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Payment processing is the backbone of financialtransactions in today’s digital world. A seamless payment solution hinges on this knowledge, ensuring a secure and efficient exchange of funds for goods and services. This reflects the growing importance of digital transactions.
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Offering a broad range of services, from mutual funds to intra-day trading and derivatives, Rupeezy needed a payment partner who could handle the complexities of financialtransactions. TPV is mandatory in the financial services sector to avoid fraudulent transactions and ensure the security of customer funds.
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What Is A Transaction Motive? Transaction motive refers to the desire to hold cash to facilitate everyday cash-based financialtransactions such as business and personal needs, covering payroll, purchases, and bill payments. Table of contents What Is Transaction Motive? This motive is relevant for all.
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Current Account Features The features offered by current accounts make them highly convenient to manage high-volume finances. Electronic Fund Transfers: Current accounts support electronic fund transfers, allowing account holders to send and receive money electronically.
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Payment security refers to the processes and practices used to safeguard financialtransactions, funds and personal information of clients from threats like online and offline payment fraud, unauthorized access, and data breaches. What is Payment Security? SSL is less prevalent than TLS. trillion by 2025.
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During the 2008 financial crisis, for instance, many banks approved "liar loans," where borrowers provided fake income statements. Embezzlement Distinct from common theft, embezzlement involves misappropriating funds placed in one's trust. Think of a finance manager redirecting company funds to their personal account.
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Customer Protection OPGSPs are responsible for ensuring the safety and security of customer data and funds. Razorpay’s Comprehensive Approach to OPGSP Guidelines Risk Management Razorpay employs sophisticated transaction monitoring and risk management systems like the Razorpay Shield – India’s first Payment Risk Suite.
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Thus, businesses must prioritise payment security to protect their funds and ensure customer loyalty. Widely used encryption protocols like SSL (Secure Socket Layer) and TLS (Transport Layer Security) help establish secure connections during online transactions. This represents a 28% increase since 2020! What is Payment Security?
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