan the QR code and completes the payment on the spot. Every modern smart phone has a camera that recognizes QR codes. Once the came detects the QR code, a push notification comes up taking them to a screen where they input their payment details and complete the purchases.

POS/POP-

The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. A POS system, or point-of-sale system, is a set of devices, software and payment services merchants use to make sales in person. A POS system manages customer purchases, accepts payments and provides receipts.

At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer (which may be a cash register printout), and indicates the options for the customer to make payment.

SWIFT-

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) system powers most international money and security transfers. SWIFT is a vast messaging network used by financial institutions to quickly, accurately, and securely send and receive information, such as money transfer instructions.

Debit card-

A debit card, also known as a check card or bank card, is a payment card that can be used in place of cash to make purchases. The card usually consists of the bank’s name, a card number, the cardholder’s name, and an expiration date, on either the front or the back.

Some debit cards carry a stored value with which a payment is made (prepaid cards), but most relay a message to the cardholder’s bank to withdraw funds from the cardholder’s designated bank account.

Advantages-

Advantages of prepaid debit cards include being safer than carrying cash, worldwide functionality due to Visa and MasterCard merchant acceptance, not having to worry about paying a credit card bill or going into debt, the opportunity for anyone over the age of 18 to apply and be accepted without checks on creditworthiness, and the option to deposit paychecks and government benefits directly onto the card for free. A newer advantage is the use of EMV technology and even contactless functionality, which had previously been limited to bank debit cards and credit cards.

Risks-

• If the card provider offers an insecure website for the cardholder to check the balance on the card, this could give an attacker access to the card
• If the user loses the card and has not somehow registered it, they will likely lose the
• If a provider has technical issues, the money might not be accessible when a user needs Some companies’ payment systems do not appear to accept prepaid debit cards.