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A payment gateway is a third party network that acquires transaction from an e-commerce portal and processes through the banking network.It basically acts as an interface between the bank and the internet.
In India Paymet gateway services is being provided by Citibank,HDFC bank,ICICI ,Netcom and Global tele-Systems.
The payment options that is available in India are basically credit card and direct debit to account systems. It is possible carry real transactions only when the merchant has an account with the concerned bank in case of B2C and both the parties should have the account in the same bank in case of B2B .
The basic difficulty in payment gateway is the lack of proper electronic clearing house in India. Yet India is to have a ECS for real time financial transactions. other difficulty is the lack of awareness among the Indian people about the security on the net.
RBI is setting up its clearing house in india and so is SBI but there is a need of like minded banks to come together to form a electonic clearing house.
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