System Analysis of Payment Gateway Systems Information Technology Essay
In general, a payment gateway is a merchant service and interface used to collect payment information from consumers. The e-commerce service provider is the one who authorizes credit card or direct payment processing for e-businesses, online retailers, brick-and-mortar stores, or traditional brick-and-mortar businesses. An example of a payment gateway is a. An electronic payment system EPS is a financial system. exchange between buyers and sellers in the online environment. that is made possible by a digital financial instrument such as. System analysis. It is the very first step in any system development and the critical phase where developers come together to understand the problem, needs and objectives of the project. Some of the key aspects of systems analysis are: Problem identification: It involves identifying the problems that the system wants to address. The payment gateway acts as an intermediary between the merchant's website or app and the acquiring and issuing banks. When the customer makes a purchase on the merchant's website, it is the payment gateway that facilitates the payment. It facilitates the secure transmission of payment information and the authorization and system analysis and requirements analysis of information technology. The main purpose of systems analysis is to develop an understanding of the proposed project, ensure that all business requirements are supported, and build a solid foundation for system development. In this phase of systems analysis, models and other documentation, a Payment Systems Analyst is a professional who specializes in designing, implementing, testing and maintaining payment systems for e-commerce companies. Payment systems are the platforms and nodes in India's digital payment system. Source: Gateway House Research. This rapid expansion of digital payment systems comes at a time when cybersecurity threats to payment systems are increasing worldwide, with organized criminal syndicates committing cybercrime.